Damien Hirst’s $ 20 million spin on NFT 6X Oversubscribe

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  • Damien Hirst’s experimental NFT auction, ” Currency,” was oversubscribed.
  • artist received six requests for every $ 2,000 print, yielding a potential $ 20 million.

British artist Damien Hirst seems set to make $ 20 million off his latest art installment. ” Coin.” Forcing potential buyers to choose between physical and digital art in the form of non-fungible tokens (NFT.)

Ownership applications for Hirst’s 10,000 spot paintings closed Wednesday, with Heni, the market hosting the drop, reporting it has been underwritten more than six times.

applications are closed by @hirst_officiales the currency. Thanks to everyone who applied. 32,472 people requested a total of 67,023 NFTs. Due to the large number of applicants, assignments will take some time and applicants may not be notified until July 28. Stay tuned for Phase 2! pic.twitter.com/BGDHTnPO2G

– HENI (@HENIGroup) July 21, 2021

Exactly 32,472 people have requested a total of 67,023 works, according to Heni. Registrations are priced at $ 2,000 each and successful applicants will be notified on July 28. But since there are only 10,000 available, many applications may not be successful.

NFT or physical art? You choose

twist comes next year: Owners will have to decide whether to burn the NFT and keep the physical artwork or vice versa. At 3 in the afternoon. BST of July 27, 2022, if collectors have not opted for the physical version, the corresponding print will be mastered.

Hirst, he said, in a video He recorded with British actor and comedian Stephen Fry, that ” Currency” is about the value of art, which Hirst says is determined by the degree of trust in the work. idea is that works of art can act as a real medium of exchange, as “currency.”

In another interview, this time with Caja Squawk CNBC, suggested that digital can transcend physical, “I think digital art will probably last much longer than galleries,” he said. “See what’s happening with NFTs and you’ll see the galleries disappear.”

Hirs the hodler

Hirst, the world’s most successful living and contemporary artist, receives his payment in ETH, the Ethereum blockchain cryptocurrency, for the new collection. He said he plans to keep the cryptocurrency. I’ll wait. I love all cryptocurrencies, “he said. CNBC.

He also revealed that he has a small but growing NFT collection and has invested in CryptoPunk, BoredApes, and MeeBits.

Ever since Beeple’s NFT “Everydays: First 5000 Days” sold for $ 69.3 million at a Christie’s auction in March, artists quickly profited from these unique crypto tokens. NFT market has reached sales volumes of $ 2.5 billion for the first half of 2021 and sales were between 10,000 and 20,000 per week.

physical-digital debate also looks set to become a constant trend in the broader collectibles market.

Steve Jobs’ first job application is up for auction in both physical and digital formats. : Olly Joshi.

Apple guru Steve Jobs’ first job application (since 1973) is up for auction again this week, having previously sold for $ 222,000 in March. But this time, the document is divided into two assets, the physical version and the NFT, and both face in simultaneous auctions.

“We are doing this to explore the notion of present value in the physical and digital assets of the same item,” said Olly Joshi, the young entrepreneur who bought the document earlier this year. decipher.

He didn’t mention the lure of being able to potentially squeeze twice the value of an artifact. But now that the genie is out of the bottle, this cannot be far from the thoughts of many investors.

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