NFT

Damien Hirst livestreams the burning of $10M in art for NFT project


NFT

cointelegraph.com

12 October 2022 07:11, UTC

  

Studying time: ~2 m


Britain’s wealthiest dwelling artist, Damien Hirst, has began setting fireplace to thousands and thousands of {dollars} price of his personal artworks as a part of his nonfungible token (NFT) challenge known as “The Foreign money.”

Throughout an Oct. 11 reside stream of his London gallery at 12:30pm native time, Hirst burned a whole lot of his personal “The Foreign money” artworks, making certain that they exist solely within the type of an NFT transferring ahead.

“The Foreign money” is the identify given to Hirst’s first NFT assortment which dropped final yr — made up of 10,000 NFTs every tied to a bodily oil portray.

The challenge has been a part of Hirst’s social experiment that assessments the price of purely digital artwork versus bodily artwork.

Collectors who had purchased one of many $2,000 floor-priced NFTs got one yr to determine whether or not they would maintain the NFT or commerce it in for the bodily portray.

In July, the deadline for the choice was reached, with 5,149 work to be delivered as bodily items of artwork, and 4,851 work to exist solely in digital kind.

Requested about how he felt burning the paintings, Hirst stated: It feels good, higher than I anticipated,” in line with a report from the BBC.

The remaining oil work will proceed to be burned on the Newport Avenue Gallery till The Foreign money exhibition closes on Sept. 30.

Supply: Instagram

“Lots of people assume I’m burning thousands and thousands of {dollars} of artwork however I’m not, I’m finishing the transformation of those bodily artworks into NFTs by burning the bodily variations,” stated Hirst the day earlier than the burn occasion.

“The worth of artwork, digital or bodily, which is tough to outline at the most effective of occasions won’t be misplaced, will probably be transferred to the NFT as quickly as they’re burnt.”

Hirst’s The Foreign money assortment is listed on NFT market OpenSea with a flooring value of 5.1 Ether (ETH), price $6,539 on the time of writing. Essentially the most lately offered piece named V-Day of consent, offered for five.08 ETH.


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