Physical Art Narrowly Wins Over NFTs in Damien Hirst’s Experiment

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With the deadline for UK artwork celebrity Damien Hirst’s The Currency NFT burn expired at the moment, art work homeowners have been compelled to reply a paramount query: do they want to burn their NFT in trade for the artist’s corresponding unique work on paper, or preserve the token? As it seems, barely extra homeowners opted to drop digital artwork and obtain it in a bodily kind.

As the countdown ended, a complete of 5,149 NFTs had been burned, or near 51.5% of the full, and their homeowners have been awarded bodily artworks in trade, according to the mission’s official web site.

“The collector has to decide between the digital NFT or the physical artwork, but can not keep both. This exchange is a one-way process, so choose carefully,” in response to the positioning.

As a outcome, a complete of 4,851 NFTs are remaining, and the identical variety of corresponding bodily items will likely be destroyed, as declared by the artist. Before this occurs, nevertheless, Hirst says he’ll arrange an exhibition of the paper artworks at Newport Street Gallery in London, opening on September 9, 2022.

“This has been one of the most interesting projects in the NFT/Art world. Damien Hirst gave people the choice to keep the NFT (and destroy the physical) or vice versa. It’s game theory, future & history of art, psychology, investing, community all rolled into one,” commented Raoul Pal, CEO of on-demand monetary TV channel Real Vision.

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As of now, the most cost effective merchandise within the NFT assortment prices ETH 5.75 (USD 8.565), per OpenSea information.

The British artist kicked off his distinctive experiment final July by creating a group of 10,000 artwork items priced at USD 2,000 every. He gave homeowners one yr to make their determination.

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“This project explores the boundaries of art and currency—when art changes and becomes a currency, and when currency becomes art. It’s not a coincidence that governments use art on coins and notes. They do this to help us believe in money. Without art, it’s hard for us to believe in anything,” Hirst told trade publication The Art Newspaper.
Learn extra: 
– Damien Hirst Starts USD 20M Experiment – NFT vs. Paper
– Damien Hirst’s NFT Art Project: What We’ll Discover When It’s Over

– Why Would Anyone Buy NFT – A Link To A JPEG File?
– This Is How NFTs Might Change TV and Film Industries

– When You Buy an NFT, You Don’t Completely Own It – Here’s Why
– 4 Reasons Why Museums Aren’t Cashing in on NFTs but

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