The primary Damien Hirst NFT experiment is formally over after the well-known artist started burning the remaining $10 million price of art work. The NFT assortment, referred to as The Foreign money, was a year-long challenge by the modern artist. On this, he examined the worth of bodily vs. digital artwork. Over a yr, NFT holders needed to resolve to maintain the NFT artwork or commerce it in for a bodily piece of artwork by one of many world’s most outstanding artists. Yesterday, throughout a dwell stream, at his London gallery, he burned lots of the remaining unclaimed bodily works.
The Damien Hirst NFT experiment is over!
Damien Hirst is among the fashionable world’s most well-known and celebrated artists. His loopy and distinctive fashionable artwork experiments have bought for tens of tens of millions of kilos.
In July 2021, Hirst launched The Foreign money, a set of 10,000 NFTs with a twist. With a $2,000 mint worth, the challenge was extremely widespread, and at one level, they had been promoting for over $12,000 every. As a part of the experiment, NFT holders had exactly one yr to resolve whether or not to maintain the NFT or commerce it for a duplicate bodily oil portray.
Nonetheless, on the finish of the one year, there have been some fascinating stats. Surprisingly, of the ten thousand NFTs, 4,851, nearly half of the holders determined to maintain their NFTs. 5,149 NFT holders traded their NFT for a chunk of bodily Damien Hirst art work.
As a result of the 4,851 NFT holders didn’t swap their bodily items, this left nearly 5,000 items of bodily artwork. A part of this huge assortment is what Damien Hirst set fireplace to yesterday.
The Remaining Foreign money artworks at the moment are ash
Yesterday, Damien Hirst started burning the artwork to honor his promise of destroying the remaining art work from his NFT experiment. In an Instagram dwell stream, he burnt a whole lot of The Foreign money artworks at London’s Newport Avenue Gallery.
“Lots of people suppose I’m burning tens of millions 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.
