Damien Hirt is a British artist whose artworks were the source of inspiration for a project that began with the creation of 10,000 unique NFTs or Non-Fungible Tokens. The project started one year ago when Damien Hirst announced a bold plan to challenge the concept of value as seen in the form of money or art. “The Currency” (project) required buyers to decide between buying a physical or In-Real-Life art or the digital token that is connected to it.
Finally, the results are in and it is not good for NFTs. Damien Hirst announced the final tally on his Twitter handle.
“The final numbers are 5,149 physicals and 4,851 NFTs (meaning I will have to burn 4,851 corresponding physical Tenders),”
With the crypto-winter around the corner, questions about NFTs’ future and well within our sphere of concern, as a clear majority opted for the physical works of Hirst.
“The Currency” is a collection of enamel dot-painted works on handmade paper. No two colors were used in the artwork. Each is stamped by the artist with a microdot and a hologram of Hirst’s visage. The digital tokens for the works were sold via a lottery system for $2,000.
Essentially, Hirst had asked his collectors to make a choice between physical artwork or its digital version and set expiry date. This, in short, asked the collectors to place a vote for which they believed had more lasting value over the other.
As the deadline inched closer, “The Currency” holders debated the pros and cons of owning an IRL or NFT artwork. Some of the pros of holding on to an NFT include – much faster and easier selling; keeping the excitement of the project going. The cons were – nobody knows if NFTs are fakes; the NFT and crypto market is hugely volatile.
On the other side, pros for the physical prints included – they look even better in person; safe store of wealth that will likely go up in value. For cons – you will have to insure it; you lose your seat on the wild ride if you give up your NFT, and you could get massive FOMO (fear of missing out).
However, amidst this divided outlook for NFT art, the artist has announced that he will hold onto 1,000 of the remaining NFTs. Damien Hirst said that he will do so to show his 100 percent support and confidence in the NFT world.