Gate.io Blog British artist Damien Hirst will burn 4851 NFT paintings, one of which is up to $176779

British artist Damien Hirst will burn 4851 NFT paintings, one of which is up to $176779

08 August 17:19

[TL;DR]

According to reports, Britain's richest living artist Damien Hirst will burn thousands of his paintings for a one-year non-fungible token project.

A series of 10,000 oil paintings will be displayed at Hirst's private London museum starting in September, depicting the unique dots he created in 2016 and the NFTs he linked them to in 2021.

NFT buyers could keep or trade the token for the physical painting if they purchased $2,000 floor-priced NFTs. However, if the NFT version remains, then the original artwork will be burned.

There were nearly half of the collectors who opted to burn their paintings for digital edition NFTs, while there were 5,149 who chose to trade their NFTs for physical copies.

The highest cost per unit was $176,779, while the average client burned through $21,078. In the meantime, a second sale took place on July 28 for $8,708, making the total assortment offered $89.3 million.

Who is Damien Hirst?

The English craftsman and businessman Damien Steven Hirst is a well-known craftsmanship collector. He was among the Young British Artists (YBAs) of the 1990s. According to the 2020 Sunday Times Rich List, he is the most extravagant living craftsman in the United Kingdom.

It was during the 1990s that his career was closely associated with the collector Charles Saatchi. However, the relationship broke down in 2003 as expanding contacts reached a critical point.

According to Hurst, he does not know what he is doing or what's in store for him in terms of whether NFTs or stocks will become significant. He concluded that even after a year, Venturing was simply getting started.

Damien Hirst's opinion on his artworks and NFT

In a Twitter post by Damien Hirst (@hirst_official) on July 27, 2022, He said,

According to a recent report, Damien is planning on burning thousands of his paintings for his NFT project. A series of 10,000 oil paintings will be displayed at Hirst's private London museum starting in September, depicting the unique dots he created in 2016 and the NFTs he linked them to in 2021.

NFT buyers could keep or trade the token for the physical painting if they purchased $2,000 floor-priced NFTs. However, if the NFT version remains, then the original artwork will be burned.

There were nearly half of the collectors who opted to burn their paintings for digital edition NFTs, while there were 5,149 who chose to trade their NFTs for physical copies.

In mid-October, the remaining paintings will be torched during the London Frieze Week event, when the event will close with the torching of the remaining paintings.

Commenting on the recent development, Hirst expressed his satisfaction with the result on Wednesday. According to him, he believes in all forms of art and their development. But he thought it didn't matter; the NFT space, although exciting, is a community that he knows very little about. According to Hirst, the project explores the idea of art as a currency and store of wealth.

Hirst recently told The Art Newspaper that the project explores workmanship as a store of value and money.

Reports on him burning his artworks

Conclusion

Heni, an NFT marketplace for secondhand goods, handled the initial sale and subsequent resales. Heni reported that sales spiked when the project was launched in August and September 2021. According to OpenSea NFT rankings, the Currency collection topped the list on August 15. However, the crash of the crypto market has resulted in a slump in recent months.

There was a maximum price of $176,779 for a piece, and the average buyer spent $21,078. It sold for $8,708 Coin (USDC) on July 28, bringing the collection's total sales to $89.3 million.

Author: Gate.io Observer: M. Olatunji
* This article represents only the views of the observers and does not constitute any investment suggestions.
*Gate.io reserves all rights to this article. Reposting of the article will be permitted provided Gate.io is referenced. In all other cases, legal action will be taken due to copyright infringement.

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British artist Damien Hirst will burn 4851 NFT paintings, one of which is up to $176779

British artist Damien Hirst will burn 4851 NFT paintings, one of which is up to $176779

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