The primary Damien Hirst NFT experiment is formally over after the well-known artist started burning the remaining $10 million value of paintings. The NFT assortment, referred to as The Foreign money, was a year-long mission by the modern artist. On this, he examined the worth of bodily vs. digital artwork. Then, over a year-long interval, 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 Foreign money NFT experiment is over!
Damien Hirst is without doubt one of the fashionable world’s most well-known and celebrated artists. His loopy and distinctive fashionable artwork experiments have offered for tens of hundreds of thousands 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 mission was extremely well-liked, and at one level, they have 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 reproduction bodily oil portray.
Nevertheless, on the finish of the twelve months, there have been some fascinating stats. Surprisingly, of the ten thousand NFTs, 4,851, virtually half of the holders determined to maintain their NFTs. 5,149 NFT holders traded their NFT for a chunk of bodily Damien Hirst paintings.
As a result of the 4,851 NFT holders didn’t swap their bodily items, this left virtually 5,000 items of bodily artwork. A part of this monumental assortment is what Damien Hirst set fireplace to yesterday.
Why did Damien Hirst burn the Foreign money artworks?
Yesterday, Damien Hirst started burning the artwork to honor his promise of destroying the remaining paintings from his NFT experiment. In an Instagram dwell stream, he burnt a whole bunch of The Foreign money artworks at London’s Newport Avenue Gallery.
“Lots of people assume I’m burning hundreds of 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,” mentioned Hirst.
