The NFT drop “The Currency” by contemporary top artist Damien Hirst has been oversubscribed more than six times.
The currency discount includes 10,000 unique colorful dotted works of art with a corresponding NFT for each. Applications for the NFT reduction were closed on July 22nd, and the Heni Group, which organized the sale, announced that 32,472 people have applied for a total of 67,023 NFTs. This means that many applications will shrink or fail due to just 10,000 NFTs.
Many collectors will now have to look for NFTs in the secondary markets.
Applications are closed to @hirst_officialCurrency. Thank you to everyone who applied. 32,472 people have registered for a total of 67,023 NFTs. Due to the large number of applicants, the allocation will take some time and applicants may not be notified until July 28th. Look forward to phase 2! pic.twitter.com/BGDHTnPO2G
– HENI (@HENIGroup) July 21, 2021
The NFTs are $ 2,000 each, and the discount has an interesting feature in that the artist gives collectors a year to decide whether to burn the NFT in exchange for the original artwork or keep it.
The world-renowned artist first stepped into the crypto space in February of this year after starting accepting Bitcoin and Ethereum payments for works of art from a collection of themed paintings.
In his new NFT project, the artist examines the concept of value behind money and art, claiming that their value is determined by social phenomena such as trust and trust.
In order to loosely represent money in the works of art, each piece has a Hirst hologram and a signature on the back as well as small individual messages that represent a serial number.
“I never really understood money, it’s like looking at money in its basic form […] All of this, art, currency trading, everything is essential, ”said Hirst in a video about the decline.
Check out this video from @stephenfry & I discuss ‘currency’: art, money, what is truth? What about beliefs? Perhaps more importantly, what will people do with tenders? Almost the end of the first part. According to BST, the application deadline is 3 p.m. tomorrow. https://t.co/zync3gt29d pic.twitter.com/y9lnY1KY26
– Damien Hirst (@hirst_official) July 20, 2021
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Every single piece of art is referred to as a “tender,” and the artist recently told Cointelegraph that he would “like” if a collector could use the work of art as actual currency because of its value as NFT. However, he believes that most people will choose to keep the artwork.
Speaking to CNBC’s Squawk Box on July 21, Hirst said that he believes digital art forms like the NFT will outlast physical art galleries as the NFTs describe “beautiful works of art” that are easy to experience anywhere:
“I think digital art is likely to take a lot longer than galleries. I mean, you probably won’t go to the galleries. We sat in the bar to show each other what we recently bought on our phones, and that’s what we do now. “
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