Art Meets NFTs: The Great Burn
In a move that’s part innovation, part spectacle, Damien Hirst has decided to burn thousands of his own paintings as a part of his year-long NFT project dubbed ‘The Currency.’ Starting in September, visitors to Hirst’s exclusive London museum can marvel at unique oil paintings featuring his iconic dots, created in 2016 yet reimagined through NFTs in 2021.
The Pricey Dilemma
Each NFT was up for grabs at a cool $2,000, enticing collectors with a dilemma: hold onto the digital token or swap it for the physical painting. The deadline saw a definitive split in preferences, with nearly half of the collectors opting for the fiery farewell of their art.
- 4,851 decided to keep their NFTs, resulting in a thermal fate for their paintings.
- 5,149 collectors chose the tangible artwork, much to the relief of those who love traditional mediums.
The Spectacle of Flames
Scheduled to scorch on a daily basis starting September 9, the burn culminates during London Frieze Week in mid-October, when the remaining pieces will finally meet their fiery end. Hirst’s words echo through the art world as he expresses his excitement about this venture, stating, “I thought f**k it!” highlighting the thrill of stepping into the unpredictable realm of NFTs.
Riding the NFT Wave
Initially launched to fanfare, ‘The Currency’ captured an audience with eye-popping sales. It rocketed to the top of OpenSea’s NFT rankings on August 15 and managed to rake in a staggering $89.3 million overall. However, in typical fashion, the volatile crypto market has influenced the secondhand sales, with Hirst still remaining optimistic about his journey through this uncharted territory.
The Wealth of Art
Declared the U.K.’s wealthiest artist with a net worth exceeding $380 million, Hirst embodies the intersection of wealth, innovation, and creativity. His reflections on art as both a currency and a store of wealth only amplify the audacity behind burning physical works for their digital counterparts.
“I still don’t know what I’m doing… the journey was just beginning.” – Damien Hirst
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