News hardware This famous artist plans to burn his works for an NFT project!
It is not the first time that contemporary art has been synonymous with extravagance… While the art market in the form of a non-fungible token (NFT) is not at its peak, a famous painter has decided to undertake an extraordinary project. The artist intends to destroy some paintings so that they are only available in the virtual world.
Damien Hirst half artist half entrepreneur
The British artist Damien Hirst is known in the world of art, but also in the world of financial investments … Some of his works, in fact, have been sold like hot cakes, such as the skull adorned with 8 601 diamonds entitled “For the love of God, “sold for $ 100 million in 2007.
The artist does not hide it, “he confronts the idea of art as a currency and a reserve of wealth”.
Through these record sales, the Brit presents himself as a real businessman as he holds the title of the UK’s richest living artist, with nearly € 380 million in assets. Consequently, the speculative bubble surrounding the “cryptoart” in NFT naturally attracted the inspiration of the artist Damien Hirst.
The Currency the NFT collection by Damien Hirst
The artist undertook the launch of his 2016 collection, but it was in 2021 that he decided to link his 10,000 physical works to non-fungible tokens (NFTs).
The collection of canvases dotted with a multitude of colored dots, using the term “spot painting”, is a great success as the base price of the series is currently 5.64 ETH, or around € 9,500 at current prices.
Called “The Currency”, Hirst’s collection also offered the possibility for NFT owners to exchange their token for the physical version of the work. The deadline for this choice was set for last Wednesday.
Surprisingly, if nearly half of the buyers have claimed their physical work, the remaining 4,851 paintings are ownerless … In fact, half of the owners of these canvases believe they are more valuable as they are purely virtual objects. Therefore, as part of the NFT project, these “unwanted” physical canvases will be destroyed at the request of voters to leave only the digital versions in the NFT.
Damien Hirst will burn his paintings during a special exhibition
The process of destroying these works will begin on 9 September. To celebrate the occasion, the 57-year-old artist will exhibit some of his 10,000 works and “incidentally” set fire to some as the event progresses to reach the required 5,159 works. This incredible experience will take place in the “Newport Street Gallery” private museum located in London. However, if the destruction isn’t fast enough, it will have to continue during the Frieze Week contemporary art fair the following month.
There is no doubt that the contemporary artist still knows how to make people talk about him when Web3 arrives. However, buyers of his colored canvases seem more confident than the artist himself about the idea of this project:
“I still don’t know what I’m doing and I have no idea what the future holds, if NFT or physical jobs will be more valuable.” explains Damien Hirst.