Damien Hirst is a famous British Artist. He conducted “an art-based social experiment” that involved NFTs (Non-fungible tokens). But as on Wednesday, this experiment was officially kicked off. Damien Hirst is famous for his exhibition of a 14-foot shark in a vitrine of formaldehyde. He has recently launched “The Currency”. This is a widely known series of 10,000 of his recognized spot paintings painted on signed and watermarked A4 paper sheets. They also consist of digital watermarks on a blockchain in the form of NFTs blockchain.
The applications for owning one of these pieces will open on Wednesday at 3 pm London time for about a week. For almost the last 8 months, there has been a great surge in NFTs. It includes the interest of famous sports stars, artists, and even musicians peddling blockchain-based title deeds linked to different items. This resulted in the sale of digital artwork of $69 million in March at Christie’s auction house.
Joe Hage is a collaborator of Damien Hirst. He revealed that Hirst’s involvement in the NFT market was the planning of more than 3 years which was a carefully measured move. Joe is the CEO of art services business HENI. It partnered with Brooklyn, N.Y.-based ConsenSys on a specific NFT-focused Palm ecosystem to bring Hirst’s work into the crypto market. In an interview, Joe Hage said, “It’s been a long time coming. It’s such a beautiful project in its simplicity, but it’s been a challenge to do it the way we wanted, technologically.”
Each edition in “The Currency” is priced at around $2000. The buyers of these editions have to choose between whether they want to switch the sui generis digital version in turn of the physical artwork or not. They will be having exactly one year to decide this. This means they have time until 3 p.m. BST on July 27, 2022, if they want to keep the A4 piece of paper or want this as a digital art NFT.
But what would happen if they didn’t decide on time? Well, if they fail to exchange their NFTs in the given time then their physical artwork will be ruined. Or, if they have already redeemed their token for the physical artwork then their NFT will be destroyed. Furthermore, Joe Hage also said, “It’s a kind of battle between the people who want the physical art world and people who want some NFT or digital art. People can decide what they want, like an art-based social experiment.”
Until then, we can just wait and see which version will have more value in the market in the future.