Damien Hirst to burn thousands of originals of his work for NFT project

The collection, created by the artist in 2016, consists of 10,000 paintings. Almost half of them will be burned and will remain only in digital form.

One of the richest artists of our time, Damien Hirst, will burn more than 4.8 thousand originals of his works as part of the Currency NFT project. The collection, created by the artist in 2016, consists of 10,000 paintings linked to NFT. The total value of digital works sold was $89.3 million.

Hirst linked the original works to the NFT in 2021 and put them up for sale with a minimum price of $2,000 each. According to the marketplace Heni, where the works were posted, the maximum price for an NFT painting was $176.8 thousand. The average buyer spent about $21 thousand, and the last work was sold on July 28 for $8.7 thousand.

Damien Hirst to burn thousands of originals of his work for NFT project

The artist gave buyers a choice: keep the NFTs or exchange them for a physical version of the painting. The original works of those who decide to keep the NFT will be burned. The deadline for making a decision was 27 July.

4,851 collectors wished to keep the token, while 5,149 painting owners exchanged their NFTs for originals. The artist’s paintings will be burned at London’s private Hearst Museum daily from 9 September to mid-October.

Damien Hirst is an English artist and art collector who rose to prominence in the 1990s. The 57-year-old artist has created a series of works in which the bodies of animals, some of them dissected, including a shark, a sheep and a cow, were preserved in formaldehyde.

According to The Times, in 2020 the artist’s fortune was estimated at £315 million. Hirst had a property portfolio worth around £150m, including a Palladian-style mansion and a 2,000-piece art collection that included works by Picasso and Francis Bacon.

Due to the general downturn in the digital asset markets, NFT sales in June were less than $1 billion for the first time in a year. The value of tokens from the best-selling NFT collections also declined.

 249 total views,  1 views today

Leave a Comment