Celebrated British artist Damien Hirst has launched his first-ever NFT collection called “The Currency”, which is described as “an art-based social experiment.” The non-fungible tokens(NFTs) feature 10,000 identical-looking spot paintings on signed and watermarked sheets of A4 paper. Each sheet has an embedded hologram and is treated with devices like a currency note to safeguard it against forgery attempts. Damien Hirst Wants Buyers to Chose between Physical Works and NFTs Like his other works, Hirst has managed to put a twist on his first NFT project, which has been under planning for three years. Each work from the collection corresponds to a non-fungible token that is priced at $2,000 and can be traded immediately after purchase. However, owners can choose to exchange their digital version of the artwork for its physical version two months after their purchase. They have a year from the time the NFTs are issued to arrive at a decision. The catch is that no buyer will be allowed to possess both versions. As soon as a buyer arrives at a decision, the corresponding artwork which has not been chosen will be destroyed. If an owner opts for the physical work, its NFT counterpart will be removed from the blockchain. This suggests that in the future the collection could either consist of 10,000 NFTs or 10,000 physical paintings or most likely a combination of the two. Markets will closely watch for the outcome of this innovative experiment, but as of now which version will become more popular is anybody’s guess. Hirst’s collaborator Joe Hage thinks the entire exercise is a social experiment. He says, “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.” “The Currency” Was in Development Before NFTs Took Off Interestingly, Hirst was working on “The Currency” project even before NFTs came into the spotlight. The artist was exploring ideas of worth and value, and trust and belief, and was captivated by how artworks became saleable products. From the beginning, Hirst has rejected the notion of a starving artist and has approached the art world from a businessman’s perspective. With his upcoming project, he seems to be demonstrating the ability of physical artwork and NFTs to act as a currency in transactions.
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