1. Home
  2. damien hirst

damien hirst

Damien Hirst livestreams the burning of $10M in art for NFT project

"The Currency" is the name given to Hirst's NFT project which examines the value of digital art versus physical art.

Britain’s wealthiest living artist, Damien Hirst, has started setting fire to millions of dollars worth of his own artworks as part of his nonfungible token (NFT) project called “The Currency.”

During an Oct. 11 live stream of his London gallery at 12:30pm local time, Hirst burned hundreds of his own “The Currency” artworks, ensuring that they exist only in the form of an NFT moving forward.

“The Currency” is the name given to Hirst’s first NFT collection which dropped last year — made up of 10,000 NFTs each tied to a physical oil painting.

The project has been part of Hirst’s social experiment that tests the worth of purely digital art versus physical art.

Collectors who had bought one of the $2,000 floor-priced NFTs were given one year to decide whether they would keep the NFT or trade it in for the physical painting.

In July, the deadline for the decision was reached, with 5,149 paintings to be delivered as physical pieces of art, and 4,851 paintings to exist only in digital form.

Asked about how he felt burning the artwork, Hirst said: "It feels good, better than I expected,” according to a report from the BBC.

The remaining oil paintings will continue to be burned at the Newport Street Gallery until The Currency exhibition closes on Sept. 30.

Source: Instagram

“A lot of people think I’m burning millions of dollars of art but I’m not, I’m completing the transformation of these physical artworks into NFTs by burning the physical versions,” said Hirst the day before the burn event.

“The value of art, digital or physical, which is hard to define at the best of times will not be lost, it will be transferred to the NFT as soon as they are burnt.”

Hirst’s The Currency collection is listed on NFT marketplace OpenSea with a floor price of 5.1 Ether (ETH), worth $6,539 at the time of writing. The most recently sold piece named V-Day of consent, sold for 5.08 ETH.

‘Surgical removal’ of crypto will only weaken USD dominance, commentators say

Up in smoke: Artist Damien Hirst to burn 4,851 paintings in NFT project

Almost half of the buyers of Hirst’s The Currency collection wanted to keep the NFT version.

The United Kingdom’s reportedly richest living artist, Damien Hirst is set to burn thousands of his paintings as part of a year-long nonfungible token (NFT) project called The Currency.

Starting in September, visitors to Hirst’s private London museum will be able to view some of his 10,000 oil paintings depicting unique dots he created in 2016 and linked to NFTs in 2021.

Buyers of the $2,000 floor-priced NFTs were given the option to keep the token or trade it for the physical painting. The original artwork will be burned for those who choose to keep the NFT version.

The deadline for the decision was Wednesday, with nearly half of the collectors, 4,851 wanting their paintings burned for digital edition NFTs, while 5,149 collectors opted to trade their NFTs for physical versions.

The art will be torched daily during the run of the event beginning on Sept. 9, culminating in its closure during the London Frieze Week event in mid-October, when the remaining paintings will go up in smoke. Commenting on the outcome on Wednesday, the 57-year-old artist said:

“I believe in art and art in all its forms but in the end I thought f**k it! this zone is so f**king exciting and the one I know least about and I love this NFT community it blows my mind.”

Hirst previously told The Art Newspaper that the project “touches on the idea of art as a currency and a store of wealth.”

The initial sale and subsequent secondhand resales have been handled by NFT marketplace Heni. According to Heni, sales surged in August and September 2021 when the project launched. The Currency became the top collection in OpenSea NFT rankings on August 15. However, volumes have slumped in recent months with the broader crypto market crash.

The maximum price for a piece was $176,779, with the average buyer spending $21,078. The most recent sale was on July 28 for $8,708 USD Coin (USDC), bringing the total sold for the collection to $89.3 million.

Related: Square Enix to launch FF7: Nifty Newsletter, July 20–26

Hirst commented that “I still don’t know what I’m doing, and I have no idea what the future holds, whether the NFTs or physicals are going to be more valuable or less,” adding that even after one year, he felt “the journey was just beginning.”

Damien Hirst was declared the U.K.’s richest artist in 2020, with a net worth of more than $380 million.

‘Surgical removal’ of crypto will only weaken USD dominance, commentators say

Macro Guru Raoul Pal Unveils Portfolio Update Amid ‘Carnage’ in Crypto and Global Financial Markets

Macro Guru Raoul Pal Unveils Portfolio Update Amid ‘Carnage’ in Crypto and Global Financial Markets

A popular crypto investor is weighing in on the path forward as most asset classes reel from several rough weeks in the markets. In a new interview with the Bankless podcast, Real Vision CEO Raoul Pal says that in addition to maintaining his holdings, he bought into stocks that might have long-term growth potential. “I’ve […]

The post Macro Guru Raoul Pal Unveils Portfolio Update Amid ‘Carnage’ in Crypto and Global Financial Markets appeared first on The Daily Hodl.

‘Surgical removal’ of crypto will only weaken USD dominance, commentators say

Nifty News: Damien Hirst airdrops NFTs, AMC teams up with Spider-Man, 3D NFTs on ICP

AMC Entertainment and renowned NFT artist Damien Hirst are airdropping NFTs to fans and collectors.

AMC Theatres is planning a NFT promotion to celebrate the opening day of Sony Pictures’ Spider-Man: No Way Home at cinemas across the United States.

The company is offering a limited number of up to 86,000 Spider-Man NFTs for members of its “AMC Stubs Premiere & A-List” and “AMC Investor Connect” subscriptions. Those who purchase an advance ticket for the Dec. 16 showing of the latest Spider-Man movie will be eligible for the airdrop.

The collaboration between Sony Pictures and AMC Entertainment is the first of its kind according to the Nov. 28 announcement.

More than 100 NFT designs will be available created by Cub Studios, a BAFTA award-winning animation studio. The tokens will be redeemable on the WAX platform, a carbon-neutral blockchain running on proof-of-stake consensus.

The hotly anticipated movie is the third in the Spider-Man Hero franchise and the sequel to Spider-Man: Far From Home which grossed $1.13 billion globally.

Damien Hirst giveaway

Renowned British NFT artist Damien Hirst has airdropped 10,000 NFTs to those who had previously purchased artwork from his “The Currency” collection.

The giveaway is from the new NFT collection “Great Expectations” which is a series that contains 10,000 images based on his Certified Lover Boy artwork.

The collection is based on the artwork for the cover of “Certified Lover Boy”, the sixth studio album by Canadian rapper Drake. On Nov. 26, Hirst commented:

“I tried to create an image that sums up the powerful hope filled love, humor & daring truth in the music of Drake for his album cover and now my hope is that with this free gift you can all share and feel the excitement I feel about NFTS and the digital world.”

3D NFTs on ICP

Dfinity’s Internet Computer Network (ICP) is launching NFT Studio, a 3D and interactive NFT platform enabling creators to design, mint, and stake regular and interactive 3D NFTs.

The platform includes a 3D voxel engine and a pixel engine which allows users to create 3D models that can be converted into NFTs and used in video games.

Lukas Merville, founder and team lead at NFT Studio, said that 3D creators are often limited on networks such as Ethereum or Solana which cannot handle large files sizes, before adding “3D NFTs sounded like fiction — well beyond the current state of blockchain technology. But we have made them possible on-chain thanks to the Internet Computer.”

There are a number of NFT collections already running on the ICP such as ICPunks, ICPuppies, and ICKitties.

Other Nifty News

A rare plot of digital land in the Axie Infinity game sold for 550 ETH on Nov. 25, or roughly $2.5 million. There are just 220 "Genesis plots" in existence making it one of the rarest in the game.

Axie is not the only notable virtual land sale as some plots have been fetching big bucks recently. As reported by Cointelegraph, the Decentraland-based Metaverse Group purchased 116 parcels of land in a prime location in the Metaverse for 618,000 MANA tokens worth roughly $2.5 million.

‘Surgical removal’ of crypto will only weaken USD dominance, commentators say

Damien Hirst’s ‘Currency’ NFT drop more than 6X oversubscribed

Collectors will now have to seek out Damien Hirst’s NFTs on secondary markets after the drop was oversubscribed by more than six times.

Leading contemporary artist Damien Hirst’s NFT drop dubbed “The Currency” has been oversubscribed by more than six times.

The Currency drop consists of 10,000 unique colorful dot pattern artworks with a corresponding NFT for each piece. Applications for the NFT drop closed on July 22, and Heni Group, who hosted the sale, revealed that 32,472 people applied for a total of 67,023 NFTs. That means that many applications will either be scaled back or unsuccessful given there are only 10,000 NFTs available.

Many collectors will now have to seek out the NFTs on secondary markets.

The NFTs were priced at $2,000 each and the drop includes an interesting feature, as the artist is giving collectors one year to decide if they would like to burn the NFT in exchange for the original artwork, or keep the NFT and destroy the original artwork.

The world-renowned artist first entered the crypto space back in February this year after he started accepting payments in Bitcoin and Ethereum for artworks from a collection of cherry blossom-themed paintings.

In his new NFT venture, the artist is exploring the concept of value behind money and art, in which he asserts their value is determined by social phenomena such as faith and trust.

To loosely depict money in the artworks, there is a holographic image of Hirst in each piece, and a signature on the back, along with small individual messages to represent a serial number.

“I’ve never really understood money, it's like you look at money, in its basic form [...] all these things, art, money commerce, they're all ethereal,” Hirst said in a video discussing the drop.

Related: Record network activity and a second NFT boom send WAX price higher

Each individual artwork is called a “Tender” and the artist recently told Cointelegraph that he would “love it” if a collector was able to use the artwork as actual currency due to its value as an NFT. However, he thinks that most people will choose to keep the artwork.

Speaking with CNBC’s Squawk Box on July 21, Hirst stated that he thinks digital art forms such as NFTs will outlive physical art galleries, as he noted that NFTs depicting “good artwork” can be easily experienced anywhere:

“I think that digital art is probably going to last a lot longer than galleries. I mean, you probably won’t be going into galleries. We’ll be sitting in bars showing each other what we’ve recently bought on our phones, and that’s kind of what we do now.”

‘Surgical removal’ of crypto will only weaken USD dominance, commentators say

Cointelegraph Exclusive: Artist Damien Hirst says NFTs are like ‘the invention of paper’

According to the British artist, NFTs are changing the world, but not always in the get-rich-quick way many media outlets report.

Damien Hirst, a contemporary artist known around the world, talked about similarities and differences between artwork and fiat currency as he prepared to drop 10,000 NFTs tied to his physical paintings.

Speaking with Cointelegraph’s Andrew Thurman at his London studio in May, Hirst answered questions in a magic 8-ball fashion, by opening up one of the boxes containing hundreds of sheets of his The Currency artwork collection and reading a sentence off the back of the paper. Though the immediate answers were not always on topic — is Satoshi really a cliche? — the artist laughed at the absurdity continued to voice his thoughts on money and art.

In particular, Hirst said people believe money has value because it gets “a little leg up with art,” an argument similar to what many critics have discussed about social media pumps and dumps of tokens: some prices only rise because of inflated value driven by high profile figures, i.e. giving a project a little pizazz. The artist said he would “love it” if someday someone were able to use his The Currency artwork as actual currency given its value as a nonfungible token, but believes most people will choose to keep the physical painting. With this view, he still sees the technology as eventually revolutionizing the art world.

“I just saw [NFTs] as a really amazing thing,” said Hirst. “I saw it like the invention of paper.”

He added:

“We already live in a world where you can have artworks, prints, and editions, and then it seems like you can have artworks, prints, editions, and NFTs [...] with NFTs I think it’s changing the world, and it will change the world.”

Hirst created the physical paintings behind The Currency in 2016, long before many in the crypto space or art world were aware of nonfungible tokens, or NFTs. He plans to allow art enthusiasts to purchase each "Tender" — a high-resolution photo of one of 10,000 unique paintings featuring a pattern of colored dots — for $2,000, giving them the choice to keep the NFT or trade it in for the physical version.

Related: British artist Damien Hirst uses NFTs to blur the boundaries between art and money

The British artist didn’t hold back expressing his views on creators maintaining control of their work, saying he was annoyed by apps like iTunes seemingly taking ownership from musicians. However, he said NFTs allowed artists to own their creations:

“You can own something digital, and it can be yours,” Hirst said.

The Currency opened for users on Wednesday, allowing people to apply for a chance to purchase one of the 10,000 NFTs. Applications close on July 21.

‘Surgical removal’ of crypto will only weaken USD dominance, commentators say

ConsenSys Launches NFT Ecosystem With 99% More Energy Efficiency Than PoW

The Palm ecosystem is a joint venture launched to provide lower-cost NFT trading for artists while Ethereum transitions away from Proof of Work mining.

The Palm NFT Ecosystem

ConsenSys described the new project as an ecosystem for NFTs, adding that a version of Uniswap V3 will launch on Palm to support asset trading.

“Palm is a new token-powered ecosystem for NFTs, which is connected to Ethereum, and features low gas costs, fast transaction finality, and 99% more energy efficiency than proof of work systems.”

Palm launched as an Ethereum sidechain, greatly reducing its power consumption, and will move to Layer 2 solutions over time.

Along with Uniswap, partnered projects include $MEME, Nifty’s, Protocol Labs, MetaMask, and Infura.

ConsenSys founder and Ethereum co-founder Joe Lubin launched Palm jointly with HENIGroup and Heyday Films, stating that the aim is to optimize the sale of NFTs for “low gas costs, fast transaction finality, and 99% more energy efficiency.”

Lubin addressed Ethereum’s current scaling problems, saying artists can use a new sidechain built with Hyperledger Besu while they’re waiting for the ETH2 network update.

Damien Hirst Collection Launches on Platform

The first project to launch on the ecosystem is by UK contemporary artist Damien Hirst, most known for his work displaying animals in formaldehyde and his huge roadside installations of babies in utero. Hirst broke records by raising $198 million at his one-artist auction at Sotheby’s auction house in 2016.

Hirst’s NFT project is called The Currency Project, comprised of 10,000 different pieces of art created over the course of five years. The collection aims to challenge the “concept of value through money and art.”

“Palm is by far the best platform for me. It’s new and art focused, it’s the most environmentally friendly, and it is quicker and cheaper to use. With Palm, artists can invent the future,” said Hirst.

Details of the auction for The Currency Project have yet to be announced.

Hirst previously sold art for NFTs via the HENI platform, now partnered with Palm.

Disclosure: The author held bitcoin at the time of writing

‘Surgical removal’ of crypto will only weaken USD dominance, commentators say