After twelve months, the Damien Hirst NFT experiment is over, and nearly 50% of NFTs stay. The year-long challenge by one of many world’s most vital modern artists has been vastly profitable. The brilliance of the NFT assortment, known as ‘The Foreign money’, is that for every NFT, there’s a corresponding bodily copy. In complete, there have been 10,000 NFTs. On the finish of the experiment, 5,149 NFTs have been exchanged for bodily artwork, and 4,851 NFTs now stay.
What’s the Damien Hirst NFT experiment?
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Damien Hirst – The Foreign money NFT challenge started final 12 months on twenty seventh July 2021. The thought behind the gathering was to offer artwork while asking questions on web3 longevity and reimagine how we use NFTs.
The Foreign money accommodates 10,000 hand-painted, main colored work, with a random array of vibrant spots overlaying each bit of artwork. The inspiration for the gathering comes from art work the English artist Damien Hirst created in 2016.
Final 12 months, in the course of the NFT growth, Hirst started to consider how he might use NFTs in his inventive course of. Ultimately, this turned the Damien Hirst NFT experiment, often known as The Foreign money. Initially costing $2,000 on the mint value, it bought out rapidly and reached a peak of over $12,000 at one level this 12 months.
NFT holders select between bodily and NFT art work
Probably the most thrilling facet of the Damien Hirst NFT experiment is the truth that it comes with a novel twist.
Homeowners of the Damien Hirst NFT have had a 12 months to resolve whether or not to maintain the NFT or acquire a bodily piece of Damien Hirst’s artwork. Those that selected to maintain their NFT would see their bodily copy destroyed and vice versa for these deciding on the artwork piece.
So, now the experiment is over, Damien Hirst goes to burn the remaining artworks. Ultimately, 5,149 NFTs have been exchanged for the corresponding portray, that means 4,851 NFTs stay. Now, the artist will burn the 4,851 bodily variations.
Solely 2,459 NFT holders had chosen the bodily art work every week in the past, lower than 25%. Nevertheless, within the final week, extra individuals have swapped their NFTs for a bodily piece of Damien Hirst art work.
Nearly 50% selected to maintain their NFT within the Damien Hirst experiment!
It’s arduous to understand the significance of Damien Hirst within the artwork world within the twentieth and twenty first centuries. His artwork is effective now, and it’ll solely rise sooner or later. So though extra individuals determined to swap their NFTs for a bodily piece of artwork, that is nonetheless a large victory for the NFT house.
Due to how priceless his title and art work are, it’s spectacular that nearly half the individuals have determined to maintain their NFT. This reveals the power of the NFT artwork group and their perception in the way forward for NFTs.
What subsequent for Damien Hirst within the NFT house?
In a prolonged Twitter thread in regards to the challenge, Damien Hirst summarised his ideas on his challenge. He mentioned, “I do not know what the longer term holds, whether or not the NFTs or physicals can be extra priceless or much less. However that’s artwork! the enjoyable, a part of the journey and possibly the purpose of the entire challenge. Even after one 12 months, I really feel the journey is simply starting.”
Lastly, after a 12 months, the NFT experiment is over, and the NFT house appears to be like ahead to what Damien Hirst does subsequent. Hopefully, he can present us with one other nice NFT challenge.
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The journalist is a writer and digital nomad. Loves thinking, learning, and writing about all things Web3, particularly its impact on major creative industries.