As Damien Hirst’s deadline approaches, The Currency NFT continues to burn their NFTs in exchange for the corresponding original work on paper. However, the NFT still seems to be winning in this artistic experiment.
According to the official countdown and tracking page, at the time of writing, a total of 2111 NFT have been burned and the owners have received physical works of art. This means that a total of 7889 NFT remains.
The burning deadline is July 27, 2022 or another 14 days. If the owner has not exchanged their NFT by this period, they will retain the NFT and the corresponding physical image will be destroyed.
Last July, UK superstar artist Damien Hirst began a unique experiment by creating a collection of 10,000 works of art that come with digital images attached. However, the catch is that owners can’t keep both.
Hearst gave owners one year (until July 27, 2022) to decide whether they wanted to keep the NFT or exchange it for a physical equivalent — depending on the decision, only one version would survive.
The artist argued that this experiment challenges the concept of value through money and art, as it forces people to confront their perception of value and how it affects their decision.
One of the problems with the art market is that it is not easy to determine the price of, say, Picasso of the blue period, Joe Hague, counselor and employee of Hearst, who is also the founder of the art services business. Henie , said at the time, adding:
Hearst’s goal was to create art that sold fairly freely in a relatively quiet environment and had value that you really knew.
While a lot can change in the remaining 14 days, so far the experiment seems to be in favor of digital art: about 80% of owners resist burning their NFTs in exchange for physical works of art.
At the time of launch, successful candidates could buy NFT for $2,000. However, soon after the launch, the price in the secondary market rose to about $ 8,000.
At the moment, the cheapest item in the collection costs 8.39 ETH (8700 US dollars) according to OpenSea . In recent days, there has also been a slight increase in trading volume.
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