Photo Credit: Heni
NFTs, or non-fungible tokens, have emerged as the next big thing, especially in the world of art. Celebrated British artist Damien Hirst has now also jumped on to the NFT bandwagon in a unique way with his latest work titled, ‘The Currency.' The most interesting aspect of Hirst's work as well as his entry into the NFT market is that he offers you a choice to choose between an NFT and the corresponding physical artwork. Confused? Read on to find out all the details.
‘The Currency' comprises 10,000 NFTs corresponding to 10,000 unique physical art pieces. A person interested in the work can choose either the token or the art. "You can't buy both," Hirst posted a tweet on July 13, saying, "This is my global artwork experiment."
I am releasing “The Currency” at 3pm tomorrow (14th July 2021) on https://t.co/rO9nG5DgFa. This is my global art work experiment. It comprises of 10,000 NFT's, each corresponding to a unique physical artwork made in 2016. Each artwork is called a “Tender”. @PalmNft @HENIGroup pic.twitter.com/ky3PbzmjhQ— Damien Hirst (@hirst_official) July 13, 2021
The photograph accompanying the post is the tender number 8,483. In a reply to the tweet, Hirst wrote, “As you can see, it is numbered, titled, and signed on the back.” Each such tender will be sold for $2,000 (roughly Rs. 1,49,000), Hirst said. It's basically a choice to either keep an NFT — a high-resolution photo of the painting — or give it up for the physical painting.
This image is Tender number 8,483 (as you can see, it is numbered, titled and signed on the back). Each Tender will be sold for $2,000. Stay tuned for more news...— Damien Hirst (@hirst_official) July 13, 2021
So, how does it really work? Hirst says that first you apply for a piece of art and then you are issued an NFT. After a while, the 56-year-old says, "You can redeem your NFT for that actual artwork. If you do that, the NFT will be destroyed. And then after about a year, all the NFTs that aren't redeemed, the corresponding artwork will be destroyed." They will do it publically, Hirst says. "The whole project is like an experiment, an experiment in belief." The applications are open till July 21.
Hirst's proposal evoked a mixed response on Twitter.
Abstract artist Ralph Martin III, for instance, said it would be interesting to see which format will be more popular.
VERY curious to see which format (digital or physical) will be more popular!— Ralph Martin III (@RalphMartin3rd) July 15, 2021
Former broadcast journalist Amy Bingham loved the concept behind it and “how it will challenge people's thoughts and decisions in the near future.” Bingham added, “Unfortunately, I'm priced out — but I am excited to watch The Currency unfold and see how others react to it.”
I love this - I love the concept behind it and how it will challenge people's thoughts and decisions in the near future. Unfortunately, I'm priced out - but I am excited to watch The Currency unfold and see how others react to it. Please give updates so we can watch it develop!— Amy Bingham (@amybingham) July 15, 2021
Some Twitter users also pointed out the price of the works, saying that they were a bit on the higher side.
They cost £2000 each? I can't help feeling this is a cynical exercise ????— Annick Adventure (@AnnickAdventure) July 14, 2021
If they were $200 I might buy one. But $2000 is tok much— Olliebol (@OllieNewton) July 14, 2021
$2000 for something that looks like a child has painted it ????— joe (@joe74912105) July 14, 2021
However, there were others who loved the concept.
I think this is really interesting. https://t.co/uvbSfqG52G— Secret 7'' (@Secret7s) July 17, 2021