NFT or Physical Art Piece? Damien Hirst’s Latest Work 'The Currency' Gives You Option to Choose Only One

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."

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.

Not just that, these NFTs can also be purchased using Bitcoin, Ether, USD Coin, Dai, along with credit and debit cards, reported Paper Magazine.

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.

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.”

Some Twitter users also pointed out the price of the works, saying that they were a bit on the higher side.

However, there were others who loved the concept.