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Damien Hirst burns thousands of paintings for his NFT collection "The Currency"

TL;DR


Hirst, the artist famous for decapitating dead animals in the 1990s and later putting them in salamony, wants to destroy a series of artworks from his London gallery--for his NFT collection "The Currency."



The artist

Best known for a series of contradictory and provocative works, including bodies of animals (such as tiger sharks, sheep and cows) stuffed and dipped in formaldehyde, showcases with pills or surgical instruments or "mandalas" consisting of multicolored butterflies, or the famous diamond-covered skull, death is the central theme of his works.


Hirst dominated the British art scene during the 1990s, bringing it to international prominence.


In 2020 he was the UK's richest artist with a net worth of more than £315 million.


The Collection

In 2016 he created 10,000 paintings depicting hundreds of thousands of colored dots, each with its own title, which were later linked to corresponding NFTs and sold for $2,000 each in July 2021.

The floor price of the collection reached 19 eth in September 2021, then declined, touching 3 eth last April.



Buyers were given the option of keeping the NFTs or exchanging them for physical artworks.


"The collector ... cannot keep both. This exchange is a one-way process, so choose carefully," buyers were told.


Twenty-four hours before the 3 p.m. deadline on Wednesday, July 27, 4,180 people opted to exchange their NFTs for a physical artwork, while 5,820 opted to keep their NFTs, according to Heni, a technology company that deals with the digital art market.


The alternative version will be destroyed and the physical works-oil on paper-will go up in flames every day starting Sept. 9.


Hirst's project, titled The Currency, was an "interesting experiment," the artist told Mark Carney, former governor of the Bank of England, in a YouTube video interview last year. "It's an installation, really, but global.... Everyone's involvement is part of The Currency project," adding," It's as much about the movement of objects as the objects themselves."


Volumes

Volumes on OpenSea have reached 22k eth traded, while the floor price as of today (29/07/2022) hovers between 5.5/6 eth.


Of course we are talking about a decidedly high floor, but we must remember that we are talking about Damien Hirst, one of the highest paid and most renowned artists of our generation.


This artistic move-or marketing move, you choose-has definitely shaken up the long-dormant volumes. The question now is, what to expect from the future of this collection?


We look forward to seeing you in our Discord channel to continue the conversation!



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