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Collectors will now have to look for Damien Hirst’s NFTs on secondary markets after the drop was more than six times oversubscribed.
Leading contemporary artist Damien Hirst’s NFT drop dubbed “The Currency” has been more than six times oversubscribed.
The Currency drop consists of 10,000 unique colourful dot pattern artworks, each with its own NFT. The NFT drop application period ended on July 22, and Heni Group, which hosted the sale, revealed that 32,472 people applied for a total of 67,023 NFTs. Because there are only 10,000 NFTs available, many applications will have to be scaled back or fail.
Many collectors will now have to scour secondary markets for NFTs.
Applications have closed for @hirst_official‘s The Currency. Thanks to all who applied. 32,472 people applied for a total of 67,023 NFTs. Due to the large number of applicants, allocations will take some time & applicants may not be notified until 28 July. Stay tuned for Phase 2! pic.twitter.com/BGDHTnPO2G
— HENI (@HENIGroup) July 21, 2021
The NFTs were priced at $2,000 each, and the artist is giving collectors one year to decide whether they want to burn the NFT in exchange for the original artwork, or keep the NFT and destroy the original artwork.
The world-renowned artist first entered the crypto space in February of this year, when he began accepting Bitcoin and Ethereum payments for artworks from his collection of cherry blossom-themed paintings.
The artist is exploring the concept of value behind money and art in his new NFT venture, claiming that their value is determined by social phenomena such as faith and trust.
To loosely depict money in the artworks, there is a holographic image of Hirst in each piece, and a signature on the back, along with small individual messages to represent a serial number.
“I’ve never really understood money, it’s like you look at money, in its basic form […] all these things, art, money commerce, they’re all ethereal,” Hirst said in a video discussing the drop.
Check out this video of @stephenfry & I discussing ‘The Currency’: what is art, money, truth? how does it tie into belief? Maybe more importantly, what will people do with the Tenders? Nearing the end of the beginning. Applications close tomorrow 3pm BST. https://t.co/zync3gt29d pic.twitter.com/y9lnY1KY26
— Damien Hirst (@hirst_official) July 20, 2021
Each individual artwork is referred to as a “Tender,” and the artist recently told Cointelegraph that he would “love it” if a collector could use the artwork as actual currency because of its value as an NFT. However, he believes that the majority of people will choose to keep the artwork.
Hirst stated on CNBC’s Squawk Box on July 21 that he believes digital art forms such as NFTs will outlive physical art galleries because NFTs depicting “good artwork” can be easily experienced anywhere:
“I think that digital art is probably going to last a lot longer than galleries. I mean, you probably won’t be going into galleries. We’ll be sitting in bars showing each other what we’ve recently bought on our phones, and that’s kind of what we do now.”