Damien Hirst’s ‘Currency’ NFT drop more than 6X oversubscribed

Collectors will now need to look for Damien Hirst’s NFTs on secondary markets after the drop was oversubscribed by more than 6 times.

Damien Hirst's ‘Currency’ NFT drop more than 6X oversubscribed

Leading modern artist Damien Hirst’s NFT drop called “The Currency” has actually been oversubscribed by more than 6 times.

The Currency drop includes 10,000 distinct vibrant dot pattern art work with a matching NFT for each piece. Applications for the NFT drop closed on July 22, and Heni Group, who hosted the sale, exposed that 32,472 individuals made an application for an overall of 67,023 NFTs. That suggests that numerous applications will either be downsized or not successful provided there are just 10,000 NFTs offered.

Many collectors will now need to look for the NFTs on secondary markets.

The NFTs were priced at $2,000 each and the drop consists of a fascinating function, as the artist is providing collectors one year to choose if they want to burn the NFT in exchange for the initial art work, or keep the NFT and damage the initial art work.

The world-renowned artist initially got in the crypto area back in February this year after he began accepting payments in Bitcoin and Ethereum for art work from a collection of cherry blossom-themed paintings.

In his brand-new NFT endeavor, the artist is checking out the principle of worth behind cash and art, in which he asserts their worth is identified by social phenomena such as faith and trust.

To loosely illustrate cash in the art work, there is a holographic picture of Hirst in each piece, and a signature on the back, together with little private messages to represent an identification number.

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“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 stated in a video going over the drop.

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Each private art work is called a “Tender” and the artist just recently informed CryptoPumpNews that he would “love it” if a collector had the ability to utilize the art work as real currency due to its worth as an NFT. However, he believes that many people will select to keep the art work.

Speaking with CNBC’s Squawk Box on July 21, Hirst mentioned that he believes digital art kinds such as NFTs will outlast physical art galleries, as he kept in mind that NFTs portraying “good artwork” can be quickly skilled 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.”

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John Lesley is an experienced trader specializing in technical analysis and forecasting of the cryptocurrency market. He has over 10 years of experience with a wide range of markets and assets - currencies, indices and commodities.John is the author of popular topics on major forums with millions of views and works as both an analyst and a professional trader for both clients and himself.

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