Dubai, United Arab Emirates (CNN)– British artist Damien Hirst has announced that he will burn thousands of his paintings in a London gallery as part of his year-long NFT project titled “The Coin.”
Starting September 9, visitors to Hearst’s private museum, known as the Newport Street Gallery, will have the chance to view some of the 10,000 oil paintings the artist created in 2016, and then associate them with irreplaceable icons in 2021.
These works sold for $2,000 each.
Buyers were given the option to keep non-fungal tokens or trade them for physical art.
The works are scheduled to be destroyed daily during the exhibition period, which will culminate in a closing event in October, when the remaining paintings will be burned.
4,751 people exchanged NFT tokens for physical work, 5,249 buyers held their NFT tokens.
Hirst described the project as “the most exciting to date” and told The Art newspaper in March that it “touches on the storehouse of artistic currency and wealth”.
Also, “This project explores the boundaries of art and currency… When art becomes and becomes currency, currency becomes art… It’s no coincidence that governments use art on coins and banknotes. Help us believe in money… Without art, nothing. Hard to believe.”
Horst used the market as his broker for decades.
In 2007, he created an 18th-century platinum-cast human skull studded with 8,601 diamonds for the love of God.
As for the “Coin” project, the NFT market that handled the initial sale, Heaney, publishes a monthly report analyzing the buying and selling of non-fungible Hearst tokens on the secondary market, which has fallen sharply in value since the project began. With the fall of cryptocurrency.
The first report notes that there were 2,036 sales of “currency” totaling $47.9 million between July 30 and August 31, 2021.
Meanwhile, only 170 sales were made in June this year, netting a total of $1.4 million.
Remarketing a physical business will yield better results. In January, one of the original paintings sold at Phillips Auctions in London for £18,900, or $23,000.
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