After 365 days, the Damien Hirst NFT experiment has ended, and almost 50% of NFTs remain. The year-long project by among the worlds most significant contemporary artists has been hugely successful. The brilliance of the NFT collection, called The Currency, is that for every NFT, there exists a corresponding physical copy. Altogether, there have been 10,000 NFTs. By the end of the experiment, 5,149 NFTs were exchanged for physical art, and 4,851 NFTs now remain.
What’s the Damien Hirst NFT experiment?
Damien Hirst The Currency NFT project began this past year on 27th July 2021. The theory behind the collection was to supply art whilst asking questions about web3 longevity and reimagine how exactly we use NFTs.
The Currency contains 10,000 hand-painted, primary coloured paintings, with a random selection of bright spots covering each artwork. The inspiration for the collection originates from artwork the English artist Damien Hirst created in 2016.
This past year, through the NFT boom, Hirst started to consider how he might use NFTs in his creative process. Eventually, this became the Damien Hirst NFT experiment, referred to as The Currency. Initially costing $2,000 at the mint price, it sold-out quickly and reached a peak of over $12,000 at one point this season.
NFT holders select from physical and NFT artwork
Probably the most exciting facet of the Damien Hirst NFT experiment may be the proven fact that it includes a unique twist.
Owners of the Damien Hirst NFT experienced a year to choose whether to help keep the NFT or gain a physical little bit of Damien Hirsts art. Those that thought we would keep their NFT would see their physical copy destroyed and vice versa for all those selecting the art piece.
So, now the experiment has ended, Damien Hirst will probably burn the rest of the artworks. Ultimately, 5,149 NFTs were exchanged for the corresponding painting, meaning 4,851 NFTs remain. Now, the artist will burn the 4,851 physical versions.
Only 2,459 NFT holders had chosen the physical artwork yesterday, significantly less than 25%. However, within the last week, more folks have swapped their NFTs for a physical little bit of Damien Hirst artwork.
Almost 50% thought we would keep their NFT in the Damien Hirst experiment!
It really is hard to grasp the significance of Damien Hirst in the art world in the 20th and 21st centuries. His art is valuable now, and it’ll only rise in the foreseeable future. So although more folks made a decision to swap their NFTs for a physical artwork, that is still an enormous victory for the NFT space.
Due to how valuable his name and artwork are, it really is impressive that almost half individuals have decided to help keep their NFT. This shows the effectiveness of the NFT art community and their belief later on of NFTs.
What next for Damien Hirst in the NFT space?
In an extended Twitter thread concerning the project, Damien Hirst summarised his applying for grants his project. He said, I’ve no idea what the near future holds, if the NFTs or physicals could be more valuable or less. But that’s art! the fun, area of the journey and perhaps the idea of the complete project. Even with one year, Personally i think the journey is merely beginning.
Finally, following a year, the NFT experiment has ended, and the NFT space looks forward from what Damien Hirst does next. Hopefully, he is able to provide us with another great NFT project.
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