Damien Hirst, who previously announced the NFT project called "The Currency," launched the initiative by igniting works of art worth millions of dollars. Hirst set fire to a large number of his own artwork pieces during a broadcast of his London gallery on October 11, making sure that they would only ever exist as an NFT going forward.
The Currency, a concept by Hirst that is part of his NFT series, made its premiere the year before. As an aspect of his sociological experiment, he created over 10,000 NFTs linked to a real-world oil painting with the intention of pitting digital and real-world art against one another.
People who had previously acquired NFTs at floor prices which is worth over $2,000 had the choice of keeping them or exchanging them for actual paintings. They had up to a year to decide, but the month of July served as the deadline, with 4,851 paintings remaining solely in digital form and 5,149 paintings being delivered as tangible works of art.
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When asked how it felt to complete his project by burning his artwork, Hirst responded that it felt better than he had imagined, according to the BBC. Up to the Newport Street Gallery's closure on September 30, the artist's works will continue to be burned.
The day prior to the fire, Hirst remarked, "A majority of individuals believe I'm destroying millions of dollars worth of art, but I'm really not; I'm finishing the metamorphosis of these tangible artworks into NFTs by blazing the real copies."
According to him, after they are burned, the valuation of both the digital and physical assets won't decline or become invalid; instead, it will be switched to the NFT. The series is priced at over 5.1 Ether, which is over $6,539 and is available for sale on the NFT marketplace OpeanSea. V-Day of Consent, a most latest item to sell, brought in 5.08 ETH.
