NFTs Winning Damien Hirst’s Art Experiment So Far as Over 2,000 Tokens Burned

Jamal Molla
Written By Jamal Molla
I write about cryptocurrency, with a special interest in NFT and metaverse in particular.

In a bid to meet up with the July 27, 2022 deadline for Damien Hirst’s The Currency NFT burn, more NFT owners are beginning to burn their assets in exchange for a corresponding original work on paper. From all indications, NFTs seems to be winning the art experiment even as the deadline draws near. According to an official tracking page, over 2,111 NFTs have so far been burned by their owners to receive physical artworks. By this figure, the tracking page suggests that a total of 7,8889 NFTs are still remaining to be burned.

After the deadline for Damien Hirst’s The Currency NFT burn, NFT owners who are yet to burn their digital collectibles for physical artworks will have to keep and manage their NFTs, as the corresponding physical artworks will be destroyed.

Recall that Damien Hirst, UK’s A list artist kicked off an experiment in July last year. The experiment’s focus was to create a collection of around 10,000 art pieces with corresponding physical artworks. The catch in the experiment, however, is that NFT owners will not be able to keep both the NFT assets and their corresponding physical artworks. In the experiment, the artist gave NFT owners up until July 27 to either burn their assets to receive a physical equivalent or keep them, with only one option to subsist. 

According to Hirst, the experiment is meant to challenge people’s perception of value and help them make better decisions. The experiment also challenges the concept of money and how money is a valuable asset. “One problem that has constantly confronted the art market is that asset prices are difficult to ascertain,” says Joe Hage, Hirst’s advisor and founder of Henj, an art service. “Hirst’s experiment will help to introduce free trade in a frictionless market, and help users easily determine prices,” Joe Hage adds.

While pundits believe that the remaining 14 days can witness a lot of changes, so far, the experiment has gathered massive momentum, an indication that it’s in favor of digital art. Although over 80% of NFT owners are still yet to decide whether to burn their assets for corresponding physical artworks.

During the launch of the experiment, NFTs that were listed for $2,000 USD traded for as high as $8,000 USD on secondary marketplaces. Successful applicants that bought into the scheme enjoyed the capital appreciation.

Leave a Comment