The Trust Project is a worldwide group of news organizations working to establish transparency standards.
Only two days are left before “The Currency” artworks by Damien Hirst will be burnt.
“The Currency” is the first NFT collection created by well-known British artist Damien Hirst. In 2016, he started working on 10,000 physical paintings. Later, Hirst partnered with art-focused tech company HENI to create NFTs of these artworks. Finally, in July 2021, “The Currency” tokens were minted on the Palm blockchain, corresponding to unique physical artworks.
Holders had a year to decide whether to redeem NFTs for physical artworks or keep the digital ones. At the time of writing, only 3,620 were exchanged for physical paintings. The physical hand-drawn artwork will be destroyed if the remaining holders don’t redeem the other 6,380 NFTs.
The deadline to claim the artworks is July 27, 3 PM BST. NFT owners won’t have the possibility to exchange digital pieces for physical ones afterward. “The Currency” owners who wish to keep the NFT version don’t need to take action.
“The collector has to decide between the digital NFT or the physical artwork, but can not keep both. This exchange is a one-way process, so choose carefully,” explains the project website.
The physical pieces are currently stored in a secret vault in the UK. Notably, HENI and Damien Hirst will organize an exhibition of the artworks before they get destroyed.
The current floor price of “The Currency” NFTs is 5.13 ETH (approximately $7,700 at the moment of writing). 21.5K ETH has been traded so far.
Read related posts:
Any data, text, or other content on this page is provided as general market information and not as investment advice. Past performance is not necessarily an indicator of future results.