What is Damien Hirst NFT

What is Damien Hirst NFT

What is Damien Hirst NFT

Damien Hirst’s most recent work, “The Currency,” premiered earlier this summer at the National Gallery of Modern Art in New York City, where it is on view through September. Customers could purchase one of 10,000 one-of-a-kind dot-covered works on paper, each of which was linked to a unique nonfungible token, from a limited edition of 10,000 pieces. There’s more to it than that, however, don’t you think?

Each of the hybrid paintings-NFTs, which are being offered to collectors for the bargain-basement sum of $2,000 per piece of art, is subject to a variety of conditions that must be met. Following that, customers would have one year to decide whether or not they wanted to preserve the NFT, after which the original artwork would be burnt in a solemn ceremony. Individuals may instead choose to retain ownership of the actual item while relinquishing ownership of the blockchain-based artwork in exchange. What is Damien Hirst NFT

As part of his foray into the new world of digital art, Hirst was placed against the artist’s return to his old-school method, with the art market challenged to determine which was more valuable. During the height of the artist’s market fervor in 2007, a piece of Hirst’s artwork on paper sold for more than $393,065 at Christie’s.

What is Damien Hirst NFT

What is Damien Hirst NFT

With a philosophical gimmick, the artist seemed to be, ahem, “jumping the shark,” and it was hard not to agree with him. In spite of the fact that “The Currency” has only been in operation for two months, the artist says that sales produced by the project have already exceeded a total of $25 million. Despite the fact that the project has only been in existence for two months, this has been the case. What is Damien Hirst NFT

The corporation gave a breakdown of sales for the NFT works over the previous six, twelve, and twenty-four-hour periods, among other things, in a message posted today on the Discord channel of HENI Analytics, a branch of the business that collaborated with Hirst on the project. In the last 24 hours, 14 transactions totaling over $400,000 were reported, with a maximum price of $43,204 and a minimum price of $3,694.

The highest price recorded was $43,204, while the lowest price recorded was $3,694. When it comes to prices, the highest reported price was $43,204, and the lowest recorded price was $3,694. A total of $43,204 in cash was exchanged, with the lowest recorded price of $3,694 in cash being the cheapest.

There have been 1,571 transactions on secondary market NFT platforms since the project’s inception in July, resulting in a total value of $26,345,475, which is just a fraction of the incredible eight-figure amount that Hirst had previously bragged about. What is Damien Hirst NFT

A work in the series entitled Yes sold for $120,614 at the most recent auction, according to the most recent available data. It is considered to be one of the series’ most unique works due to its title, which is a single word, and which is considered to be among the most expensive works in the series.

A rarity rating for each work in “The Currency” is assigned to it by HENI based on algorithms that take into consideration a variety of factors, including the density of the spots on the canvas, the colors used, and the types of phrases that appear in each title, which are all taken from Hirst’s favorite songs, among other things. What is Damien Hirst NFT

What is Damien Hirst NFT

These fundamental tendencies, which were observed by HENI and Hirst and summarized in the accompanying table, are confirmed by the public data on the project made available by OpenSea. This example demonstrates that the “floor price” (or lowest available price) for an NFT from “The Currency” is 8.8 ETH (or $28,500), which is more than ten times the initial price of the NFT under consideration. It is updated every hour on the dot.com website. It is important to note that the pricing of the OpenSea floor fluctuates on an hourly basis. What is Damien Hirst NFT

An OpenSea snapshot of the project’s trading history shows that 249 NFTs were exchanged on August 14th, making it the most busy trading day in the project’s trading history to date, according to the snapshot. Over the previous few weeks, the number of sales has decreased dramatically, with an average of between 10 and 20 transactions per day being recorded on a daily basis.

One such transaction occurred recently for the work A Way of Life, which had previously been sold on the secondary market by its owner, who goes by the handle of @Quality, for 18.88 Ethereum (more than $60,800) ten days prior to the sale in question. A Way of Life is a representation of a way of life that was depicted in the work. What is Damien Hirst NFT

After receiving no bids on the first sale, it was re-listed a day later for 8.8 Ethereum (about $28,500) and sold for the same amount as the first. In order to get to that price, it was sold for 8.49 Ethereum ($27,200) to @syzygyfinance eight days ago for 14.8 Ethereum (or $47,800), then it was re-listed for the same amount only two days later (i.e. 14.8 Ethereum).

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