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ART & COLLECTABLES

Choose Between Physical and Digital Ownership of Damien Hirst’s NFT Collection

The renowned British artist will sell 10,000 works of digital and physical conceptual art, but there will be a catch.

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Damien Hirst has been working on a vast body of conceptual art for the past five years. Now, the artist has declared that he is ready to sell them in a hybrid NFT sale to the general public. Joe Hage, Hirst’s advisor, remarked, “Ten thousand artworks were created by hand, each one unique.” While each piece is unique, they are all manufactured of the same materials, are the same size, and are supposed to seem similar.

The objective of making these one-of-a-kinds yet eerily identical works of art, according to Hage, is to “produce art that was readily traded enough, in a somewhat frictionless environment.” Hirst has done something fairly unusual in the field of NFT to accomplish this.

Hirst came to the notion that a collection of connected works may conceivably function as a currency. But, according to Hage, “it is widely believed that money corrupts art.” So Hirst wanted to flip that idea on its head by making art with a fixed value and allowing it to corrupt money somehow.

The “Currency” Project by Damien Hirst

The art element of Hirst’s project, dubbed “Currency,” is now complete, and it’s time to start selling. This, however, will not be a typical NFT sale. As previously said, all of the artwork is on the same piece of paper and comprises the same multicolored dots that span the entire page, however, in many arrangements. Consider them like snowflakes: they all appear to be the same at first glance but are actually quite distinct.

Apiece of the 10,000 actual artworks will be signed, dated, and titled and sold for $2,000 each. On Heni.com, the art can be purchased in various currencies, including Bitcoin, Ether, and credit or debit cards. In addition, each work comes with a digital representation of the original piece attached to an NFT when purchased.

This is when things start to get fascinating and different.

Buyers of these NFTs will receive digital artwork and will be able to sell or trade it on Heni or Nifty’s online marketplaces. After two months, the owner can opt to “cash in” their NFT for an actual piece of artwork or keep it. In any scenario, the choice that was not selected will be obliterated.

Either the digital version of the “cashed in” NFT or the physical copy of the unclaimed work will be eliminated. Additionally, any piece that is unsold after a year will be sent to the incinerator.

The NFTs, according to Hage, who administers the Heni website, is not merely a reproduction of the physical piece, but “two artworks are made, the work on paper and the digital artwork.”

The sale is set up in such a way that the customers must choose which option they like. The sale itself, according to Hage, is a work of conceptual art, and the people who buy them are all participants.

Hage also claimed that while he watches the NFT market, Damien does not, and he is unconcerned about the open market value of his work. His sole genuine interest is in art.

ART & COLLECTABLES

The Economist Magazine Intends to Offer an NFT of their DeFi Front Cover

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The venerable British journal The Economist has announced that the front cover of its September 18 edition will be auctioned off as a non-fungible token.

On October 25, the cover will be offered, which imitated an Alice in Wonderland scene by placing Alice and the white rabbit on the verge of a rabbit hole filled with tokens. With the support of the platform Foundation, it was turned into an NFT.

The auction will be the first time The Economist has offered an NFT for sale, but it isn’t the first time a big journalistic organization has done so. In March, a New York Times column was purchased for a stunning $560,000. Twitter postings from the past have also been coined and sold as NFTs for astronomically high prices.

According to a press release from The Economist, the goal is to demonstrate the potential of decentralized technology.

The Economist Educational Foundation (TEEF), an independent charity focused on news, will receive the proceeds from the sale, minus fees, transaction costs, and taxes. In addition, the magazine will keep 10% of the royalties produced by future secondary sales of the NFT, with the money going to TEEF.

Justin Metz, a British artist, created the artwork for the DeFi cover, captioned “Down the rabbit hole: The promise and hazards of decentralized banking,” with help from The Economist’s cover designer Graeme James.

“By selling our ‘Down the rabbit hole’ cover as an NFT, we are now, in our tiny way, going down the rabbit hole ourselves, in a fun experiment that will hopefully help earn money for a great cause,” Alice Fulwood, the magazine’s financial correspondent, said.

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ART & COLLECTABLES

A Record-breaking $2.7 Million was Paid for a Crowned Bored Ape with Psychedelic Fur

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Last night, a record-breaking 696.969 ETH ($2.7 million) was paid for Bored Ape #8585. That is the highest price ever paid for a Bored Ape.

This NFT is part of the Bored Ape Yacht Club collection, which includes a variety of apes in various expressions and clothes, some of which are more unusual than others.

This sale follows a series of high-priced Bored Ape sales. In addition, two other sales over $1 million have occurred in the last 20 days, one for a Bored Ape with psychedelic fur and the other for a robot ape with cybernetic eyes.

In addition to Bored Ape #8585, the customer just purchased a few other NFTs. A Fidenza — one of the Art Blocks Curated NFTs — and two CryptoPunks were among the items sold for 200 ETH ($775,000). For 155 ETH ($600,000) and 265 ETH ($1 million), the CryptoPunks were purchased.

The customer spent a total of $5 million on the JPEGs, and they still have $1 million in ETH in their wallet.

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ART & COLLECTABLES

Martha Stewart is now Selling Ethereum NFTs, as well as Carving CryptoPunks into Pumpkins

Another business venture for the lifestyle entrepreneur is festive Ethereum NFT collectibles.

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Television personality and lifestyle entrepreneur Martha Stewart has made a name for herself in various artistic and business endeavors, including books, publications, home furnishings, and packaged foods. Now she’s taking her business to a brand-new medium with a burgeoning market: NFTs.

Stewart today announced the launch of Fresh Mint, an online portal dedicated to NFTs. The Ethereum-based NFTs were developed in collaboration with Tokns Commerce. While they are shown on the Fresh Mint website, sales and auctions are conducted on OpenSea, the premier NFT marketplace.

An NFT is a receipt for a rare digital item, showing ownership of a one-of-a-kind work like a photograph, illustration, video file, or video game object. So far in 2021, the NFT market has exploded, with $10.67 billion in trading activity in just the third quarter.

The majority of Stewart’s first NFTs are Halloween-themed, featuring handcrafted pumpkin-centric crafts or photos of Stewart in custom-made costumes, leveraging her reputation for crafting lifestyle creations and festive moods.

Along with a signed message from Stewart, the drop includes several “Carved Collection” auctions for images of one-of-a-kind pumpkin carving artwork (done by Maniac Pumpkin Carvers).

Collectors can even bid on the chance to have their favorite NFT avatar carved into a real pumpkin from collections like CryptoPunks, Bored Ape Yacht Club, or Pudgy Penguins. The winner of those auctions will not only receive an Ethereum NFT of a photo of the pumpkin, but they will also receive the actual pumpkin.

“Throughout my life, I’ve been so lucky to collaborate with talented artists, creators, and entrepreneurs,” Stewart said in a statement. “I see NFTs as a new canvas for creativity and blockchain as a vehicle to safeguard artists’ intellectual property while also supporting their wonderful work,” says the author.

Snoop Dogg, who recently stated that he has been accumulating rare NFTs under the identity Cozomo de’ Medici, is a friend and frequent collaborator of Stewart’s.

Snoop, who now has a CryptoPunk as his Twitter profile photo, has posted a couple of Cozomo’s recent NFT acquisitions, including a $3.9 million piece from XCOPY and a CrypToadz avatar, since last month’s announcement.

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