Connect with us

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.

Published

on

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

Ford is getting ready to enter the Metaverse with digital cars and NFTs

A month after the company announced significant personnel reductions, it has filed a trademark application covering its future initiatives in the Metaverse and NFT space.

Published

on

Ford Motor Company, an American automaker, has filed 19 trademark applications across its key automobile brands as it prepares to enter the realm of nonfungible tokens (NFTs) and the Metaverse.

Mike Kondoudis, a trademark attorney licensed by the United States Patent and Trade Office (USPTO), disclosed in a tweet on Wednesday that the business had submitted a total of 19 trademark applications covering its car brands, including Mustang, Bronco, Lincoln, Explorer, and F-150 Lightning, among others.

The trademark applications include a projected online marketplace for NFTs and virtual versions of its businesses’ automobiles, trucks, vans, SUVs, and clothes.

Ford intends to produce digital images of its vehicles, SUVs, trucks, and vans that will be verified by NFTs, according to USPTO filings submitted by the automaker on September 2.

The business also disclosed plans for “downloadable virtual commodities,” or “computer programs,” that would include apparel, accessories, and parts for vehicles for usage in “online virtual environments,” such as virtual and augmented reality trade exhibitions.

Additionally, there are plans to develop an online marketplace for “others’ digital artwork” as well as “online retail shop services featuring non-fungible tokens (NFTs) and digital collectibles.”

Less than a month after Ford Executive Chairman Bill Ford and CEO Jim Farley announced significant personnel reductions from its global workforce to decrease corporate expenses; Ford has decided to enter the Web3 area.

Ford isn’t the first automaker to enter the Metaverse market.

While premium automakers like Bentley and Lamborghini have already launched NFT collections, automakers including Nissan, Toyota, and Hyundai have indicated ambitions to enter the fast-expanding Metaverse market.

Continue Reading

ART & COLLECTABLES

Crypto-Vultures Profit from the Death of Queen Elizabeth

Only a few hours after the Queen’s passing, more than 40 meme tokens bearing her name have been released.

Published

on

Yesterday, according to Buckingham Palace, Her Majesty Queen Elizabeth II passed away. Although her loss triggered a global outpouring of sympathy and grief, it has also been exploited as a money-grab.

Elizabeth II, monarch
Grift endures eternally, but the Queen is gone.

There are over 40 meme coins on Ethereum and the Binance Smart Chain thanks to Queen Elizabeth’s passing (and at least one exploitative NFT collection).

While the news of the British monarch’s demise saddened people worldwide, cryptocurrency scammers took advantage of the occasion to launch dozens of meme coins with Queen themes on Ethereum and Binance’s BNB Chain.

Among the new crypto coins that were introduced are “Queen Elizabeth Inu,” “Queen Doge,” “God Save The Queen,” “London Bridge Is Down,” “Queen Grow,” “Rip Queen Elizabeth,” “Elizabeth II,” and “Queen Inu II.” Other tokens with the name of the next king, King Charles III, have also appeared. According to DexScreener, at least 40 separate meme coins appear to have been produced in the previous six hours.

The most liquid tokens, Save The Queen and Queen Elizabeth Inu, have already processed trade volumes of around $700,000 and $200,000 since their debut. At the time of writing, the price of Queen Elizabeth Inu is up 1,517%, while it has increased by 23,271% on Binance Smart Chain and 3,708% on Uniswap. Prices are incredibly unstable and exceedingly unlikely to persist.

The “Queen Elizabeth 69 Years NFT” NFT set has reportedly been produced. One image is said to represent each year of the Queen’s reign in the collection. The project’s aims should be questioned because Elizabeth II reigned for 70 years, not 69.

The crypto community, typically known for its gallows humor, mainly reacted negatively to the initiatives. When told about the NFT collection, NFT aficionado ThreadGuy said, “You’re going to hell.” Trader Byzantine General declared, “We’ve got to stop this crypto stuff.”

In 1926, Queen Elizabeth was born. She was the longest-reigning British monarch in history and passed away in Balmoral Castle at 96.

Continue Reading

ART & COLLECTABLES

One crypto sector, according to billionaire Chamath Palihapitiya, is experiencing a classic bubble cycle

One crypto sector may be going through a typical hype cycle, according to billionaire investor and software entrepreneur Chamath Palihapitiya.

Published

on

In a new episode of the All-In podcast, the CEO of Social Capital discusses the sharp decline in trading volume in the non-fungible token (NFT) market.

Palihapitiya offers Coachella and Burning Man as examples of major music festivals that strive to be distinctive but may wind up being mostly the same.

The billionaire contrasts NFTs and the overall art market with the two music events.

“I do believe that there is something going on; the simplest way to explain this is with the Burning Man/Coachella scenario. Many of these things are similar, but when some people approach anything new, they are too insecure to accept that it is similar to another item, so they spend a lot of time attempting to convince you that it is different. When someone says that a time is different, it’s probably not that different, as stated in the Warren Buffett quote, is an example. Or consider the other famous historical adage, “Things don’t always repeat in history, but they rhyme.”

All of this is meant to imply that, aside from major advances in science, not much new has been discovered recently. We keep repeating the same patterns, and one of them is the social capital that comes from making certain decisions and then having those decisions validated by others in order to feel valuable. And this occurred in NFTs, as well as, I’m sure, in the initial stages of several artistic movements. These events are more comparable than dissimilar because they have presumably occurred in a number of other markets as well.

Burning man and Coachella are same. The art market and NFTs are both the same. It doesn’t need to be unusual; you can simply appreciate it because you think it’s cool. I would just take it with a grain of salt and tell anyone who comes to you asking why it’s so different.

DappRadar reports that earlier last week, trading volume on popular NFT marketplace OpenSea reached a one-year low.

Continue Reading

Trending

bitcoin
Bitcoin (BTC) $ 18,891.78 0.63%
ethereum
Ethereum (ETH) $ 1,304.52 1.63%
tether
Tether (USDT) $ 0.999788 0.25%
chiliz
Chiliz (CHZ) $ 0.259432 4.45%
enjincoin
Enjin Coin (ENJ) $ 0.460494 2.29%
decentraland
Decentraland (MANA) $ 0.698674 1.90%
flow
Flow (FLOW) $ 1.64 2.39%
the-sandbox
The Sandbox (SAND) $ 0.863156 3.23%
wax
WAX (WAXP) $ 0.085734 2.26%
ecomi
ECOMI (OMI) $ 0.001253 0.74%