The British artist Damien Hirst created 10,000 NFTs of physical paintings. Then he gave buyers a choice: take the painting and lose the NFT, or keep the NFT and watch the painting burn.
"A lot of people think I'm burning millions of dollars of art but I'm not, I'm completing the transformation of these physical artworks into nfts by burning the physical versions," Hirst wrote in an Instagram caption."the value of art digital or physical which is hard to define at the best of times will not be lost it will be transferred to the nft as soon as they are burnt."A year after buying a piece from"The Currency," collectors had to make a choice.
"'The Currency' pitted Hirst's foray into the new world of digital art against his old-school practice, asking the art market to decide which was more valuable," wrote Artnet News' Caroline Goldstein. The buyers were almost evenly split in their decisions, with 5,149 opting to trade their NFT for the original painting and 4,851 choosing the NFT. The pieces are being shown at the Newport Street Gallery in London and will be burned during the art fair Frieze London, which runs from Oct. 12 through 16.
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