“The inventive and helpful nature of the community is constantly inspiring me and blowing my mind,” says hirst_official of his NFT project, “The Currency.” A price index for the collection is available now, via Chainlink. lil_smush reports
When Hirst – the British artist best known for wildly expensive works involving taxidermied sharks and diamond-studded skulls – released “The Currency” last year, thetook most of its cues from other popular NFT collections. Like CryptoPunks or the Bored Ape Yacht Club, “The Currency” consists of 10,000 images with slight variations. And as with those projects, it was valued partly according to its “floor,” or the lowest listed price for a single NFT in the collection.
Joe Hage, the founder of the tech company HENI, which has partnered with Hirst, said “The Currency” has always been an attempt to make art feel a little more like money. The hope is the new price index will make that connection even more explicit, connecting these digital artworks with the world of DeFi, or decentralized finance. With a hard valuation for tokens in “The Currency,” Hage said he expects NFT holders to start borrowing against their pieces.Though the structure of Hirst’s project resembles that of CryptoPunks, the similarities are only skin deep. Each work in “The Currency” is a digital representation of a physical painting.
Choose the token and the painting is destroyed; choose the painting and the token is burned. All 10,000 physical editions were originally stored “in a vault in the U.K.,” though Hirst’s team said about 500 have already been destroyed.
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