NFT or Physical Art Piece? Damien Hirst’s latest book, “The Currency”, gives you the option of choosing just one

NFTs, or non-fungible tokens, have become the next big thing, especially in the art world. Famous British artist Damien Hirst has also jumped on the NFT bandwagon in a unique way with his latest work titled “The Currency”. The most interesting aspect of Hirst’s work as well as its entry into the NFT market is that it gives you the choice between an NFT and the corresponding physical artwork. Confuses? Read on to find out all the details.

‘The Currency’ includes 10,000 NFTs corresponding to 10,000 unique physical works of art. A person interested in the work can choose either the token or the art. “You can’t buy both”, Hirst posted a tweet on July 13, saying, “This is my world art experience. “

The photograph accompanying the mail is tender number 8483. In a response to the tweet, Hirst wrote: “As you can see it is numbered, titled and signed on the back.” Each of those deals will sell for $ 2,000 (around Rs. 1,49,000), Hirst said. It’s basically a choice of keeping an NFT – a high-resolution photo of the painting – or ditching it for physical painting.

Not only that, these NFTs can also be purchased using Bitcoin, Ether, USD Coin, Dai, as well as credit and debit cards, reported Paper journal.

So how does it really work? Hirst says you apply for a work of art first, then you get a TVN. After a while, the 56-year-old said, “You can trade in your NFT for this actual work of art. If you do this, the NFT will be destroyed. And then after about a year, all the NFTs that are not traded, the corresponding artwork will be destroyed. ”They will do it publicly, Hirst says.“ The whole project is like an experience, a belief experience. . ”Applications are open until July 21.

Hirst’s proposal drew a mixed response on Twitter.

Abstract artist Ralph Martin III, for example, said it would be interesting to see which format is more popular.

Former audiovisual journalist Amy bingham I loved the concept behind it and ‘how it will challenge people’s thoughts and decisions in the near future’. Bingham added, “Unfortunately my prize is high – but I’m excited to watch The Currency unfold and see how others react to it.”

Some Twitter users also pointed out the price of the works, claiming they were a bit higher.

However, others loved the concept.

Interested in cryptocurrency? We discuss all things crypto with WazirX CEO Nischal Shetty and WeekendInvesting Founder Alok Jain on Orbital, the Gadgets 360 podcast. Orbital is available on Apple podcasts, Google podcasts, Spotify, Amazon Music and wherever you get your podcasts.