Wednesday, December 6, 2023
cryptonews100
No Result
View All Result
CryptoNews100
No Result
View All Result
Home Uncategorized

Damien Hirst NFT Holders Divided as Half of Collection Burned

cryptonews100_tggfrn by cryptonews100_tggfrn
July 27, 2022
in Uncategorized
0
Damien Hirst NFT Holders Divided as Half of Collection Burned
189
SHARES
1.5k
VIEWS
Share on FacebookShare on Twitter
Sign up an get up to $1000 USDT!


Key Takeaways

  • The burning deadline for Damien Hirst’s The Foreign money NFT assortment closed immediately.
  • Simply over half of the NFTs had been burned, making the digital items barely extra scarce than their bodily equivalents.
  • Regardless of the thrill surrounding Hirst’s assortment, the NFT house continues to endure as a result of extended crypto market hunch.

Share this text

5,142 NFTs had been exchanged for bodily work, making the remaining digital items extra scarce than their bodily counterparts. 

Damien Hirst’s Artwork Burning Deadline Closes 

Damien Hirst followers appear to be divided on whether or not bodily artwork is extra beneficial than digital artwork. 

The burning deadline for the legendary artist’s first NFT assortment closed immediately with simply over half of the holders opting to redeem their digital collectible for a corresponding bodily piece of artwork. 5,142 NFTs from the gathering had been exchanged for bodily works, leaving 4,858 NFTs. 

“Stroll down the road” by Damien Hirst (Supply: The Currency/HENI)

The ten,000-piece assortment, dubbed The Foreign money, launched in July 2021 amid a boom in the NFT market. Created in 2016 and later minted on the Palm blockchain, the gathering references the long-lasting polkadot model that Hirst pioneered. Hirst opted to make his first foray into the digital artwork house with a singular twist: anybody who purchased one of the NFTs might select to burn their token in alternate for an equal bodily piece. Conversely, the bodily work can be destroyed if the collector held onto their NFT. 

“The Foreign money explores the boundaries of artwork and forex—when artwork modifications and turns into a forex, and when forex turns into artwork,” the promotional copy for The Foreign money mentioned. The gathering went on sale with an entry worth of $2,000; immediately the NFTs are definitely worth the equal of round $7,500 on the secondary market (Hirst additionally rewarded collectors with a Thanksgiving airdrop based mostly on his art work for Drake’s Licensed Lover Boy cowl in November). 

Though the gathering experimented with figuring out the worth of bodily artwork in opposition to digital artwork, the end result of the burning occasion signifies that Hirst collectors within the still-niche NFT market are largely undecided. 

NFT Market Takes a Hit

Whereas Hirst’s The Foreign money was the discuss of the NFT house immediately, the broader market has suffered for months as crypto endures an prolonged winter interval. Buying and selling volumes on marketplaces like OpenSea have plummeted to 12-month lows as confidence within the house wanes and macroeconomic fears persist, whereas the ground costs for a lot of top-tier collections have slid from their all-time highs alongside fungible crypto property like Bitcoin and Ethereum. Bored Ape Yacht Membership, the breakout star of the 2021 NFT bull run, topped a flooring worth of $436,000 in Might; immediately the most affordable go for nearer to $127,000 (The ground worth for an ape has dropped from 156 ETH to 86 ETH, however ETH has additionally declined in greenback phrases). 

Damien Hirst is one of the world’s most famed artists. He’s arguably greatest recognized for his varied Nineteen Nineties works that preserved useless animals, together with “The Bodily Impossibility of Loss of life within the Thoughts of Somebody Residing,” which featured a 4-meter-long tiger shark in a formaldehyde-filled tank. He’s embraced NFTs because the market exploded in 2021, following up The Foreign money and its related airdrop with a brand new assortment known as The Empresses earlier this 12 months. 

Disclosure: On the time of writing, the creator of this piece owned some Otherside NFTs, ETH, and several other different fungible and non-fungible cryptocurrencies. 

Share this text

The knowledge on or accessed by means of this web site is obtained from impartial sources we imagine to be correct and dependable, however Decentral Media, Inc. makes no illustration or guarantee as to the timeliness, completeness, or accuracy of any data on or accessed by means of this web site. Decentral Media, Inc. just isn’t an funding advisor. We don’t give personalised funding recommendation or different monetary recommendation. The knowledge on this web site is topic to alter with out discover. Some or all of the knowledge on this web site could turn out to be outdated, or it could be or turn out to be incomplete or inaccurate. We could, however aren’t obligated to, replace any outdated, incomplete, or inaccurate data.

You must by no means make an funding choice on an ICO, IEO, or different funding based mostly on the knowledge on this web site, and you need to by no means interpret or in any other case depend on any of the knowledge on this web site as funding recommendation. We strongly suggest that you just seek the advice of a licensed funding advisor or different certified monetary skilled in case you are searching for funding recommendation on an ICO, IEO, or different funding. We don’t settle for compensation in any kind for analyzing or reporting on any ICO, IEO, cryptocurrency, forex, tokenized gross sales, securities, or commodities.

See full terms and conditions.



Source link

Related articles

Four Inc. and Chainalysis Partner on Blockchain Analysis for Government

Four Inc. and Chainalysis Partner on Blockchain Analysis for Government

August 29, 2023
Bitcoin Surges After Grayscale Wins Appeal Against SEC

Bitcoin Surges After Grayscale Wins Appeal Against SEC

August 29, 2023
Tags: burnedCollectionDamienDividedHirstHoldersNFT
Share76Tweet47
Drive and walk to earn crypto!

Related Posts

Four Inc. and Chainalysis Partner on Blockchain Analysis for Government

Four Inc. and Chainalysis Partner on Blockchain Analysis for Government

by cryptonews100_tggfrn
August 29, 2023
0

Four Inc. has partnered with Chainalysis to equip authorities businesses with the required instruments to observe, analyze and fight illicit actions inside blockchain...

Bitcoin Surges After Grayscale Wins Appeal Against SEC

Bitcoin Surges After Grayscale Wins Appeal Against SEC

by cryptonews100_tggfrn
August 29, 2023
0

The value of Bitcoin rose considerably Tuesday following phrase that america Court docket of Appeals for the DC Circuit sided...

How to host an event in the metaverse

How to host an event in the metaverse

by cryptonews100_tggfrn
August 29, 2023
0

Event administration in the metaverseThe planning, coordination and execution of varied occasions inside digital and augmented actuality environments are referred...

Bitcoin Price Prediction Amid Mining Challenges, Trading Lulls, and Upcoming Economic Data

Bitcoin Price Prediction Amid Mining Challenges, Trading Lulls, and Upcoming Economic Data

by cryptonews100_tggfrn
August 29, 2023
0

Bitcoin, the pioneering cryptocurrency, presently trades at $26,111, marking a modest enhance of practically 0.25% as of Tuesday. This value motion...

Animoca Brands Reports US$402 Million Bookings for 2022

Animoca Brands Reports US$402 Million Bookings for 2022

by cryptonews100_tggfrn
August 29, 2023
0

Animoca Brands, a number one determine within the realms of digital leisure and blockchain know-how, has unveiled its monetary efficiency...

Load More

Crypto Fear & Greed Index

Latest Crypto Fear & Greed Index

Recent News

Bitcoin Price Surge Expectation: Will Cryptocurrency Start 2024 At USD 50,000?

Bitcoin Price Surge Expectation: Will Cryptocurrency Start 2024 At USD 50,000?

December 6, 2023
Grayscale’s Ethereum ETF Dreams Deferred As SEC Extends Review

Grayscale’s Ethereum ETF Dreams Deferred As SEC Extends Review

December 6, 2023
Bitcoin to Surpass Gold Scarcity as BTC Hits $43,000

Bitcoin to Surpass Gold Scarcity as BTC Hits $43,000

December 6, 2023

Categories

  • Alt Coins
  • Bitcoin
  • Cardano
  • Chainlink
  • Cryptocurrency
  • Dogecoin
  • Elon Musk
  • Ethereum
  • Exchanges
  • Litecoin
  • Pokadot
  • Polygon
  • Shiba Inu
  • Solana
  • The FED
  • Uncategorized
  • VeChain
  • XRP

Download the official CryptoNews100 Android App! Click the button below:

Tags

ADA (416) Analyst (293) Binance (365) Bitcoin (2045) blockchain (347) BTC (476) Buy (255) Cardano (740) ChainLink (572) coin (266) crypto (2181) Cryptocurrency (904) DOGE (407) Dogecoin (688) DOT (278) Elon (378) ETH (358) Ethereum (1111) Inu (691) investors (254) Link (340) LUNA (248) market (623) MATIC (278) million (263) Musk (273) News (312) Polkadot (448) POLYGON (527) prediction (330) price (1750) rally (252) Ripple (345) SEC (408) SHIB (361) Shiba (761) SOL (278) Solana (547) Surge (236) Terra (297) today (240) token (252) top (469) VeChain (272) XRP (806)

© 2023 Crypto News100 All Rights Reserved.
By visiting this website, you understand that the content provided within is for educational and entertainment purposes only. Nothing on this site may be constituted as financial advice and this site is not directing you to make any investments in cryptocurrency or in anything else. Thank you for visiting and please proceed responsibly.
As an Amazon Associate I earn from qualifying purchases.

No Result
View All Result
  • Home
  • Bitcoin
  • Ethereum
  • Alt Coins
    • Cardano
    • Dogecoin
    • Litecoin
    • Pokadot
    • Polygon
    • Shiba Inu
    • Solana
    • XRP
    • VeChain
  • Crypto Related DEALS

© 2023 Crypto News100 All Rights Reserved.
By visiting this website, you understand that the content provided within is for educational and entertainment purposes only. Nothing on this site may be constituted as financial advice and this site is not directing you to make any investments in cryptocurrency or in anything else. Thank you for visiting and please proceed responsibly.
As an Amazon Associate I earn from qualifying purchases.