Damien Hirst’s New Art Economy for the Potential of the NFT
What is NFT art by renowned contemporary artist Damien Hirst? I actually purchased a piece of the art project and thought about its meaning.
◆What is NFT Art?
A digital artwork with a certificate of authenticity and proof of ownership that cannot be counterfeited. Issued and traded on the same blockchain as virtual currency. (Most transactions are in Ethereum, not Bitcoin)
Digital art, being digital, assumes copying, and it was difficult for it to be unique. The use of blockchain technology has made this possible. This is a technological innovation that allows digital art to have the same value as a one-of-a-kind item.
Also, in March 2021, Christie’s, a world-renowned auction house, handled NFT art and became recognized with the fourth highest price ever paid (BEEPLE = 7.5 billion yen).
◆What is THE CURRENCY, Damien Hirst’s NFT project?
Can Damien himself issue a new currency with art? (Total book value of 2 billion yen. In a few years it will be worth more than 10 billion yen)
Creation of 10,000 pieces of real art with 9 anti-counterfeiting measures (approx. 200,000 yen per piece)
The position and design of the dots are completely converted to data, and then the work itself is also made to be converted to NFT data.
The successful bidder must choose between a real or a digitized digital version within a certain period of time after the purchase.
The ratio of analog to digital selected will be announced at a later date. What if all the buyers choose digital? He laughed in the interview.
I was successful in making multiple offers and purchasing two cards.
One card is purchased with virtual currency, the other with a credit card (but only through a wallet from an exchange).
Items purchased with virtual currency are stored digitally. Items purchased with credit cards will wait for the real version to arrive.
In life, is it always one or the other? We are forced to choose between the two. Even the sauce for a salad in a restaurant has to be chosen. But I always answer “all”.
Although we are often forced to make decisions about things we do not need to decide, we consider it an important option to consider whether or not we need to decide and to decide what not to decide.
You have such interesting art made by an artist as Damien Hirst, real or digital, right?
Reference The following is a summary of the project
Damien Hirst confronts the ultimate choice between NFT art and real art