Damien Hirst, the United Kingdom's richest living artist, has revealed his new NFT (non-fungible token) project called "The Currency," the Financial Times reports. The project is a collection of 10,000 NFTs which correspond to 10,000 physical artworks which are stored in a secure vault in the UK, says the official website. While all the 10,000 artworks look pretty much the same, they are all unique.
"One of the problems of the art market is it’s not easy to ascertain the price of, say, a blue period Picasso," Hirst noted.
Each NFT token cost $2,000 and can be purchased with cryptocurrencies like ether (ETH), bitcoin (BTC), stablecoins like USD coin (USDC), dai (DAI), or fiat money. Two months after the purchase, an owner of an NFT can choose whether to redeem the NFT for the physical artwork or hodl onto the NFT.
Hirst says the collector is free to decide what he wants to do with their NFT. Compare the rarities or download the high-res images in our gallery, trade it on the Niftys or HENI marketplace, exchange it for the physical artwork, or explore other possibilities in the Palm ecosystem.
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