Explained: Why is one of the world’s wealthiest artists set to burn his artwork? | Explained News,The Indian Express

Damien Hirst has given collectors an option to choose between the oil paintings on paper that he created in 2016 or the NFTs created in 2021. If they opt for the NFT copy, the corresponding physical one will be destroyed and vice-versa.

Damien Hirst, who was the United Kingdom’s richest artist in 2020 with an estimated net worth of $384 million as per the Sunday Times Rich List, has announced that beginning next month he will burn thousands of his paintings from a project titled “The Currency”.

Hirst has given collectors an option to choose between the oil paintings on paper that he created in 2016 or the NFTs created in 2021. If they opt for the NFT copy, the corresponding physical one will be destroyed and vice-versa.

The unique proposal

The artist made his NFT debut with “The Currency” series. These were issued in 2021 corresponding with his 2016 spot paintings that used enamel paint on handmade paper.

The 10,000 NFTs from “The Currency” collection feature high resolution images on each artwork, and the original applicants were able to buy it for $2,000 each, though they have been resold in the secondary market in recent months.

https://indianexpress.com/article/explained/damien-hirst-burn-artwork-the-currency-nft-8057352/

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