British artist Damien Hirst has announced he will burn thousands of his paintings at his London gallery as part of his year-long NFT project
It was a project always destined to go up in a puff of smoke, at least part of it.
Describing the project as his"most exciting by far," Hirst told The Art Newspaper in March that it"touches on the idea of art as a currency and a store of wealth." He added:"This project explores the boundaries of art and currency -- when art changes and becomes a currency, and when currency becomes art. It's not a coincidence that governments use art on coins and notes. They do this to help us believe in money.
As for"The Currency," the NFT marketplace that handled the initial sale, Heni, has been producing a monthly report analyzing the buying and selling of Hirst's NFTs on the secondary market, which has sharply dropped in value since the project began and as cryptocurrencies have plummeted. The first report notes how, between July 30 and August 31, 2021, there were 2,036 sales of"The Currency" totaling $47.9 million.
The resale of physical works appears to be faring better. In January, one of the original paintings sold at Phillips auction house in London for £18,900 .
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