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Damien Hirst's ‘Currency’ NFT drop more than 6X oversubscribed

July 22, 2021. Summarized by summa-bot.

Compression ratio: 32%. 1 min read.

Damien Hirst’s NFT drop saw 32,472 people apply for a total of 67,023 NFTs, which was more than six times the amount of NFTs available in the drop.

Applications for the NFT drop closed on July 22, and Heni Group, who hosted the sale, revealed that 32,472 people applied for a total of 67,023 NFTs. That means that many applications will either be scaled back or unsuccessful given there are only 10,000 NFTs available.

The NFTs were priced at $2,000 each and the drop includes an interesting feature, as the artist is giving collectors one year to decide if they would like to burn the NFT in exchange for the original artwork, or keep the NFT and destroy the original artwork.

Each individual artwork is called a “Tender” and the artist recently told Cointelegraph that he would “love it” if a collector was able to use the artwork as actual currency due to its value as an NFT.

Speaking with CNBC’s Squawk Box on July 21, Hirst stated that he thinks digital art forms such as NFTs will outlive physical art galleries, as he noted that NFTs depicting “good artwork” can be easily experienced anywhere:

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