Damien Hirst: 'Currency' | Is it worth it or not?
Damien Hirst released 10,000 unique artworks as NFTs for $2,000 each about two weeks ago. The sale closed on the 21st of July with various crypto-related news outlets claiming the release was 6x oversubscribed, meaning there were over 60,000 requests for these artworks. Perhaps unsurprisingly in this light, the first buyers are already reselling their NFTs for shockingly high prices.
Is it worth it or not?
How are these prices going to affect the value of this limited edition? Or maybe, this is all just hype, and after the original pieces are destroyed, the market will stabilise? What do you think?
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It is crazy that people really believe they can resell it for such an absurd price. I doubt that anyone will buy at this price and I don't think it is worth it. I believe this is all a hype that will go away and in a few months time, no one will remember or be buying this again. It feels like a very temporary piece of work.
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Hi Lois, I respect and understand your opinion, I also had the same thinking when I first heard about BTC and cryptocurrencies in general: "It's nothing but a scheme and soon it will disappear" I would say to all my friends around 2010.
In 2015 BTC reached 300$, my opinion remained the same. 2019 came and BTC was around 4K$. My opinion didn't budge, "I'm sure this can't keep existing for much longer..."
This year in April BTC hit 60k$ and it's been around since 2009.
Although NFT's are mainly on the Ethereum blockchain, ETH has a strong correlation with BTC. There are even opinions that ETH will soon surpass BTC due to its newer technology (but this is another subject).
2k for an NFT isn't that much if you consider that beeple sold one for 69M$.
What I think one should consider it's that NFT's are a way to display and transact artwork and also understand the volatility associated with all crypto related goods, whether it's a coin, a token or an NFT.
Also are we witnessing the birth of a new art era?
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I agree with what Lois Evans said in terms of temporality. I think she is referring to this specific artwork, not NFTs as a general thing. I think NFTs are here to stay- I mean look at all galleries and art institutions that are adopting this new digital era. And as you said MattDiLucca , NFTs and digital art have been around for decades. The first digital artworks probably date back to the '50s or '60s so why are galleries/art institutions dedicating a space for digital art just NOW? Digital art is not new but this new commodity (NFTs) are new to the art world and I think that's why NFTs are kind of important. NFTs are giving value to the digital and making people more interested in it. So, are we witnessing a new art era? No, I don't think so. Nothing is new. The only novelty is the way we trade it and that has nothing to do with art.
Thou, I think it is a bit dangerous to attributing these high prices to digital art. But of course, this Hirst piece is a whole new game - literally. And that's why it is so intriguing. If you questioned me: is this Hirst piece a game-changer for the traditional Fine Art market? Yes! It is a blend of traditional with the digital- the perfect way to challenge people to enter a world they find intimidating.
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"The only novelty is the way we trade it and that has nothing to do with art."
That's the keypoint in my opinion!
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It wouldn't be the first time that he would do this. When he first introduced his works of dead animals, he entered the bidding of his own works to increase the value...
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for whoever didn't seen it, the prices are going mental.
The NFTs on the heni marketplace are now traded constantly above 20k USD and there was an outlier today, sold at 120k...For whoever is interested, can find here the live stats: https://currency.nft.heni.com/stats
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Floor price is now north of 45k. Only going one way
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Dungle IDK, is yet to be seen. Cryptos are going down and hype is fading...
A question is around the longevity of the floor price and how strong is the correlation with the crypto marker in general
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so apparently is going down… 29k atm.
Hype is never sustainable… remember also the banksy fever of last year to mention one of the many
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With the development of virtual worlds like Decentraland or VR/metaverse platforms it is not excluded that in 10 years from now you will all enjoy your Hirst and JR in your your virtual living room sitting on your virtual couch. Not sure the Currency will be worth zero then.
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TimTim and Benjamin Miller it seems to me that this is a deeper discussion. The NFT per se is not art, is not a medium, is neither a format, it's just a piece of code that verifies that '1' belongs to 'A'.
Therefore IMO what we should judge is the artistic output - which has a digital form (img, video, application) - and its concept. Digital art exists since the TV exists.
Is there a generation of people who will start to enjoy their artworks and collectibles comfortably with their oculus rift? Surely there is. But I also want to highlight once again that the value of an artwork is prescinding any medium.Personally reach media or digital artworks are not my favourite (especially to buy) which is my limit. What I found interesting on 'The Currency' is the concept which is what I attribute the highest value to. This makes me think that his long term value is linked to the conceptual value of the artwork. Hype can go up and down but the concept will stay and if it's culturally meaningful, and it resonates with the people then yes. It will keep having (or increasing) value...
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