Artist's works will remain as NFT only.
British artist Damien Hirst burned a thousand of his paintings He broadcasted this process on Instagram and says that he will burn thousands more of his works in the future, according to NPR.
This is part of his project The Currency. The project consists of 10,000 NFT tokens, each of which corresponds to a physical picture with the image of many colored dots, which were applied to hand-made paper with enamel paint. These paintings were sold at a price of two thousand dollars, which is cheap for Hirst's works.
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“Many people think that I burn millions dollars But it is not so. I complete the transformation of these physical art objects into NFTs by burning the physical versions. The value of digital or physical art, which is difficult to determine at the best of times, will not be lost, it will be transferred to NFT once the paintings are burned,” the artist stated.
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Within a year of purchasing a canvas from the collection, buyers could choose to keep the physical painting, losing the NFT, or keep the digital version, but then the physical must be burned.
Buyers were divided on their decisions almost evenly, with 5,149 preferring to exchange their NFTs for the original painting, and 4,851 opting for NFTs. The works are exhibited at London's Newport Street Gallery and will be burned during the Frieze London art fair, which runs from October 12 to 16.
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Last year blockchain company Injective Protocol bought a painting by a street artist Banksy Morons (White) and burned it. The burning was broadcast live. This was done to turn the drawing into a virtual asset.
