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NFTs can last longer than physical art galleries, says renowned British artist Damien Hirst.

Famous contemporary artist Damien Hirst told CNBC on Wednesday that he believed in the sustainability of non-fungible tokens (NFTs). This year’s popularity soared and then sank..

“If you look at what’s happening with the NFT, you can see the gallery disappear before you see the NFT disappear,” Hurst said. “Squawk Box” Where British artists discussed his NFT collection “currency.”

The project has 10,000 NFTs, each corresponding to its own physical work of art. The cost of an NFT is $ 2,000 per piece. But a twist: their ultimate owner has a year to choose whether to keep the NFT or replace it with a physical creation. Anything not selected by the owner will be discarded.

“Both are art and both are equivalent. I had to accept it first. I have to accept the idea that I am happy to destroy the physical art and destroy the NFT. “Hmm,” said Hurst. “I have no idea what people do.”

The application for purchasing one of Hurst’s NFTs opened a week ago and then closed on Wednesday.

The NFT epidemic began earlier this year, in line with the following growing interest and value in cryptocurrencies: Bitcoin And etherBoth NFTs and cryptocurrencies are based on the blockchain, a decentralized digital ledger.With Christie’s for a luxury auction Later Sotheby’s I jumped into NFT action. March, digital artist Beeple Selling NFT for $ 69 million At the Christie’s auction.

NFTs are unique in design, and advocates say their rarity underpins the value of NFTs in the long run. However, as Bitcoin and other cryptocurrencies have roughly patched this year, the amount spent on NFTs has dropped significantly from May to June. According to weekly sales data From the website nonfungible.com. The total amount spent on NFTs has been on the rise again in recent weeks.

Critics of NFTs say that NFTs are just a fad and are destined to lose value over time.Cryptocurrency and blockchain followers widely foretell NFTs Significant innovations that can prove ownership of assets in an increasingly digital world..

Hurst, A prominent figure at the stage of Young British Artists It began in the late 1980s, and he said he was seeing tensions among people in the physical and digital art world. At the same time, Hurst tried to obscure the distinction in several ways.

“I think digital art will probably last a lot longer than a gallery, which means you probably won’t go into a gallery. We’re sitting in a bar and showing each other what we recently purchased on our cell phone. I think it’s good art for anything that feels good and feels good. It doesn’t have to be in the gallery. “

Skeptics also criticize the fact that owning NFT-based artwork does not prevent others from easily viewing images online. Some people question what the NFT ownership value proposition really is, as copies of the artwork can appear in a variety of digital locations.

In response to that criticism, Hurst said, “It’s not new that artists want to recreate things.”

“From the perspective of the’Mona Lisa’, I’ve often thought about it. Which one do you want to own? The’Mona Lisa’itself, the tourists and bulletproof glass, or seeing it for commercialization potential Is it difficult? T-shirts, postcards, earrings and mugs, “Hurst said.

“It’s as if I love both. Art exists in both areas of the world we live in today. As an artist, I want to reach people. Postcards are really fascinating. I think, so NFTs create it for artists. I think the worst thing for artists is that they are ignored or disappear without a trace. “

NFTs can last longer than physical art galleries, says renowned British artist Damien Hirst.

Source link NFTs can last longer than physical art galleries, says renowned British artist Damien Hirst.

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