Damien Hirst is setting fire to almost £10 million worth of his own artwork after selling non-fungible token (NFT) versions of the pieces. The notorious artist revealed that the process of burning his physical art “feels good, better than I expected.”
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NFT.NYC, the international NFT (non-fungible tokens) industry conference, has kicked off in New York this week. There were more than 30 categories at the second annual NFT Awards in areas including visual arts, gaming and fashion.
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A new NFT project was released earlier in May which seeks to find an alternative form of restitution of African looted art. The project, titled ‘Looty’, plans to (legally) make NFTs of artifacts known to have been looted from Africa and sell them, with 20% of the proceeds going to a fund to provide a young African artist with a grant.
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The High Court ruled last week that NFTs are now to be considered legal property, marking a significant step forward for victims of NFT theft, who will now be more confidently able to apply for an injunction when finding that their NFTs have been misappropriated.
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On Monday morning, the official Instagram account of a non-fungible token (NFT) collection suffered a major hack. It is estimated that a whopping $3 million (£2.4 million) worth of Bored Ape Yacht Club NFTs were taken during the mass theft.
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A thirteen-year-old has made nearly $7 million by selling NFTs of her illustrations of women which are designed to incorporate the designer’s trademark long necks. Hayes’ drawings include a number of famous women, both historical and living, such as Michelle Obama, Virginia Woolf, Ruth Bader Ginsburg, Greta Thunberg and Frida Kahlo. Hayes has said that the trademark long neck was inspired by her love as a child of brontosaurus dinosaurs.
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Over the course of a mere 24 hours, NFT (non-fungible token) artist FEWOCiOUS has sold a staggering $19 million (£14.5 million) of his digital artwork. The limited public sale is the third-highest grossing in the history of the NFT marketplace Nifty Gateway.
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During the final three years of his life, French conceptual artist Yves Klein (1928-1962) created nine “empty zones” (invisible and intangible areas of empty space existing only in conceptual terms) which could only be purchased with pure gold. The buyer was then presented with a receipt, which could either be set on fire in a ritual between artist and owner, or preserve it, meaning that the immaterial purchase would be transferrable. One of these receipts is now coming up for sale at Sotheby’s, and its similarities to the modern-day NFT are so notable that Sotheby’s are going so far as to accept not pure gold, but cryptocurrency for it.
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In the last year alone, the explosive success of NFTs (non-fungible tokens) has left many in the contemporary artworld baffled to say the least. But is crypto-art really ushering a new age of creativity or does it simply lack substance?
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“Punk It!”, the first evening sale at Sotheby’s dedicated exclusively to CryptoPunk NFTs (non-fungible tokens), was mysteriously withdrawn at the request of the consignor. As the crowd enthusiastically gathered in New York, and the sale’s live-stream opened to viewers around the world, the seller tweeted “nvm [never mind], decided to hodl”.
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