[ad_1]
Chris Young / Getty Images
Superstar artist Damien Hirst is set to become the biggest player yet to enter the world of non-fungible tokens, with plans to sell 10,000 works of art related to the corresponding NFTs in a series called “The Currency Project ”.
The artist, famous for putting a shark in formaldehyde and encrusting a skull with diamonds, will publish his latest work on a new technology called Palm, which will be connected to the Ethereum network that supports the world’s second largest cryptocurrency. , ether.
This is the latest sign of the NFT craze following the sale of a $ 69 million piece of art using the technology earlier in March. Snoop Dogg and Lionel Richie are among the artists getting involved in the hottest novelty in the crypto world.
Non-fungible tokens, or NFTs, are a special class of digital assets that cannot be traded with each other for equal value or broken down into smaller bits. They often function as a type of collector’s item and cannot be duplicated.
Hirst said in a statement that his new project “challenges the concept of value through money and art.” It will produce 10,000 works on paper which will be linked to the corresponding NFTs.
The 55-year-old was briefly the world’s most expensive living artist in 2007 when he sold Lullaby Spring, a medicine cabinet containing 6,000 painted pills, for $ 19 million. He spent around $ 24 million to encrust a diamond skull in 2007, which he sold for $ 100 million to a consortium.
The artist’s series will be the first release on Palm. It is a new crypto technology and token created by ConsenSys, a group of developers at the heart of Ethereum, working with film studio Heyday Films and art company Heni Group.
Hirst said, “Palm is by far the best platform for me. It’s new and art-driven, it’s the greenest, and it’s faster and cheaper to use. With Palm, artists can invent the future. “
Palm will be connected to the Ethereum network and allow works of art to be encrypted and secured in a more environmentally friendly way, its developers have said.
NFTs exist on a blockchain, a public ledger that allows people to verify who owns the token. But the technology used can be slow, expensive, and very power-hungry.
ConsenSys said its research and development suggested that Palm would be 99% more power efficient than Ethereum’s main system by reducing the need for computing power, and would have lower costs and faster transactions.
This isn’t Hirst’s first foray into the crypto world. The artist sold more than 7,000 prints of Japanese flower paintings in a sale ending in March, with payment possible in bitcoin or ether.
[ad_2]
Source link