May 29, 2024
By Sharan Kaur Phillora
An investigation has revealed that non-fungible tokens (NFTs) from Damien Hirst’s “The Currency” collection were mass-produced later than initially claimed. Launched in 2021, Hirst stated that the artwork for the collection was created in 2016. However, reports indicate that at least 1,000 of these artworks were actually produced between 2018 and 2019.
Here’s what we know:
Despite the controversy, many NFT collectors seem unfazed. MaxNaut, a pseudonymous collector, mentioned that the production dates did not concern him, while Paruyr Shahbazyan, another collector, echoed a similar sentiment, stating that it doesn’t bother him.
One of the key attractions of NFTs is their ability to record the provenance of digital art. This controversy, however, highlights a gray area when physical art is involved. The Currency collection consists of 10,000 unique paintings, each with an NFT counterpart. Buyers had to choose between retaining the physical artwork or its NFT version, with the unchosen option being destroyed. Hirst eventually burned the unclaimed physical artworks.
Hirst’s representatives defended the backdating practice, explaining that it is customary in conceptual art to date pieces from the project’s inception rather than their production date. This practice aligns with Hirst’s usual approach, as seen in previous controversies over his formaldehyde sculptures.
The revelation has not significantly impacted the market value of The Currency NFTs, which currently trade around $3,100, a significant drop from their peak of $46,000 in 2021. Hirst’s innovative approach with The Currency has still contributed substantially to his success, generating millions through initial sales and post-sale royalties.
This ongoing debate highlights the complexities of integrating traditional art practices with modern digital platforms, raising questions about transparency and authenticity in the art world.
About the author
Sharan Kaur Phillora’s thirst for knowledge has led her to study many different subjects, including NFTs and Blockchain technology – two emerging technologies that will change how we interact with each other in the future. When she isn’t exploring a new idea or concept, she enjoys reading literary masterpieces.
