Damien Hirst burns artworks after collectors pick their NFTs instead - Reuters UK

LONDON, Oct 11 (Reuters) - Britain's Damien Hirst started burning hundreds of his artworks connected Tuesday aft collectors chose to support their non-fungible tokens (NFTs), blockchain-based assets representing their integer images, instead.

Hirst, who recovered fame amid the 1990s Young British Artist scene, launched his archetypal NFT postulation "The Currency" - 10,000 NFTs corresponding to 10,000 archetypal artworks depicting colourful spots - successful July 2021.

Collectors had to take betwixt keeping the NFT, which reportedly sold for $2,000, oregon swapping it for the carnal artwork. Some 5,149 picked the second portion 4,851 opted for the NFTs, according to London's Newport Street Gallery.

It said artworks for non-exchanged NFTs would beryllium destroyed and vice versa. Hirst told his Instagram followers connected Monday helium would pain 1,000 artworks connected Tuesday.

Livestreaming the event, the Turner Prize victor and assistants utilized tongs to deposit idiosyncratic pieces stacked successful piles into fireplaces successful the assemblage arsenic onlookers watched.

"A batch of radical deliberation I’m burning millions of dollars of creation but I’m not, I’m completing the translation of these carnal artworks into nfts by burning the carnal versions," Hirst wrote connected Instagram connected Monday.

"The worth of creation integer oregon carnal which is hard to specify astatine the champion of times volition not beryllium mislaid it volition beryllium transferred to the nft arsenic soon arsenic they are burnt."

The artworks, created successful 2016 with enamel overgarment connected handmade insubstantial and each numbered, titled, stamped and signed, volition beryllium burned until "The Currency" accumulation closes connected Oct. 30.

NFTs soared successful popularity past twelvemonth arsenic crypto-rich speculators sought to currency successful connected rising prices but income volumes person fallen much recently.

Hirst, 57, is known for his divisive works, which see “The Physical Impossibility of Death successful the Mind of Someone Living”, consisting of a dormant shark floating successful formaldehyde and “Mother and Child, Divided”, a bisected cattle and calf.

He is besides celebrated for his spot paintings and "For The Love Of God", a platinum formed of an 18th-century quality skull encrusted with diamonds.

Asked however helium felt to beryllium burning the works, Hirst said: "It feels good, amended than I expected."

($1 = 0.9022 pounds)

Reporting by Marie-Louise Gumuchian, further reporting by Will Russell; Editing by Emelia Sithole-Matarise

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