Daily feed｜Famous British artist asked buyers to choose one of two, but more than half of them chose NFT instead of physical painting?

Famous British artist asked buyers to choose one of two, but more than half of them chose NFT instead of physical painting?

The famous British artist Damien Hirst created 10,000 oil paintings in 2016,

And created a corresponding NFT project last year, linking NFT to physical paintings. The current price of NFT is close to HK$100,000.

Damien Hirst this month asked holders to make a brutal choice, either keep the NFT and burn the physical painting, or keep the physical painting but burn the NFT.

In the showdown between digital artworks and physical artworks, NFT won the physical painting by a small margin of 5,149 votes, which means that more than half of the oil paintings will be burned.

This confrontation between old and new forms of collections reflects the impact of NFT technology on the art market. Although physical artworks can be touched, there are risks of damage and certification, as well as storage and maintenance costs. Resale requires appraisers and auction houses.

On the contrary, NFT is portable, easy to store, and has the function of non-tampering and unique authentication on the blockchain, which greatly reduces the threshold for collecting art, and the transaction cost is extremely low. One-click purchase and one-click release, the liquidity is higher than Traditional artworks are even more so, so the results of the vote are not surprising.

Of course, physical artwork allows us to truly "appreciate" its artistry and feel its existence, which is an irreplaceable function of NFT at this stage.

At this stage, most NFTs will not have such a cruel choice. After all, for many people: "Why not both?"