Key points to remember
- Fidenza artist Tyler Hobbs has sold “Golden Tokens” for $ 7 million, which serve as claims on yet to be created generative art NFTs.
- The artwork will be minted during a “strike event” in New York City in December.
- Buyers must be physically present at the event to redeem their NFTs.
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Fidenza artist Tyler Hobbs has sold digital art for $ 7 million that shouldn’t exist until December. Even in this case, the buyers will have to be physically present to collect their work.
“The Forms of Unknown Things”
Tyler Hobbs, the artist behind Fidenza, has raised more than $ 7 million by selling “Golden Tokens”, or NFTs exchangeable for art that does not exist. Still.
The sale is part of Incomplete control, Hobbs’ new generative art project through Art Blocks. Art blocks is a carefully curated NFT Marketplace through which users can purchase “iterations” of an artist’s work, each created as a new one. Non-fungible ERC-721 token at the time of purchase. Each new NFT contains unique “seed” variables in its generative script that control outputs such as color, height, depth, and so on. In other words, the unique artwork that the user is purchasing does not exist until it has already been purchased, at which point it is generated and sent to the buyer’s wallet.
50 of Hobb’s new NFTs will be minted during an in-person ‘strike event’ at Bright moments gallery in New York from December 9 to 12, 2021. Golden Token holders must be present at this event in order to redeem their tokens for the new work of art. While there will be 100 Golden Tokens in total, only 50 Golden Tokens have been sold. in today’s one Dutch auction.
Each token auction lasted 90 minutes and the price dropped every five minutes from a price of 500 ETH to 5 ETH. The first and second Golden Tokens each sold for 80 ETH, while the third and fourth sold for 70 and 40 ETH respectively. The rest are sold at 35 ETH or 30 ETH.
The other 50 tokens will be available for purchase in a fixed price 50% less than the last price at today’s Dutch auction. Therefore, the reduced fixed price will be 15 ETH. The option to purchase the remaining tokens will be distributed to a random selection of Fidenza and Crypto Citizen holders, one reserved for Bright Moments and the other for Tyler Hobbs.
Hobbs says Incomplete Control is “more focused work” than his previous project, Fidenza, which he describe at the time as its “most versatile generative algorithm to date”. In a Tweeter Today, Hobbs shared a glimpse of his artistic vision for Incomplete Control, writing: “This work is about imperfection, time and continuous space.” Going deeper into the project, Hobbs wrote that he enjoys bringing imperfection to the digital world, which tends to relatively lack the “forces of chaos and entropy” that give the “natural world a certain warmth.”
Disclaimer: At the time of writing, the author of this article owned BTC, ETH, and several other cryptocurrencies.
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