Will Damien Hirst’s The Currency stand the test of time?
After a somewhat successful launch, everyone keeping up with the project seems to have the same question in mind. Where will this project be a few years down the road?
At the time of writing this article the price of the project does not seem to be an issue. Although the hefty $2,000 price tag for the selected applicants felt a bit high beforehand, the lowest purchase price as of today is now $3,700, and the highest being $19,999. Collectors are clearly wanting a Damien Hirst within their collection.
Now just like any project, there is always a consolidation period after the influx of buyers. Damien and team have done a good jobof applying rarity traits to the artworks in question, like the hundreds of successful generative art projects before it. I believe what holds this project to a higher pedestal is Damien’s name.
Now we do not know if he will choose to enter the NFT space permanently, temporarily or exit proceeding The Currency’s launch. All of this dictates the success of the project going forward. Will this be his only non-fungible token project? Will there be others? Will the amount of NFT’s burned hurt the project? Now, that is something we do not know.
What we do know is he is exploring the space heavily. So much so that he has expressed purchasing a Larva Labs staple Cryptopunk, as well as other avatar projects. This is good news considering most who enter this space, become utterly obsessed with the realm of possibilities. Generally promoting and contributing more to the space. And as far as the future of curated art, there are only but a handful of strong peers for Hirst and co. Art Blocks Curated being one of the biggest. This is but a positive for Hirst, (and now also Tom Sachs: Rocket Factory) who have entered the space. Art Blocks is telling not only us consumers but the outside market that there is in fact a huge market for art in this space. We are not just looking for “cool” avatar projects but also collecting curated art pieces.
Now whether you believe we are in the midst of a “super-cycle,” bull run, or bubble is completely up to you. What we cannot deny is the success of the NFT realm through and through. The community has excelled so much passed the niche it once had. There is now musicians entering, photographers, art enthusiasts and let’s not forget game developers. Non-fungible tokens are not going anywhere, and they will be here to stay for many years to come.
Chart provided by degendata.io
In sum, the future looks bright for incoming successful artist entering the NFT space, Hirst included. And although a variety of key factors will determine the direction of The Currency. It is safe to assume the project will be able to hold its own in comparison to a generative Art Blocks project. As you can see above, there is an abundance of growth for the desire to own this kind of art, and no matter what direction Hirst and co. choose to take going forward, The Currency looks to have a spot in any collectors’ wallet.