Company Bio
Solution
To facilitate holders to choose between retaining the digital artwork or burning the NFT to redeem a physical version, Applied Blockchain created 10,000 EVM-compatible ERC721 tokens, linking each to their corresponding artworks. This mechanism was available only until July 27, 2022.
From a technical perspective, the smart contract incorporated a tokenURI method. Querying this method for a token ID (e.g., 5641) returns a link to the IPFS metadata, which then links to the actual image, also stored on IPFS. As a result, holders were able to retain or burn with ease.
Outcome
The collection was an immense success. All 10,000 NFT tokens minted out for a price of $2000. Secondary sales totalled $47 Million only between July 30th and August 31st 2021, with the highest sale worth $136 893. 49% of the NFT holders decided to keep their digital artwork and the remaining 51% burned their NFT for a physical version.The Currency employs anti-counterfeiting measures -handmade paper imperfections, unique numbering, the artist’s signature, watermarks, microdots, and holograms- to ensure the authenticity of each artwork. The NFTs track provenance and all trade activity, preventing counterfeiting and keeping the integrity of Damien Hirst's work.The collection also included unique experiences for the token holders:
- Airdrop of Damien Hirst’s second collection “Great Expectations”
- Private tour of Damien Hirst's London studio
- Limited-edition merchandise