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Apr 05 2025
18Art and Commerce: A Blurred Line
Hirst has long grappled with the commercialization of art. Reflecting on his experiences, he recalls giving away his work, only to see recipients sell it for luxury goods rather than life-saving necessities. This realization has fueled his desire to explore where art ends and commerce begins—or if such a boundary exists at all.
"I used to give a lot of art away to people, and they’d always sell it after a lot less time than I thought they would," he explains. "Not for something like leukaemia treatment, but to buy handbags. I hated that."
This dissatisfaction led him to create The Currency, a project that merges traditional painting with blockchain technology. The project consists of 10,000 NFTs, each tied to a corresponding physical painting. Buyers who purchase a Tender—as the individual pieces are called—must make a pivotal choice: keep the digital NFT or exchange it for the physical painting. Whichever option they forgo will be permanently destroyed.
Challenging Perceptions of Value
Hirst’s experiment raises thought-provoking questions about ownership and worth. Is art more valuable when displayed physically or stored digitally? Does it gain significance through rarity, sentiment, or potential resale value?
By forcing buyers to choose between the digital and the tangible, The Currency blurs the line between fungibility and non-fungibility, urging collectors to assess the true nature of art’s value.
"I’ve been thinking about this for a long time," Hirst says. "When you walk downstairs in your house and see a painting, eventually the spots turn into dollar signs. This project is a test of that space—where does art stop and money begin?"
A Career Built on Understanding the Art Market
Hirst’s journey into the art world was shaped by an early understanding of the economics behind it. An art teacher in his youth exposed him to auction catalogs, showing him that art had a monetary aspect as much as an aesthetic one.
"I remember looking at the catalogs and seeing a Picasso going for 10 or 20 grand. That seemed like a lot of money at the time. Just seeing art and money together like that was an eye-opener," he recalls.
Throughout his career, Hirst has leveraged this insight to redefine how art is valued. He made headlines in 2008 with Always Beautiful Inside My Head Forever, an exhibition that bypassed galleries entirely and sold directly at auction for a record-breaking $200 million. Similarly, his diamond-encrusted platinum skull, For the Love of God, sold for $100 million.
Hirst understands the dynamics of scarcity and demand, a concept that resonates deeply with the world of NFTs. "If two people with a lot of money want something that’s scarce, it’s going to sell for a lot," he states.
NFTs: A Natural Extension of His Vision
Given his history of exploring the financial side of art, Hirst’s embrace of NFTs comes as no surprise. Digital assets have sparked heated debates—some dismiss them as lacking tangible value, while others see them as a revolutionary way to authenticate and trade art.
Hirst sees the controversy as an opportunity. "People get upset when I say my art is biologically connected to money. That just makes me want to push it further," he admits.
Unlike many traditional artists resistant to digital ownership, Hirst compares NFTs to the historical shift from papyrus to paper. "You’re already living in a world where you can have artwork, prints, and editions. NFTs are just the next step," he argues.
He also notes the changing habits of collectors, who increasingly showcase their acquisitions digitally. "I’ve seen people in bars showing me Picassos and Pollocks on their phones," he observes. "Digital ownership is becoming just as real as physical ownership."
The Role of Market Forces in "The Currency"
The technical execution of The Currency is spearheaded by Joe Hage, a key figure in Hirst’s team and an expert in art market economics. Hage strategically priced the NFTs at $2,000 each—ensuring affordability while leaving room for secondary market appreciation.
This pricing model is designed to tempt collectors. Should they hold onto the artwork for its artistic value, or cash in on the potential financial gains? The choice they make is central to the experiment.
Art, Money, and the Future of Ownership
Beyond its financial implications, The Currency serves as a broader commentary on art’s evolving nature. Hirst is fascinated by how people perceive and assign value.
"I don’t know which is more important—the NFT or the physical painting," he admits. "But watching what people choose will tell me where I stand."
Despite the potential for enormous profits, Hirst wouldn’t mind if the project failed financially. "There’s a world where people just hang these paintings on their walls and enjoy them. As an artist, that would be fine with me," he says.
However, letting go of control is part of the process. Once in the hands of collectors, the paintings could be resold, destroyed, or forgotten. This unpredictability is what makes The Currency a living experiment.
Damien Hirst: An Artist or a Founder?
In many ways, Hirst resembles a cryptocurrency pioneer. Like Bitcoin’s early proponents, he understands that money is ultimately built on trust and collective belief. He cites anthropologist David Graeber’s Debt: The First 5000 Years, which argues that money’s value is nothing more than a shared social agreement.
"It’s just amazing when you realize money is just trust," he says. "Debt gets too big, they wipe it out, and the whole cycle starts again. People keep getting ripped off—it’s all part of the system."
His understanding of these economic forces makes The Currency more than just an art project—it’s a social experiment on value, trust, and the nature of ownership.
Conclusion: A Provocative Question
At its core, The Currency asks a fundamental question: What is Damien Hirst worth to you?
The project is not just about choosing between an NFT and a physical painting. It challenges collectors to examine their motivations—whether they see art as an emotional experience or an investment opportunity.
For Hirst, the answer to that question may define the future of art itself. Source: https://cointelegraph.com/magazine/can-you-believe-in-me-can-you-believe-in-this-damien-hirst-blurs-the-boundary-between-art-and-money-with-groundbreaking-nft-experiment/
This is non-financial/medical advice and made using AI so could be wrong
