Non-fungible tokens (NFT) investors pumped $7 million into a Dutch auction that sold 50 tokens, giving ownership of digital artwork that won’t be minted until December.
Tyler Hobbs, the artist behind the popular NFT series Fidenza, will display 100 unique digital artworks in the latest Incomplete Control collection at Bright Moments Gallery in New York from December 9-13.
On October 22, Hobbs fans donated 1,800 ETH (worth over $7 million) in exchange for 50 of the 100 Gold Tokens, which give the owner the title of one of the art pieces to be engraved during the event. Each token is numbered from 1 to 50, which corresponds to a particular piece of art from the collection.
The gold tokens were sold at a Dutch auction organized by the Mirror Protocol, which lasted only 90 minutes. Initially, each token was worth 500 ETH, and the price was planned to drop at non-linear intervals every 5 minutes until it reached the lower level of 5 ETH. All 50 tokens were sold at prices ranging from 30 Ethers (about $120,000) to 80 Ethers ($320,000) each.
Non-fungible tokens (NFT) investors pumped $7 million into a Dutch auction that sold 50 tokens so buyers can create digital artwork they haven’t seen.
The remaining gold tokens will be randomly distributed to 50 wallets that currently contain images from Project Fidenza from the former Hobbs Chain or CryptoCitizens NFT on November 5th. Individuals who have earned the tokens will be eligible to purchase NFT microcontroller for 15 ETH at a 50% discount. Compare the final settlement price of the auction.
Hobbes describes his Unfinished Control series as exploring themes of imperfection and how the digital world can overcome the many inadequacies found in the physical world. Hope says:
“The forces of chaos and entropy give the natural world a certain warmth, and there are patterns and lessons we can take advantage of. I love bringing these elements into the digital world and Incomplete Control continues to do that.”
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Hobbs’ previous NFT series, Fidenza, consists of a specially curated collection of 999 NFTs, which consist of a unique artwork created using buyer transaction hashes as input. The set has sold for more than 37,000 ETH (about $400,000) and is displayed on the generative platform NFT Art Blocks.
In September, Hobbs criticized the Solana-based project SolBlocks for using the open source Fidenza to create images for commercial purposes without Hobbs’ permission. Since then, Hobbs has declined SolBlock’s offer to share the proceeds from the sale with him.