Collectors must choose between keeping their NFTs or trading them in for physical editions.
Damien Hirst’s The Currency, an NFT art collection minted by Hirst on the Palm blockchain, has officially started their Exchange Window. Now, collectors are confronted with a choice: hold on to your NFT, or exchange it for a physical edition.
“This project explores the boundaries of art and currency—when art changes and becomes a currency, and when currency becomes art. It’s not a coincidence that governments use art on coins and notes. They do this to help us believe in money. Without art, it’s hard for us to believe in anything.” – Damien Hirst
Five years in the making, The Currency is the first NFT project by Damien Hirst, spanning 10,000 works of hand-drawn art, each correlated with a digital edition. At the core of project is a social experiment, and a provocative question: do we preserve the traditional art world, or do we burn it down, in favor of the digital?
If collectors do not exchange their NFT within the exchange window, the corresponding physical artwork, currently stored in a vault in London, will be destroyed. On the other hand, users that exchange their NFT for a physical artwork will have their NFT, or non-fungible token, destroyed. If you’re a collector, the choice is yours.
What is the Currency Exchange Window?
The exchange window is a time period in which Currency holders can change their NFT for a Damien Hirst painting by burning their Currency NFT, therefore erasing it from their wallet. The Exchange Window is officially open today and Currency collectors will be able to exchange their NFT for the physical artwork using the exchange process on HENI’s official website. The exchange period extends to July 27th, 2022, and any physical artworks left after this date will be burned.
Where can I exchange my NFT for the physical edition?
Currency holders can perform this action from the My NFTs section of the HENI website.
Note: The exchange of your Currency NFT will burn, or permanently erase, your NFT from your wallet in exchange for the physical version.
When will I receive my physical NFT?
Currency holders that wish to exchange their NFT for the physical version can collect their artwork in person in London, UK, or request by delivery. In both cases, the NFTs are burned first on the HENI website.
This burning mechanism can’t be undone, and there are no opportunities in which any party can undo any mistakes within this process. As users perform this step, there will be plenty of guardrails in order to guide users from performing any mistakes.
To burn your Currency NFT, NFTs must be on Palm for the exchange, otherwise, they will not show up. If your NFT currently exists on the Ethereum mainnet, there is a tooltip that will point users to a bridge to bring their NFT back to the Palm ecosystem.
Where can I receive more information?