Fidenza Artist sells $ 7 million in NFTs that have not yet been minted | MCU Times

Fidenza Artist sells $ 7 million in NFTs that have not yet been minted

Important takeaways

  • Fidenza artist Tyler Hobbs has sold “Golden Tokens” worth $ 7 million, which serve as claims for generative art NFTs that have yet to print.
  • The artwork will be featured at a “minting event” in New York City in December.
  • Buyers must be physically present at the event to redeem their NFTs.

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Fidenza artist Tyler Hobbs has sold $ 7 million. Digital art that is not scheduled to exist until December. Even then, buyers need to be physically present to redeem their artwork.

“Forms of things unknown”

Tyler Hobbs, the artist behind Fidenza, has raised over $ 7 million by selling “Golden Tokens” or NFTs that can be redeemed for non-existent art. Yet.

Sales are a part of Incomplete control, Hobbs’ new generative art project through Art Blocks. Art blocks is a carefully curated NFT marketplace through which users can purchase “iterations” of an artist’s work, each of which is marked as a new ERC-721 non-fungal token at the time of purchase. Each new NFT contains unique “seed” variables in its generative script that control output such as color, height, depth, and so on. In other words, the unique work of art that the user buys does not actually exist until it has already been purchased, after which it is generated and sent to the buyer’s wallet.

50 of Hobb’s new NFTs will be embossed at a personal “embossing event” at Bright Moments Gallery in New York City from December 9-12, 2021. Holders of Golden Tokens must be present at this event to redeem their tokens for the new artwork. Although there will be 100 Golden Tokens in total, only 50 Golden Tokens were sold in today Dutch auction.

Each Token auction lasted 90 minutes and the price dropped every five minutes, dropping from a price of 500 ETH down to 5 ETH. The first and second Golden Tokens each sold for 80 ETH, while the third and fourth sold for 70 and 40 ETH, respectively. The rest is sold for either 35 ETH or 30 ETH.

The other 50 tokens will be available for purchase at a Fixed Price 50% lower than the last price of today’s Dutch auction. Therefore, the reduced fixed price will be 15 ETH. The opportunity to purchase the remaining tokens will be distributed to a random selection of Fidenza and Crypto Citizen holders, with one reserved for Bright Moments and one for Tyler Hobbs.

Hobbs says incomplete control is “a more focused work” than his previous project, Fidenza, which he described at the time as his “most versatile generative algorithm to date.” In a tweet today Hobbs shared an insight into his artistic vision of incomplete control and wrote, “this work is about imperfection, time and continuous space.” Going deeper into the project, Hobbs wrote that he likes to bring imperfection to the digital world, which tends to be relatively deficient in “forces of chaos and entropy” that give “the natural world a certain warmth.”

Disclaimer: At the time of writing, the author of this piece owned BTC, ETH and several other cryptocurrencies.

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