Buyers shell out $7M, for unseen NFT collection

Key takeaways:

  • Buyers put $7 million into a Dutch auction to acquire one of 50 Golden Tokens from artist Tyler Hobbs, providing possession of unminted NFTs.
  • All of the NFTs were sold out in one day, bringing the total sales to nearly $7 million.
Buyers Shell Out $7M, For Unseen Nft Collection

Investors in the non-fungible token (NFT) have put $7 million into a Dutch auction that offered 50 tokens that confer ownership over digital artworks that will not be produced until December.

From December 9 to December 13, Tyler Hobbs, the artist behind the popular NFT series Fidenza, will debut 100 one-of-a-kind digital artworks in his current collection Incomplete Control at the Bright Moments gallery in New York City.

Hobbs’ fanbase paid 1,800 ETH (about $7 million) on October 22 in return for 50 of 100 “Golden Tokens,” which give the bearer ownership rights to one of the artworks set to be created during the event. Each token has a number between one and fifty related to a single piece of art from the collection.

The Golden Tokens were sold in a quick 90-minute Dutch auction sponsored by Mirror Protocol. The tokens were initially priced at 500 ETH apiece, with a non-linear price fall every 5 minutes until a floor of 5 ETH was reached. Each of the 50 tokens was sold for between 30 Ether (approximately $120,000) and 80 Ether (about $320,000).

Investors in non-fungible tokens (NFTs) have spent $7 million in a Dutch auction that auctioned 50 tokens that allowed buyers to generate digital artworks they had never seen before.

On November 5, the remaining Golden Tokens will be given at random to 50 wallets holding artwork from Hobbs’ earlier series Fidenza or the CryptoCitizens NFT initiative.

“The forces of chaos and entropy give the natural world a certain warmth, and there are patterns and lessons there that we can use. I like to introduce these elements into the digital world, and Incomplete Control continues that work.”

According to Hobbs’ website, Hobbs’ Incomplete Control series explores issues of imperfection and how the digital sphere can transcend many of the flaws that exist in the physical world.

Hobbs says, “the forces of chaos and entropy give the natural world a certain warmth, and there are patterns and lessons there that we can use.” “To say it quickly, this work is about imperfection, time, and continuous space.”

Hobbs’ previous NFT series Fidenza consists of a selected drop of 999 NFTs that include one-of-a-kind generative artworks generated using the purchaser’s transaction hash as data input. The collection was sold for almost 37,000 ETH (approximately $400,000) and is currently displayed at Art Blocks, a generative NFT platform.

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Aadrika Sharma

I enjoy writing and try to learn new things every passing day!

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