AMC Theatres is planning a NFT promotion to celebrate the opening day of Sony Pictures’ Spider-Man: No Way Home at cinemas across the United States.
The company is offering a limited number of up to 86,000 Spider-Man NFTs for members of its “AMC Stubs Premiere & A-List” and “AMC Investor Connect” subscriptions. Those who purchase an advance ticket for the Dec. 16 showing of the latest Spider-Man movie will be eligible for the airdrop.
The collaboration between Sony Pictures and AMC Entertainment is the first of its kind according to the Nov. 28 announcement.
More than 100 NFT designs will be available created by Cub Studios, a BAFTA award-winning animation studio. The tokens will be redeemable on the WAX platform, a carbon-neutral blockchain running on proof-of-stake consensus.
The hotly anticipated movie is the third in the Spider-Man Hero franchise and the sequel to Spider-Man: Far From Home which grossed $1.13 billion globally.
Damien Hirst giveaway
Renowned British NFT artist Damien Hirst has airdropped 10,000 NFTs to those who had previously purchased artwork from his “The Currency” collection.
The giveaway is from the new NFT collection “Great Expectations” which is a series that contains 10,000 images based on his Certified Lover Boy artwork.
(1/10) Everything done well is art. With Drake’s support and blessing, I’ve created this free Thanksgiving gift for all currency NFT holders; it’s loosely based on the album cover I made for Drake. pic.twitter.com/IlB0EjpGrg
— Damien Hirst (@hirst_official) November 25, 2021
The collection is based on the artwork for the cover of “Certified Lover Boy”, the sixth studio album by Canadian rapper Drake. On Nov. 26, Hirst commented:
“I tried to create an image that sums up the powerful hope filled love, humor & daring truth in the music of Drake for his album cover and now my hope is that with this free gift you can all share and feel the excitement I feel about NFTS and the digital world.”
3D NFTs on ICP
Dfinity’s Internet Computer Network (ICP) is launching NFT Studio, a 3D and interactive NFT platform enabling creators to design, mint, and stake regular and interactive 3D NFTs.
The platform includes a 3D voxel engine and a pixel engine which allows users to create 3D models that can be converted into NFTs and used in video games.
Lukas Merville, founder and team lead at NFT Studio, said that 3D creators are often limited on networks such as Ethereum or Solana which cannot handle large files sizes, before adding “3D NFTs sounded like fiction — well beyond the current state of blockchain technology. But we have made them possible on-chain thanks to the Internet Computer.”
There are a number of NFT collections already running on the ICP such as ICPunks, ICPuppies, and ICKitties.
Other Nifty News
A rare plot of digital land in the Axie Infinity game sold for 550 ETH on Nov. 25, or roughly $2.5 million. There are just 220 “Genesis plots” in existence making it one of the rarest in the game.
Axie is not the only notable virtual land sale as some plots have been fetching big bucks recently. As reported by Cointelegraph, the Decentraland-based Metaverse Group purchased 116 parcels of land in a prime location in the Metaverse for 618,000 MANA tokens worth roughly $2.5 million.
Leading contemporary artist Damien Hirst’s NFT drop dubbed “The Currency” has been oversubscribed by more than six times.
The Currency drop consists of 10,000 unique colorful dot pattern artworks with a corresponding NFT for each piece. Applications for the NFT drop closed on July 22, and Heni Group, who hosted the sale, revealed that 32,472 people applied for a total of 67,023 NFTs. That means that many applications will either be scaled back or unsuccessful given there are only 10,000 NFTs available.
Many collectors will now have to seek out the NFTs on secondary markets.
Applications have closed for @hirst_official’s The Currency. Thanks to all who applied. 32,472 people applied for a total of 67,023 NFTs. Due to the large number of applicants, allocations will take some time & applicants may not be notified until 28 July. Stay tuned for Phase 2! pic.twitter.com/BGDHTnPO2G
— HENI (@HENIGroup) July 21, 2021
The NFTs were priced at $2,000 each and the drop includes an interesting feature, as the artist is giving collectors one year to decide if they would like to burn the NFT in exchange for the original artwork, or keep the NFT and destroy the original artwork.
The world-renowned artist first entered the crypto space back in February this year after he started accepting payments in Bitcoin and Ethereum for artworks from a collection of cherry blossom-themed paintings.
In his new NFT venture, the artist is exploring the concept of value behind money and art, in which he asserts their value is determined by social phenomena such as faith and trust.
To loosely depict money in the artworks, there is a holographic image of Hirst in each piece, and a signature on the back, along with small individual messages to represent a serial number.
“I’ve never really understood money, it’s like you look at money, in its basic form […] all these things, art, money commerce, they’re all ethereal,” Hirst said in a video discussing the drop.
Check out this video of @stephenfry & I discussing ‘The Currency’: what is art, money, truth? how does it tie into belief? Maybe more importantly, what will people do with the Tenders? Nearing the end of the beginning. Applications close tomorrow 3pm BST. https://t.co/zync3gt29d pic.twitter.com/y9lnY1KY26
— Damien Hirst (@hirst_official) July 20, 2021
Related:Record network activity and a second NFT boom send WAX price higher
Each individual artwork is called a “Tender” and the artist recently told Cointelegraph that he would “love it” if a collector was able to use the artwork as actual currency due to its value as an NFT. However, he thinks that most people will choose to keep the artwork.
Speaking with CNBC’s Squawk Box on July 21, Hirst stated that he thinks digital art forms such as NFTs will outlive physical art galleries, as he noted that NFTs depicting “good artwork” can be easily experienced anywhere:
“I think that digital art is probably going to last a lot longer than galleries. I mean, you probably won’t be going into galleries. We’ll be sitting in bars showing each other what we’ve recently bought on our phones, and that’s kind of what we do now.”
Damien Hirst, a contemporary artist known around the world, talked about similarities and differences between artwork and fiat currency as he prepared to drop 10,000 NFTs tied to his physical paintings.
Speaking with Cointelegraph’s Andrew Thurman at his London studio in May, Hirst answered questions in a magic 8-ball fashion, by opening up one of the boxes containing hundreds of sheets of his The Currency artwork collection and reading a sentence off the back of the paper. Though the immediate answers were not always on topic — is Satoshi really a cliche? — the artist laughed at the absurdity continued to voice his thoughts on money and art.
In particular, Hirst said people believe money has value because it gets “a little leg up with art,” an argument similar to what many critics have discussed about social media pumps and dumps of tokens: some prices only rise because of inflated value driven by high profile figures, i.e. giving a project a little pizazz. The artist said he would “love it” if someday someone were able to use his The Currency artwork as actual currency given its value as a nonfungible token, but believes most people will choose to keep the physical painting. With this view, he still sees the technology as eventually revolutionizing the art world.
“I just saw [NFTs] as a really amazing thing,” said Hirst. “I saw it like the invention of paper.”
“We already live in a world where you can have artworks, prints, and editions, and then it seems like you can have artworks, prints, editions, and NFTs […] with NFTs I think it’s changing the world, and it will change the world.”
Hirst created the physical paintings behind The Currency in 2016, long before many in the crypto space or art world were aware of nonfungible tokens, or NFTs. He plans to allow art enthusiasts to purchase each “Tender” — a high-resolution photo of one of 10,000 unique paintings featuring a pattern of colored dots — for $2,000, giving them the choice to keep the NFT or trade it in for the physical version.
Related:British artist Damien Hirst uses NFTs to blur the boundaries between art and money
The British artist didn’t hold back expressing his views on creators maintaining control of their work, saying he was annoyed by apps like iTunes seemingly taking ownership from musicians. However, he said NFTs allowed artists to own their creations:
“You can own something digital, and it can be yours,” Hirst said.
The Currency opened for users on Wednesday, allowing people to apply for a chance to purchase one of the 10,000 NFTs. Applications close on July 21.
Palm is a joint venture by ConsenSys, HENIGroup, and Heyday Films.
ConsenSys claim the NFT ecosystem is 99% more energy efficient than competitors due to launching as an Ethereum sidechain.
Famous UK artist Damien Hirst, whose sales have made hundreds of millions in the art work, will launch an NFT collection on the platform.
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The Palm ecosystem is a joint venture launched to provide lower-cost NFT trading for artists while Ethereum transitions away from Proof of Work mining.
The Palm NFT Ecosystem
ConsenSys described the new project as an ecosystem for NFTs, adding that a version of Uniswap V3 will launch on Palm to support asset trading.
“Palm is a new token-powered ecosystem for NFTs, which is connected to Ethereum, and features low gas costs, fast transaction finality, and 99% more energy efficiency than proof of work systems.”
Palm launched as an Ethereum sidechain, greatly reducing its power consumption, and will move to Layer 2 solutions over time.
Along with Uniswap, partnered projects include $MEME, Nifty’s, Protocol Labs, MetaMask, and Infura.
We’ve only just begun scratching the surface of what NFTs mean for creators.
We are proud to parter with @HENIGroup and @Heydayfilms on @PalmNft, a new #NFT ecosystem and studio for creators and artists. https://t.co/Wv5KBgs39S https://t.co/tX2R6s8YbN
— ConsenSys (@Consensys) March 30, 2021
ConsenSys founder and Ethereum co-founder Joe Lubin launched Palm jointly with HENIGroup and Heyday Films, stating that the aim is to optimize the sale of NFTs for “low gas costs, fast transaction finality, and 99% more energy efficiency.”
Lubin addressed Ethereum’s current scaling problems, saying artists can use a new sidechain built with Hyperledger Besu while they’re waiting for the ETH2 network update.
Damien Hirst Collection Launches on Platform
The first project to launch on the ecosystem is by UK contemporary artist Damien Hirst, most known for his work displaying animals in formaldehyde and his huge roadside installations of babies in utero. Hirst broke records by raising $198 million at his one-artist auction at Sotheby’s auction house in 2016.
At the Damien Hirst show in Riwaq. This is a shark suspended in formaldehyde solution called The Kingdom pic.twitter.com/MsGxoTzUc6
— سلطان سعود القاسمي (@SultanAlQassemi) December 1, 2013
Hirst’s NFT project is called The Currency Project, comprised of 10,000 different pieces of art created over the course of five years. The collection aims to challenge the “concept of value through money and art.”
“Palm is by far the best platform for me. It’s new and art focused, it’s the most environmentally friendly, and it is quicker and cheaper to use. With Palm, artists can invent the future,” said Hirst.
Details of the auction for The Currency Project have yet to be announced.
I’ve made eight cherry blossom prints called The Virtues with @HENIGroup. For the first time I’m accepting Cryptocurrency for payment! You can buy them via the link below. Available until 23:59 PST Wednesday 3rd March. https://t.co/Jcn6z78Y54
— Damien Hirst (@hirst_official) February 26, 2021
Hirst previously sold art for NFTs via the HENI platform, now partnered with Palm.
Disclosure: The author held bitcoin at the time of writing
This news was brought to you by ANKR, our preferred DeFi Partner.
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With a possible billion-dollar NFT drop and a high-powered, multi-project collaboration in the works, the Ethereum ecosystem may finally be ready to compete with nonfungible token (NFT)-centric blockchain Flow.
Ethereum software developers Consensys announced in a press release today Palm, an environmentally-friendly NFT scaling solution. Palm will be a sidechain designed to be “fully connected” to Ethereum, sporting faster settlement times, lower fees, and an especially light carbon footprint — a noted bugaboo for artists as of late.
Ethereum’s community — one of the chain’s advantages over the faster and more efficient rival NFT chain Flow — is also on full display in the release. Consensys announced a lineup of ecosystem-building partner powerhouses for Palm, such as NFT social media platform Nifty’s and experimental NFT mining project $MEME.
Likewise, Palm will come out of the gate with significant infrastructure in place from partners Infura, NFT metadata storage via Protocol Labs, and a partnership with decentralized exchange Uniswap, which may soon be announced as home of the forthcoming $Palm token initial exchange offering.
The question is: will this be enough to overcome Flow and their wildly popular, industry-altering NBA Top Shot collectibles?
New Top Shot record
A Zion Williamson Holo MMXX @NBATopShot just sold for $115,000.
That’s the largest all-time Top Shot sale for any player not named LeBron James. ✅
Last purchase: $7,000 on Jan. 18
ROI: 1,461% pic.twitter.com/kfucfVkpeo
— MomentRanks (@MomentRanks) March 23, 2021
All about the IP
Technical and ecosystem differences aside, the battle between the NFT platforms will ultimately be fought over the quality of the intellectual property and the licensing they can attract.
So far, the Ethereum community has been fed a thin diet on that front. ETH-native platforms have been fighting for NFTs from C-listers, sports has-beens or never-weres, and niche (if highly devoted) fandoms.
We sold out 100/100 editions of my recent NFT on @rariblecom for a total of 45.4 ETH! I have donated part of it to @SaveTheChildren and gave away $10k to one of the bidders Thanks to all stay tuned for next one.. I put my ❤️ into it! https://t.co/AeE5CwLSlc pic.twitter.com/94pidkfcpB
— Lindsay Lohan (@lindsaylohan) March 7, 2021
Flow, meanwhile, has been one of the driving forces behind NFTs entering mainstream consciousness, primarily due to the massive success of National Basketball Association-licensed NBA Top Shot.
The project seems to break its own records weekly, is being discussed regularly on ESPN, and sells out like clockwork the moment it releases new packs. If you’ve been seeing NFTs on the nightly news, Top Shot is to thank.
Flow’s lead isn’t unsurpassable, however, as Palm’s opening salvo in the platform wars could be every bit as lucrative as Top Shot: a meatspace-meets-blockchain physical-and-NFT art mashup called The Currency Project from legendary British artist Damien Hirst.
“The Currency” brings the currency
First reported by Cointelegraph, The Currency Project consists of 10,000 physical “bills” painted by Hirst five years ago and currently in storage. Each bill will have slightly different features (and therefore rarities) and will be tied to a NFT, meaning it’s conceptually similar to algorithmically-generated NFT art projects from a collector’s perspective.
Calculating the possible value of The Currency Project is ultimately educated guesswork. One method might be to look at similar projects: using investment funds designed to track a basket of NFTs, one back-envelope estimate puts the current aggregate market value of all 10,000 CryptoPunks — one of the earliest and most popular algorithmically-generated NFT projects — at $500 million. Likewise, a more recent algo project, Hashmasks, managed to raise over $10 million for just over 16,000 NFTs over the course of four days in January.
Meanwhile, Hirst himself is a famously remunerative brand to bring to market — if not always through cut-and-dry means. One Hirst piece, For the Love of God, a human skull encrusted with some number of diamonds, was put up for sale in 2007 for 50 million pounds. It eventually sold, but for an undisclosed sum to an ownership group that included Hirst himself.
Hirst has also held the record for the most expensive single piece of art sold by a living artist at various points in his life (a record that digital artist and mutual fanboy Beeple challenged earlier this month), and Hirst’s personal record to beat for a collection like The Currency Project is $198 million — the sum his Beautiful Inside My Head Forever show fetched at auction at Sotheby’s in 2008, though a more recent sale might have brought in as much as a full billion.
For The Love of God, 2007, by Damien Hirst. Platinum, Diamonds. pic.twitter.com/EdsIFEis7H
— Diane Doniol-Valcroze (@ddoniolvalcroze) October 6, 2020
Investors shouldn’t simply assume wild success for The Currency Project, however. A similar physical-art-and-NFT mashup sale of a painting from avant-garde master Wladimir Baranoff-Rossine is currently on auction at Mintable, and bids appear to have stalled out at $35,000 with just a day to go — a paltry sum given the historic nature of the sale. Some art outlets reported that Baranoff-Rossine had fallen out of collectors’ favor leading up the auction, and it now appears that simply adding a NFT element to a sale is not sufficient to realign wider market trends.
So, The Currency Project will be worth some figure between $35,000 and a billion? Properly triangulating the nature and quality of the various projects, the competing profligacy of the art and crypto communities, and how Hirst’s opaque sales history might translate to the cryptoland would, in aggregate, require a supercomputer, a prophet, or both.
In a statement to Cointelegraph, Hirst implied this uncertainty is part of the conceptual power of the project.
“Each NFT is an artwork and each physical artwork is a work of art, but I can’t help seeing the whole project as a single and powerful work of art. Anyone who buys, sells or holds the NFTs and/or the physical artworks will be participating in this work of art themselves. I have no idea what is going to happen, where the value or the belief lies, I can’t predict what is going to be more valuable, less valuable and how the whole project will be received, but I love the limitlessness and the thrill of the project and that every participant will contribute to the overall complexity of this artwork in some way through their behaviour.”
By this standard, The Currency Project will be an experiment indeed.
A license to license
Whatever its (likely mammoth) marketcap, Palm will need more than one headline-grabbing Hirst project to properly compete with Flow. To that end, Consensys has assembled a pair of high-powered partners: Joe Hage and David Heyman.
Hage, once described by ARTnews as a “significant but rarely discussed force behind the scenes” of the art world, brings more than his friendship with and business relationship with Hirst to Palm. Hage was quoted in the press release as saying that he also has collaborations with multiple “artists and art institutions” in the works. Hage is a noted powerbroker of Gerhard Richter, the most successful artist ever at auction, and runs an exclusive art law firm with two former top Sotheby’s attorneys.
Hage’s first venture into crypto was also an unmitigated success: he was the driving force behind Hirst accepting ETH and BTC for a print run of cherry blossom paintings sold through Hage’s print shop, HENI — a run that earned over $22 million in total, well exceeding expectations.
Heyman, meanwhile, is another prime instance of a ‘significant but rarely discussed’ individual, though his expertise is in film. His company produced Gravity, Once Upon a Time in… Hollywood, as well as the Harry Potter series.
A handful of projects have managed to leverage licensing of fondly-remembered brands for successful drops, including WAX’s Garbage Pail Kids run and Terra Virtua’s recent Godzilla vs King Kong drop. Except for Flow and the NBA, no platform has even sniffed the kind of IP acquisition that Harry Potter, one of the most widely-loved (and profitable) franchises ever, would represent.
The press release did not estimate a date for either Palm’s launch or Hirst’s NFT drop, and provided few specifics on future planned acquisitions and drops.
If Palm wants to cut into Flow’s significant lead, however, we can expect they’ll be moving sooner rather than later.
Yet another fine art institution is jumping on the crypto bandwagon.
British artist Damien Hirst and printmaker HENI Leviathan announced today the release of a print run of 8 Hirst paintings, which will be available for purchase with the cryptocurrencies Bitcoin and Ether.
According to the announcement, “for the first time, both HENI Leviathan and the artist Damien Hirst will be accepting Cryptocurrency for payment of editions, payments can be made by either Bitcoin or ether, as well as by credit or debit card.”
The prints are available starting today, and will sell through March 3rd. Each print is priced at $3,000 (or .058 BTC/1.8 ETH, according to price at the time of publication), and each piece will be signed by Hirst.
In the announcement, Hirst — whose work has been displayed in the Museum of Modern Art — spoke of the decision to accept virtual currencies as an act of faith in the ecosystem:
“It’s hard for any of us to trust anything in this life but somehow we manage it and we even find love and I love art and I love the crypto world and I am happy and proud to put my belief into Bitcoin and ether and accept them for this drop.”
HENI Leviathan accepting cryptocurrency payments is also a sign of growing adoption from the institutional art world. The printmaker is among the most widely-respected among fine artists and collectors, and has featured runs from other artists of historical significance such as Gerhard Richter.
The Hirst paintings in this run are inspired by The Eight Virtues of Bushidō: “Justice, Courage, Mercy, Politeness, Honesty, Honour, Loyalty, Control.” Hirst has been chronicling his process in creating them on his Instagram page, and says that the paintings “are about beauty and life and death” — themes and forces he frequently explores in his work.
“They’re about desire and how we process love and why we need it, but also these prints are about the momentary, the insane transience of beauty – a tree in full crazy blossom against a clear blue sky. How can you argue with that?” Hirst said of the paintings.
Hirst and HENI Leviathan aren’t the only art giants dipping their toes into cryptocurrencies. This month, auction house giant Christie’s announced they will be auctioning a NFT from digital artist Beeple, a retrospective collage of his “first 5000 days” of producing one piece of art per day. In the announcement Christie’s also said they would be accepting bids in ETH for the piece.