HENI case study

"The Currency" NFT collection for Damien Hirst

Industry
Art
Category
Blockchain
Challenge
The infamous Damien Hirst, wanting to explore new forms of artistic expression and interaction, decided to create his first NFT art collection in 2016 titled The Currency, which then launched in 2021. He approached Applied Blockchain to develop and implement the collection on the Palm Network with a bridge to Ethereum. The artist wanted a unique burn utility, allowing holders to choose between retaining the digital artwork or burning the NFT to redeem a physical version. Applied Blockchain simultaneously ensured that the smart contracts were secure and user-friendly.
Solution
To facilitate holders to choose between retaining the digital artwork or burning the NFT to redeem a physical version, Applied Blockchain created 10,000 EVM-compatible ERC721 tokens, linking each to their corresponding artworks. This mechanism was available only until July 27, 2022.

From a technical perspective, the smart contract incorporated a tokenURI method. Querying this method for a token ID (e.g., 5641) returns a link to the IPFS metadata, which then links to the actual image, also stored on IPFS. As a result, holders were able to retain or burn with ease.
Outcome
The collection was an immense success. All 10,000 NFT tokens minted out for a price of $2000. Secondary sales totalled $47 Million only between July 30th and August 31st 2021, with the highest sale worth $136 893. 49% of the NFT holders decided to keep their digital artwork and the remaining 51% burned their NFT for a physical version.

The Currency employs anti-counterfeiting measures -handmade paper imperfections, unique numbering, the artist’s signature, watermarks, microdots, and holograms- to ensure the authenticity of each artwork. The NFTs track provenance and all trade activity, preventing counterfeiting and keeping the integrity of Damien Hirst's work.

The collection also included unique experiences for the token holders: