Nonfungible Token (NFT) investors have invested $ 7 million in a Dutch-style auction that will sell 50 tokens giving ownership of digital works of art that won’t be minted until December.
Tyler Hobbs, the artist behind the popular NFT series Fidenza, will bring hundreds of unique digital works of art to market in its latest collection Insufficient control December 9-13 at the Bright Moments showroom in New York City.
On October 22nd, Hobbs fans donated 1,800 ETH (worth over 7 million US dollars) in exchange for 50 of the 100 “Golden Tokens” that will give their owners the ownership of one of them. The work of art should be shaped during the event. Each token has a number from one to 50 that corresponds to a specific work of art from the collection.
Golden tokens were sold through a Dutch auction organized by Mirror Protocol that lasted only 90 minutes. The price of the tokens is initially 500 ETH each, whereby the price is expected to decrease every 5 minutes in non-linear intervals until the 5 ETH lower limit is reached. All 50 tokens were sold at prices ranging from 30 ethers (approx. 120,000 US dollars) to 80 ethers (320,000 US dollars) each.
Nonfungible Token (NFT) investors raised $ 7 million in a Dutch auction that sold 50 tokens, allowing buyers to mint digital works of art they hadn’t seen before.
did one thing today
– p.mirror.xyz (@patrickxrivera) October 22, 2021
The remaining Golden Tokens will be randomly distributed across 50 wallets that currently contain artwork from the previous Hobbs series. Fidenza or CryptoCitizens NFT project on November 5th: People who receive the token have the right to buy one Insufficient control NFT for 15 ETH, 50% discount on the final clearing price of the auction.
Hobbs description Insufficient control Series like Exploring Issues of Imperfection and How the Digital Sphere Can Overcome many existing imperfections in the physical world. The Hobbs website states:
“The forces of chaos and entropy give the natural world a certain warmth, and there are models and teachings there that we can use. I wanted to introduce these elements into the digital world and Incomplete Control is continuing this work. “
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Hobbs Fidenza’s previous NFT range includes 999 NFTs, which are comprised of unique works of art created using a buyer’s transaction hash as data input. The collection has sold for over 37,000 ETH (approximately $ 400,000) and is featured on the general NFT platform Art Blocks.
In September, Hobbs criticized the SolBlocks-based NFT project SolBlocks for using Fidenza open source code to create images for commercial purposes without Hobbs’ permission. Hobbs has since turned down SolBlocks’ offer to share the profits from their sales with him.