Home News Buyers shell out $7M for unseen NFT collection

Buyers shell out $7M for unseen NFT collection


Investors in nonfungible tokens (NFTs) have put $7 million into a Dutch auction that offered 50 tokens that grant ownership to digital artworks that will not be available until December.

Moreover, Tyler Hobbs, creator of 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 from December 9 to December 13.

Hobbs’ followers gave 1,800 ETH (almost $7 million) on Oct. 22 in return for 50 of 100 “Golden Tokens”. This gives the bearer the right to possess one of the artworks that will be minted during the event. Each token has a number between one and fifty that corresponds to a different piece of artwork from the collection.

Mirror Protocol sponsored a 90-minute Dutch auction for the Golden Tokens. The tokens initial value was at 500 ETH apiece, with a non-linear price fall every 5 minutes until hitting a 5 ETH floor. Each of the 50 tokens was sold for between 30 and 80 ethereum ($120,000 to $320,000).

Investors in nonfungible tokens (NFTs) have put $7 million into a Dutch auction that auctioned 50 tokens that allowed buyers to manufacture digital artworks they had never seen before.

Incomplete Control

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. Individuals who acquire the tokens will be able to purchase an Incomplete Control NFT for 15 ETH. A 50% discount off the final clearing price of the auction.

In fact, Hobbs’ Incomplete Control series is about examining themes of imperfection. As well, how the digital sphere might transcend many of the flaws that exist in the physical world, according to Hobbs. Additionally, the Hobbs’ website explained:

“The natural world acquires warmth by the forces of chaos and entropy. And there are patterns and lessons for us to learn out there. Incomplete Control continues my effort of bringing these aspects into the digital realm.”

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. Besides, the collection sold for almost 37,000 ETH (about $400,000). And is currently on display on Art Blocks, a generative NFT platform.

Hobbs chastised SolBlocks, a Solana-based NFT initiative, for utilising Fidenza’s open-source code. In order to produce pictures for commercial reasons without Hobbs’ permission in September. Hobbs has now turned down SolBlocks’ offer to split sales revenues with him.

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