Buyers spend 7M to collect unseen NFT

Nonfungible Token (NFT) investors have poured 7 7 million into a Dutch auction that sold 50 tokens that give them ownership over digital artwork that will not be minted until December.

Tyler Hobbs, the artist behind the popular NFT series Fidenza, Will launch 100 one-of-a-kind digital artworks in its latest collection Incomplete control December 9-13 at the New York City-based Bright Moments Gallery.

On October 22, Hobbes fans contributed 1,800 ETH (more than 7 million) in exchange for 50 “Golden Tokens” out of 100, giving its holders ownership of one of the artworks created during the event. Each token contains a number from one to 50 that matches a specific work of art from the collection.

The Golden Tokens were sold through a Dutch auction hosted by the Mirror Protocol which lasted only 90 minutes. The initial value of the tokens was 500 ETH each, the price would decrease in non-linear intervals every 5 minutes until they reached the floor of 5 ETH. All 50 tokens were sold for between 30 ethers (about $ 120,000) and 80 ethers ($ 320,000) each.

Nonfungible Token (NFT) investors have raised $ 7 million in a Dutch auction that sold 50 tokens to allow buyers to mint digital artwork they don’t see.

The remaining golden tokens will be randomly distributed to 50 wallets that currently contain Hobbes’ previous series of artwork. Fidenza Or CryptoCitizens 5 November NFT Project. Individuals receiving tokens will be entitled to a purchase Incomplete control NFT at 15 ETH 50% discount compared to the final clearing price of the auction.

Hobbes described her Incomplete control The series as the theme of the exploration of imperfections, and how the digital sphere is able to overcome many imperfections present in the physical world. Hobbes’ website says:

“The power of chaos and entropy gives the natural world a certain warmth and there are patterns and lessons we can use. I want to introduce these elements to the digital world and imperfect control continues to do that.”

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Hobbes’ previous NFT series, Fidenza, has a curated drop of 999 NFT that incorporates unique generative artworks created using the buyer’s transaction hash as data input. The collection sold for over 37,000 ETH (approximately $ 400,000) and is being displayed on the Generative NFT platform, Art Block.

In September, Solna-based NFT project SolBlocks faced criticism from Hobbes for using Fidenzer’s open-source code to create images for commercial purposes without Hobbes’ approval. Hobbs has rejected SolBlocks’ offer to share the profits from their sales with him.