Participants have now piled around $7 million into a dutch auction to win one of the 50 Golden Tokens that grant ownership to unminted nonfungible tokens (NFTs) from artist Tyler Hobbs.
NFT investors have poured $7 million into a dutch auction that sold 50 tokens that conferred ownership over digital artworks that will not be minted until December 2021. The artist behind the popular NFT series Fidenza, Tyler Hobbs, will launch 100 one-a-kind digital artworks in his most recent collection Incomplete Control at the New York City-based Bright Moments gallery from December 9 to December 13.
On October 22, Hobbs’ fans contributed around 1,800 ETH worth over $7 million in exchange for 50 of 100 “Golden Tokens”. That grant its holder ownership rights to one of the artworks that are slated to be minted during the event. Every token features a number between one and 50 that corresponds to a particular artwork from the collection.
These Golden Tokens were sold through a dutch auction that was hosted by Mirror Protocol that lasted only 90minutes. These tokens were originally priced at 500 ETH each. Interestingly, the price expected to drop by non-linear intervals every 5 minutes until it reached a floor of 5 ETH. All of the available 50 tokens were sold at prices of between 30 Ether; nearly $120,000, and 80 Ether ($320,000) each.
The NFT investors have piled $7 million into a dutch auction that sold the 50 tokens enabling buyers to mint digital artworks that they have not seen. The remaining Gold Tokens will now be randomly distributed to 50 of the wallets that now hold artworks from Hobbs’ previous series Fidenza or the CryptoCitizens NFT project on November 5.
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People who get these tokens will be entitled to acquire an Incomplete Control NFT for 15 ETH a 50% discount when compared to the auction’s final clearing price. Hobbs went on to describe his Incomplete Control series as exploring the themes of imperfection; and how the digital sphere can transcend most of the imperfections present in the physical world. Hobbs’ website states:
“The forces of chaos and entropy give the natural world a certain warmth; and there are patterns and lessons there that we can use. I like to introduce these elements into the digital world, and Incomplete Control continues that work.”
Notably, Hobbs’ previous NFT series Fidenza features a curated drop of 999 NFTs that feature unique generative artworks that were created using the buyer’s transaction hash as data input. This collection was sold for over 37,000 ETH, worth nearly $400,000, and is currently being showcased mainly on the generative NFT platform known as the Art Blocks.
In September, Solana-based NFT project SolBlocks came under huge fire from Hobbs for using Fidenza’s open-sourced code that generates images for commercial purposes without Hobbs authorization. Since then, Hobbs has rejected SolBlock’s offer to share the profits from their sales with him.
