Investors in non-fungible tokens have invested $ 7 million in a collection of NFTs that they have not yet seen

Investors in non-fungible tokens (NFTs) have invested $ 7 million in a Dutch auction that sold 50 tokens lending ownership of digital works of art they are not minted until December.

Tyler Hobbs, the artist behind the popular NFT Fidenza series, will be releasing 100 unique digital works of art in his latest collection Incomplete control from December 9th to 13th at the Bright Moments Gallery in New York.

October 22nd, Hobbs supporters donated 1,800 ETH (valued at more than $ 7 million) in exchange for 50 of the 100 “golden tokens” that give their holders the right to own one of the minted works of art during the event. Each of the tokens has a number between 1 and 50 that corresponds to a specific piece of art in the collection.

Investors in non-fungible tokens have invested $ 7 million in a collection of NFTs that they have not yet seen
Investors in non-fungible tokens have invested $ 7 million in a collection of NFTs that they have not yet seen

The gold coins were sold in a Dutch auction organized by Mirror Protocol that lasted only 90 minutes. The tokens had a starting price of 500 ETH each, and the price was supposed to decrease every 5 minutes at non-linear intervals until it hit a low of 5 ETH. The 50 tokens were sold at prices between 30 ethers (approx. 120,000 US dollars) and 80 ethers (320,000 US dollars) each.

Non-fungible token (NFT) investors paid $ 7 million in a Dutch auction that sold 50 tokens that allow buyers to mint digital artwork they haven’t seen.

The remaining gold tokens are randomly distributed across 50 of the purses that currently contain artwork from the previous Hobbs series. Fidenza, or the project CryptoCitizens NFT, November 5th. Individuals who receive the tokens have the right to purchase an Incomplete Control NFT for 15 ETH, a 50% discount off the final auction clearing price.

Hobbs describes his series Incomplete control as an exploration of the problems of imperfection and how the digital sphere is able to overcome many of the imperfections of the physical world. The Hobbs website states:

The forces of chaos and entropy give the natural world a certain warmth, and there are patterns and lessons in it that we can use. I would like to introduce these elements into the digital world and Incomplete Control is continuing this work. ”

Hobbs’ previous NFT series, Fidenza is made up of a collection of 999 NFTs containing unique generative artwork created from the buyer’s transaction hash. The collection sold for more than 37,000 ETH (about $ 400,000) and will be exhibited on the generative NFT platform Art Blocks.

In September the NFT project Solana-based SolBlocks has been criticized by Hobbs for using Fidenza’s open source code to generate images for commercial purposes without Hobbs’ permission. Hobbs has since declined SolBlocks’ offer to share the proceeds of his sales with him.

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