The Currency is the first NFT collection by Damien Hirst. It consists of 10,000 NFTs that correspond to 10,000 unique physical artworks which are stored in a secure vault in the UK. The physical artworks were created by hand in 2016 and each work is uniquely numbered and has an original title.
There is a limited application period of one week where you can sign up for the chance to participate in The Currency. Successful applicants will all initially receive NFTs. Ultimately, you have to decide between the digital NFT or the physical artwork, both of which are artworks in their own right. You have until 3pm British Summer Time, 27th July 2022 to decide to keep either the digital NFT or the physical artwork. This is a one-way process.
If you decide to exchange your NFT for the physical artwork, the NFT will be burned. Alternatively, if you have decided to keep the NFT and the redemption period has ended, the physical artwork will be destroyed.
The collection is on the Palm blockchain, which is a new token-powered ecosystem for NFTs connected to Ethereum. It is 99% more energy efficient than proof of work systems such as Ethereum or Bitcoin. It also has low gas costs and fast transaction finality.