The Currency is a collection of 10,000 NFTs which correspond to 10,000 unique physical artworks, both of which are artworks in their own right. The difference is that one exists on the blockchain, while the other exists as a physical artwork.
NFT stands for non-fungible token. It is a unit of data stored on a digital ledger, called a blockchain, that certifies a digital asset to be unique. The Currency NFTs contain high resolution images of the front and the back of each of the 10,000 artworks.
The physical artworks were created in 2016 using one shot enamel paint on handmade paper. Each unique artwork is numbered, titled, stamped with the Hirst logo and signed by the artist on the back. Additional authenticity features include a watermark, as well as a microdot and a hologram containing a portrait of the artist.
You are able to exchange your NFT for the physical artwork during the exchange period.
Successful applicants will all initially receive NFTs. Around two months after the NFTs are first distributed to successful applicants, collectors will get the opportunity to exchange the NFT for the physical artwork.
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You have until 3pm British Summer Time, 27th July 2022 to decide to keep either the digital NFT or the physical artwork.
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If you have not exchanged your NFT in that period, then the physical artwork will be destroyed. Similarly, if you have exchanged it in that period, the NFT will have been burned.
There will be an exhibition of the artworks before they are ultimately destroyed.