• Buyer spends $7 million on unseen NFT collection

  • Investors in the Non-Forgible Token (NFT) poured $7 million into a Dutch auction that sold 50 tokens giving ownership of digital artworks that won’t be minted until December.

    Tyler Hobbs, the artist behind the popular NFT series Fidenza, will present 100 one-of-a-kind digital artworks from his latest series Incomplete Control at Bright Moments Gallery in New York City from Dec. 9 to Dec. 13.

    On October 22, Hobbs’ fans contributed 1,800 ETH (worth over $7 million) in exchange for 50 of 100 “gold tokens” that grant the holder ownership of one of the artworks minted during the event. Each token has a number between 1 and 50 that corresponds to a specific artwork in the collection.

    The gold tokens were sold through a Dutch auction hosted by Mirror Protocol, which lasted only 90 minutes. The tokens were initially priced at 500 ETH each, with the price scheduled to drop at non-linear intervals every 5 minutes until a floor of 5 ETH was reached. All 50 tokens sold for between 30 Ether each (approximately $120,000) and 80 Ether ($320,000).

    Investors in the non-fungible token (NFT) piled up $7 million at an auction in the Netherlands of 50 tokens that allowed buyers to mint digital works of art they hadn’t seen before.

    The remaining gold tokens will be randomly distributed on November 5 to 50 wallets currently holding works from Hobbes’ previous series Fidenza or CryptoCitizens NFT projects. Individuals receiving the tokens will be entitled to purchase an Incomplete Control NFT for 15 ETH, a 50% discount from the final settlement price of the auction.

    Hobbs describes his Incomplete Control series as exploring the theme of imperfection and how the digital realm can transcend the many imperfections that exist in the physical world. Hobbs’ website notes.

    “The forces of chaos and entropy give a certain warmth to the natural world, and there are patterns and lessons there that we can use. I love bringing these elements into the digital world, and Incomplete Control continues this work.”

    Hobbs’ previous NFT series Fidenza consisted of 999 NFTs, including unique generative artworks created using the purchaser’s transactional hash as data input. The series sold for over 37,000 ETH (approximately $400,000) and was featured on the generative NFT platform Art Blocks.

    During September, Solana-based NFT project SolBlocks came under fire from Hobbs for using Fidenza’s open source code to generate images for commercial purposes without Hobbs’ authorization. Hobbs has since rejected an offer by SolBlocks to share profits from sales with him.

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