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Buyers have paid $7 million into a Dutch auction to obtain one of 50 Golden Tokens, which offer ownership of the NFT collection by artist Tyler Hobbs.
A Previously Shown NFT Collection Fetches $7 Million In A Bidding War of Buyers
Investors in nonfungible tokens (NFTs) have put $7 million into a Dutch auction that offered 50 tokens granting ownership over digital artworks that will not be produced until December.
Tyler Hobbs, the artist behind the popular NFT series Fidenza, will debut 100 one-of-a-kind digital artworks in his current collection Incomplete Control at the Bright Moments gallery in New York City from December 9 to December 13.
On Oct. 22, Hobbs' followers paid 1,800 ETH (about $7 million) in return for 50 of 100 "Golden Tokens," which provide the bearer ownership rights to one of the artworks set to be created during the event.
Each token has a number between one and fifty that relates to a single piece of artwork from the collection.
The Golden Tokens were auctioned in a 90-minute Dutch auction conducted by Mirror Protocol. The tokens were initially valued at 500 ETH apiece, with the price declining at non-linear intervals every 5 minutes until it reached a floor of 5 ETH.
Each of the 50 tokens was sold for between 30 Ether (approximately $120,000) and 80 Ether ($320,000).
Investors in nonfungible tokens (NFTs) have poured $7 million into a Dutch auction that auctioned 50 tokens allowing buyers to manufacture digital artworks they had not seen before.
Each NFT was sold for 15 ETH, a 50% reduction from the auction's final clearing price of 20 ETH.
On November 5, the remaining Golden Tokens will be allocated at random to 50 wallets containing artworks from previous series Fidenza or the Cryptocitizen project.
“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.”
Tyler Hobbs Creates Software That Makes Artwork Worth Millions Of Dollars
Hobbs' previous NFT series Fidenza consists of a selected drop of 999 NFTs that each includes a unique generative artwork made with the purchaser's transaction hash as data input.
The collection was sold for more than 37,000 ETH (about $400,000) and is now on display on Art Blocks, a generative NFT platform.
Hobbs chastised Solana-based NFT startup SolBlocks in September for utilizing Fidenza's open-sourced code to produce photos for commercial purposes without Hobbs' permission. Hobbs has now turned down SolBlocks' offer to split earnings from sales with him.