32,472 people applied for more than 67,000 NFTs... but only 10,000 of them are available.
Demand for Damien Hirst’s NFT collection was healthy to say the least.
New figures show that 32,472 people applied for a total of 67,023 NFTs.
Given how the collection has been strictly limited to just 10,000, this means that The Currency project is six times oversubscribed.
HENI, which organized the drop, invited interested enthusiasts to apply over a week-long period. This was to be followed by a draw to determine who would be the lucky recipients. On Twitter, it said:
“Due to the large number of applicants, allocations will take some time & applicants may not be notified until 28 July. Stay tuned for Phase 2!”
Participants were allowed to express an interest in buying more than one NFT, but the organizers said they would reserve the right to reject larger orders to ensure that a greater number of people get to own one.
Some lucky applicants have already received congratulations emails to confirm that they have been selected, with Damien Hirst posting a picture that shows him resting his head on some of the boxes, complete with the caption: “The end of the beginning.”
A Cruel Dilemma
Those who receive one of the NFTs end up having a very difficult choice to make.
They can either decide to keep the non-fungible token, but the corresponding piece of physical artwork will be destroyed publicly.
Alternatively, they can redeem the physical artwork, but this means that their NFT will end up being lost forever.
Hirst has publicly said that he hopes people will choose the artwork over the crypto collectibles, but went on to admit that what happens next is out of his control.