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Buyers splurge $7mn for an unseen NFT token

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Tyler Hobbs – the Austin-based visual artist, sure is making a buzz within the non-fungible token community as of late. Participants in a Dutch auction have splurged seven million dollars to grab ahold of one of the 50 golden tokens and deem themselves, proud owners, to unminted NFTs from the artist.  

Yes, NFT folks have shelled out the above-mentioned amount to purchase those tokens in a Dutch auction as they will be granted ownership of such digital pieces. The thing though is that those digital artworks won’t be minted until December of this year.  

Unminted NFTs  

This happened on Friday as fans of the Texan visual artist are said to have contributed 1,800 Ether (ETH) which is over seven million dollars in exchange for 50 of 100 of these so-called “Golden Tokens.” A token has a number between one and 50 and this ties in with a certain artwork coming from the collection.  

The decentralized finance platform of Mirror Protocol hosted the said Dutch auction as the event only lasted for just 90 minutes. Reports suggest that the tokens that were put on sale were initially priced at 500 ETH each. Prices of the “Golden Tokens” are said to decline every five minutes via non-linear intervals until it hits 5 ETH deemed its floor price. These tokens were eventually sold between the prices of 30 ETH to 80 ETH, which is around $120,000 to $320,000, respectively.    

Further, on November 5, the remainder of these tokens will be distributed in random to 50 of the wallets that are as of late in possession of either of Hobb’s previous art series – “Fidenza” or “CryptoCitizens.” Folks who will be getting the tokens will have the opportunity to buy an “Incomplete Control” NFT worth 15 ETH that will come with a 50 percent discount. This is in comparison to the recent auction’s final clearing price.  

Tyler Hobbs and his ‘Fidenza’  

Hobbs – for the uninitiated – is the artist who created the notable “Fidenza” NFT series. He is set to roll out 100 “one-a-kind” digital artworks in his very recent collection named “Incomplete Control.” The exhibit is said to run from December 9 to December 13 at the Bright Moments gallery in New York City.  

Additionally, Hobbs described his “Incomplete Control” series as somewhat of an exploration of themes of imperfection and how the digital world can go beyond the numerous imperfections currently within the physical world.

Steve Anderrson
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