Tyler Hobbs, a Fidenza artist, has sold $7 million in digital art that will not be available until December. Even so, buyers will need to be physically present in order to redeem their artwork.
“The Forms of Unknown Things”
Tyler Hobbs, the artist behind Fidenza, has raised over $7 million by selling “Golden Tokens,” or non-existent art tokens. Yet.
The sale is part of Hobbs’ new generative art project, Incomplete Control, which is being presented by Art Blocks. Art Blocks is a carefully curated NFT marketplace where users can buy “iterations” of an artist’s work, with each purchase resulting in the creation of a new ERC-721 non-fungible token. Each new NFT’s generative script contains unique “seed” variables that control outputs such as color, height, depth, and so on. In other words, the one-of-a-kind piece of art that the user is purchasing does not exist until it is purchased, at which point it is generated and sent to the buyer’s wallet.
From December 9 to 12, 2021, 50 of Hobb’s new NFTs will be minted at an in-person “minting event” at Bright Moments Gallery in New York City. Golden Token holders must be present at this event to redeem their tokens for the new artwork. While there will be a total of 100 Golden Tokens, only 50 were sold in today’s Dutch auction.
Each Token auction lasted 90 minutes, with the price decreasing every five minutes, from 500 ETH to 5 ETH. The first and second Golden Tokens went for 80 ETH each, while the third and fourth went for 70 and 40 ETH, respectively. The remainder were sold for 35 ETH or 30 ETH.
The remaining 50 Tokens will be available for purchase at a fixed price that is 50% less than the final price of today’s Dutch auction. As a result, the reduced fixed price will be 15 ETH. The remaining tokens will be distributed at random to Fidenza and Crypto Citizen holders, with one reserved for Bright Moments and one reserved for Tyler Hobbs.
Hobbs describes Incomplete Control as “a more focused work” than his previous project, Fidenza, which he called his “most versatile generative algorithm to date” at the time. Hobbs revealed his artistic vision for Incomplete Control in a tweet today, writing, “this work is about imperfection, time, and continuous space.” Hobbs went on to say that he enjoys bringing imperfection to the digital world, which he believes is lacking in the “forces of chaos and entropy” that give “the natural world a certain warmth.”