A group of non-fungible token (NFT) collectors is spending millions of dollars on a set of digital collectibles that have yet to be minted.
In a tweet, a digital artwork analyst known as Future says that tokens that are redeemable for digital artworks created by Tyler Hobbs were bought for hundreds of Ethereum (ETH) in a Dutch auction. Hobbs is the visual artist behind the Fidenza NFT series, which is based on a flow field algorithm that produces “unpredictable, organic curves.”
Hobbs is calling the new body of digital artwork “Incomplete Control.”
“Today in collaboration with Tyler Hobbs, Bright Moments, Mirror [and] Art Blocks, 50 Golden Tokens to mint Tyler Hobbs Incomplete Control were auctioned.
Price discovery occurred with the first two mints at 80 [ETH], followed by one at 70 [ETH]. The remaining sold out between 40-30 ETH.”
The auction fetched about 1,795 Ether in total, worth approximately $7.50 million at time of writing, according to CoinGecko.
“The auction netted a total of 1,795 ETH. Incomplete Control will net a total of 2,545 ETH in primary after the 50 additional options (to be allocated to Fidenza/CryptoCitizen holders) are exercised at 15 ETH.
There was some competition at the end, with 28 failed transactions.”
During the 90-minute auction, prices started at 500 ETH while the floor price was set at 5 ETH.
Only 100 mints will be made available, and Hobbs says the “Incomplete Control” body of digital artwork will be different from the Fidenza series.
“With 100 mints, Incomplete Control is a more focused work than my previous project, Fidenza. It does not have the same goal of high variety.
Instead, it goes deeper into a particular vision. Quality over quantity. There will not be a focus on rarity. Instead, Incomplete Control will explore a continuous spectrum.”
Follow us on X, Facebook and TelegramDon't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Check Price Action
Surf The Daily Hodl Mix
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/sergeymansurov/Sensvector
