There are claims that some of Damien Hirst’s NFT artwork, The Currency, was backdated, raising questions about its authenticity. The project includes 10,000 uniquae hand-painted dot artworks, each linked to an NFT. Hirst says they were all made in 2016, but recent reports suggest that at least 1,000 were actually created in 2018 and 2019. This issue needs further investigation.
What is ‘The Currency’?
Introduced in 2021, the Currency consists of ten thousand hand-painted dot artworks linked to an NFT. Burned, unclaimed physical copies were presented to customers who may either keep the NFT or swap it for the actual artwork. Hirst structured the project as an experiment in art ownership to find whether collectors would regard digital or physical objects more highly.
The British artist claims the paintings were created in 2016 by his more general study of money and value in art. However, recent studies cast questions on the project’s schedule since they show that a significant number—probably more than 1,000 artworks—were produced in 2018 and 2019.
Allegations of Backdating
The Guardian’s inquiry revealed material that deviates from Hirst’s claimed chronology. According to sources with knowledge of the project, many of the artworks were finished later than their reported dates. If accurate, this presents moral questions regarding the project’s marketing to consumers, especially those who thought they were purchasing artifacts from a particular era.
Blockchain analyst Alex Tan commented,
“The value of NFTs is heavily tied to authenticity and provenance. If these dates were manipulated, it could set a dangerous precedent for digital art projects.”
Artist’s Response
Hirst’s representatives responded to the accusations by saying that it is customary for the artist to date artworks by the year the project was conceived. They stressed that the dates do not correspond to the actual construction of each artwork but rather to the start of the project.
The dispute has sparked discussions about authenticity and openness in NFT projects within the art community. The market value of “The Currency” artworks has remained strong despite the accusations.
Art critic Jane Doe commented,
“This situation underscores the importance of clear provenance in both traditional and digital art markets.”
The auction bids for the nearly one hundred pieces fell between £5,000 and £28,000.
Investors and collectors are monitoring the situation closely while the probe is ongoing. The result could impact upcoming NFT initiatives and the transparency requirements set by the digital art community.
