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.”
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