Investors Spend $7 Million for Yet To Be Minted NFT Collection

NFT collection from Tyler Hobbs is yet to be minted, however, this didn’t stop buyers from spending $7 million in a dutch auction. They did so in order to win one of the 50 Golden Tokens that would grant them ownership over these unminted nonfungible tokens.

The artist behind this, Tyler Hobbs, is already famous for his work which can be found in different exhibitions. He is the author of Fidenza, the NFT series, and now is up to the next project.

Hobbs will be part of the New York City-based Bright Moments gallery in the month of December, where he will launch 100 unique digital artworks for his fans.

1,800 ETH (more than $7 million) were raised from buying 50 of 100 Golden Tokens which will be the ticket to owning one of the special artworks scheduled to be minted during the event. All the tokens will be marked by a number from 1 to 50 that relates to one of the collection artwork.

It is surely something that catches attention, investors taking part in an auction for digital artwork that is not even minted yet. 

Mirror Protocol hosted the dutch auction and the Golden Tokens sold within 90 minutes. Each of the 50 tokens was sold for between 30 Ether (approximately $120,000) and 80 Ether (about $320,000).

The 50 wallets that already own Hobbs’ artwork from the previous series like Fidenza or the CryptoCitizens NFT initiative will get the chance to get the remaining Golden Tokens. Individuals who acquire the tokens will be able to purchase an Incomplete Control NFT for 15 ETH, a 50% discount off the final clearing price of the auction.

Incomplete Control will uncover themes of chaos and imperfection and enrich the digital world with them, explains the artist.

Fidenza, Hobbs’ earlier NFT collection, consists of a selected drop of 999 NFTs that contain one-of-a-kind generative artworks generated using the purchaser’s transaction hash as data input.

Fidenza made 37,000 ETH (roughly $400,000) and is now shown on Art Blocks, the generative NFT platform. 

Hobbs criticized SolBlocks, a Solana-based NFT initiative, in September for utilizing Fidenza’s open-source code to generate images for commercial reasons without Hobbs’ permission. SolBlocks offered to share sale profits with him, yet he denied the offer. 

Also Read: Coinbase Will Soon Enter the NFT Marketplace, Aims to Unlock New Forms of Creativity