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NFT Collection: Buyers spend over $7 million in 90 minutes for unminted nonfungible tokens

By Mayowa Adebajo
Published October 25, 2021 Updated October 25, 2021
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Buyers have spent no less than $7 million during a dutch auction in a bid to win one of 50 Golden Tokens that will make them owners of yet-to-be-minted NFT collection from artist Tyler Hobbs

NFT Collection: Buyers spend over $7 million in 90 minutes for unminted nonfungible tokens

By Mayowa Adebajo
Published October 25, 2021 Updated October 25, 2021

Buyers have spent no less than $7 million during a dutch auction in a bid to win one of 50 Golden Tokens that will make them owners of yet-to-be-minted NFT collection from artist Tyler Hobbs.

New NFT collection by Tyler Hobbs incoming

Tyler Hobbs is a renowned generative artist, painter, and creative coder, who has had his work featured in numerous exhibitions. He is also the artist behind the popular NFT series Fidenza. But for his latest collection, which he dubbed ‘Incomplete Control’, Hobbs will be launching 100 one-a-kind digital artworks at the Bright Moments gallery in New York between December 9 to December 13.

On October 22, Hobbs’ fans contributed a whopping 1,800 ETH (above $7 million) in exchange for 50 out of 100 “Golden Tokens”. These tokens will be giving their holders the ownership rights to one each of the artworks scheduled to be minted during those 5 days.

Interesting, isn’t it? That the whole contribution during the auction happened because of digital artworks that are yet to be minted, and won’t be, until December.

According to reports however, the remaining Golden Tokens will be randomly distributed to 50 wallets presently holding artworks from Hobbs’ previous NFT series Fidenza or the CryptoCitizens NFT project. The distribution is slated for November 5.

Speaking about his upcoming Incomplete Control series, Hobbs described it as embracing the imbalances of the natural world, introducing the warm elements of chaos and entropy into the digital space.

Hobbs’ previous NFT series Fidenza is made up of 999 NFTs that consists of unique generative artworks that were created using the buyer’s transaction hash as a data input. Presently being showcased on Art Blocks generative NFT platform, the collection was sold for over 37,000 ETH (nearly $400,000).

Recall also that sometime in September, Hobbs fired Solana-based NFT project SolBlocks for using Fidenza’s open-source code to generate images for commercial uses, albeit without his express permission. Till now, Hobbs has refused the offer to share in SolBlocks’ sales profits.

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