Tyler Hobbs, the artist behind Fidenza, a popular non-fungible token (NFT) collection with sales exceeding $150 million, has secured $7 million after a Dutch auction of 50 tickets titled Golden Tokens. Mirror Protocol, the organization that hosted the auction, disclosed this news through a tweet on October 22, noting that buyers shelled out 1,800 Ethereum (ETH) on Friday for the 50 tickets.
Reportedly, the Golden Tokens confer ownership to different artworks in Hobbs’ new collection dubbed Incomplete Control. Interestingly, the buyers know what they purchased, seeing as the NFT drop is set for December.
Reportedly, the Dutch auction lasted for 90 minutes, and the initial price for each token was 500 (ETH). However, this price was programmed to plunge by non-linear intervals every five minutes until it hit a bottom of five ETH.
Nonetheless, the bottom never came, seeing as each token fetched between 30 ETH ($120,000) and 80 ETH ($320,000). Allegedly, each token featured a number between one and 50, and this number corresponds to a specific piece of art in the collection.
Plans to distribute the remaining Golden Tickets randomly
The Incomplete Control collection comprises 100 one-of-a-kind digital artworks. According to the collection’s website, its debut is set for December 9 to 13 at the Bright Moments gallery in New York. With 50 NFTs off the table, Golden Tokens for the remaining 50 will be distributed randomly to holders of Fidenza and CryptoCitizen NFTs on November 5.
The distribution will see 24 options go to Fidenza holders, 23 to CryptoCitizen holders, two to Bright Moments, and one to Tyler Hobbs. The selection criteria for Fidenza and CryptoCitizen holders will be based on the number of NFTs a collector owns.
The selected Fidenza and CryptoCitizen holders will have to claim their option by November 19. Failure to do so will see the option redistributed to the qualified pool of NFT holders. Option holders will be entitled to purchase an Incomplete Control token for 15 ETH, a 50% discount to the lowest price a Golden Token fetched at the Mirror Protocol Dutch auction.
Explaining what the Incomplete Control is about, Hobbs said the collection is based on imperfection. He pointed out the presence of imperfections in the analog world and their relative absence in the digital era. According to him, the forces of chaos and entropy offer the natural world a certain warmth.
Hobbs believes the natural world features lesson and patterns that can come into use. As such, he leveraged Incomplete Control to introduce these elements into the digital world.
