Non-fungible token (NFT) art collections have always been successful, but it’s amazing to see how Art Blocks NFTs are thriving despite the current slump in the NFT industry.
Before the hype over profile picture (PFP) and phygital non-fungible token (NFT) collections, NFTs were simply digital artwork. That’s when the Art Blocks NFT collection cemented its reputation in the industry. And until now, despite the bear market, the project is thriving.
Indeed, it appears that many NFTs have gone back to what they originally were—art. In fact, they have not only gone full circle, but they are shifting people’s attention away from PFP projects, with NFT art collection sales skyrocketing.
Art Blocks NFTs have a hand in the booming success of NFT art collections, but what are Art Blocks? This article will attempt to give you the 411 on Art Blocks NFTs.
What Are Art Blocks NFTs?
Art Blocks NFTs are art NFTs created through a custom generative minting technology. Hence, each piece of generative art has a distinct and random look.
Generative art is a digital art style, and artists create them using algorithms as a tool. Generally speaking, these NFTs are called Art Blocks NFTs because they are created on Art Blocks, an Ethereum-based platform.
Artists creating Art Blocks NFTs use a variety of algorithms that can facilitate an autonomous art creation process. So let’s say an artist wants a design he’s created to be turned into generative art NFTs. He must upload the design’s unique algorithm to the Art Blocks platform and set a particular number of NFTs to be minted from it so that many variables of the code are generated. Thus, no two generative art NFTs look the same.
Once the process starts, Art Blocks NFTs are created in real-time on the blockchain. Whenever an artist creates an Art Blocks NFT project, the purchaser/investor can mint the NFTs. Each piece of generative art NFT that a user mints is considered an ERC-721 NFT.
The kicker? A purchaser will only be shown the base piece of art that will be sent into the generator before it is minted. He wouldn’t know what the NFT would look like until after minting it.
Art Blocks NFTs Thrive in the Bear Market
Art Blocks is the brainchild of Erick Calderon. He created and launched the platform in November 2020 using the experience he gleaned from being part of CryptoPunks, another popular NFT project, in 2017. The first collection launched on Art Blocks was the Chromie Squiggle comprising 10,000 pieces of squiggle art in varying colors, opacities, and textures.
Perhaps it’s the unique way of generating the NFT artworks that lend a distinct charm to the Art Blocks NFTs, the reason the project continues to thrive despite the bear market.
In 2021, less than a year after its launch, the Art Blocks NFT platform surpassed the $100 million mark in total sales volume. Then, as per data from Statista, roughly 199,600 transactions of Art Blocks NFT projects yielded a total sales volume of around $1.3 billion on the primary and secondary markets as of September 2022. Now, check out this data from CryptoSlam:
Art Blocks NFTs have generated over 6,100,000 ETH sales or roughly $9,500,000 on 3,728 transactions for November 2022 alone. The figures include the November performance of Tyler Hobbs’ Fidenza.
This past Monday, November 7, Fidenza #214 sold for a whopping 200 ETH (roughly $313,000). Three hours before that, on the same day, Fidenza #100 sold for 135 ETH (about $200,000). Both are remarkable sales. Nevertheless, on November 1, another Fidenza, #783, sold for a staggering 300 ETH (around $444,700).
When the overall NFT market is struggling and many projects are bleeding out, these Art Blocks NFT projects’ performance is resiliently defying the bear market. It is proof that exciting times are ahead for the NFT space, albeit in the digital art aspect.
Popular Art Blocks NFT Projects
There are plenty of popular Art Blocks NFT projects worth investing in, primarily since each project features distinct characteristics that make it unique. Here are four Art Block NFTs you might want to check out.
- Fidenza by Tyler Hobbs
Previously in the article, we covered the massive sales Hobbs’ Fidenza amassed since November 1. Fidenza is touted as one of the most versatile collections produced by an algorithm. As you can see below, the focal points of the Fidenza are structured blocks and curves that vary in organization, color, texture, and scale; thus, they allow for plenty of generative possibilities.
It was launched in November 2021 and currently has 999 unique items. The current floor price for the Fidenza is 98.99 ETH, or around $119,800. The total sales volume for this collection is 53,868 ETH, or about $65,220,000.
- Chromie Squiggle by Snowfro
Chromie Squiggle is a creation of Art Blocks’ CEO, Erick Calderon. The project comprises several squiggly lines in different colors, all relatively simple yet very identifiable.
This 10,000-piece Art Blocks NFT project was created in November 2020. It currently has a floor price of 14 ETH, or roughly $16,900.
- Ringers by Dmitri Cherniak
The Ringers NFT project is a creation of Dmitri Cherniak. It consists of 1,000 pieces of artwork featuring a string wrapped around a set of pegs in virtually an unlimited number of ways.
The different variations of this Art Blocks NFT project include layout, peg count, colors, wrap orientation, and size. Hence, what you get should you purchase one will differ from the pieces other investors have minted. Currently, its floor price is 65 ETH, or approximately $78,600.
- Friendship Bracelets by Alexis Andre
The Friendship Bracelets NFT project is a collaboration between artist Alexis Andre and Calderon, launched this November. According to Calderon, it will be available to anyone who owns a piece of art on the Art Blocks platform within a specific timeframe. Eligible ones can claim two mints, with the owner’s option to sell on the secondary market.
Calderon and Andre collaborated on this project to envision how the strands of a childhood friendship bracelet could be interconnected to represent digital artwork in the form of a tangible object with meaning, albeit with no inherent value.
Each mint will come with illustrated instructions for creating an IRL friendship bracelet that matches the design on the NFT. As the latest Art Blocks NFT project, the floor price for Friendship Bracelets is still relatively low, currently at 0.17 ETH or a little over $205.
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