Art Blocks transaction surge Why these NFTs suddenly sold millions of dollars in Ethereum?

Over the past period of time, the market has generated a lot of discussions around CryptoPunks . But as the NFT boom surging, another NFT series of Art Blocks transactions have also seen substantial growth. Art Blocks in Ethernet Square generate original artwork on the block chain, many buyers pay a premium for these NFT NFT in the recent boom.

What is Art Blocks?

Based on Ethereum, Art Blocks is an unprecedented platform that can generate artworks on the chain.

Simply put, in Art Blocks, artists upload scripts to Ethereum smart contracts to generate works of art. Then, these scripts will be released as a series, and collectors can purchase a limited number of scripts, just like NFT. This casting method makes the artwork script unique, so that in addition to the NFT related to the artwork, other artistic results can be produced.

The reason why Art Blocks is full of charm is that artists can publish works of art in one stop, which is unprecedented. The generated works will be permanently stored in Ethereum, and will provide authors with a distribution channel for new works, as well as permanent royalty income.

Art Blocks’ transactions have increased significantly in the last month. According to a statistics on August 5, Art Blocks’ transaction volume exceeded 100 million U.S. dollars, and the number of traders exceeded 9,000.

According to the latest data, the total transaction volume of NFT platform Art Blocks has broken through 500 million U.S. dollars, setting a record high. In addition, a piece of NFT artwork minted on the NFT platform Art Blocks was recently sold for $5.8 million, setting a record for the platform’s sales.

UAfNzOgIZfJkGF60MaBB89KyZG4mNCmckUfo5hYa.png

(The highest sales in the past 7 days)

It can be said that generating artwork is currently a hot topic in the NFT community, and Art Blocks has become the preferred platform for creating, collecting and planning such NFTs. Fidenza, Eternal Pump and Chromie Squiggles are its most popular and highest-selling collections.

Generative Art and NFT

Generative Art, English as Generative Art, is usually used to refer to algorithmic art (computer-generated artwork, determined by algorithm). It is the product of the combination of computer technology and art. Its generation is not directly created by humans, but through algorithms to generate artworks. Algorithms have a set of rules that can be used freely within the rules, and finally a unique work is obtained, which also represents a certain concept of the artist to a certain extent.

Generative art itself is not a new phenomenon, it has existed as early as the 1960s. In addition, in 1984, the Museum of Modern Arts (Museum of Modern Arts) gave Generative Art pioneer Lillian Schwartz the opportunity to display and let Generative Art enter the world stage.

It is undeniable that with the development of digital technology, artistic performance is increasingly affected by it. Although the influence of digital art works is growing, many creators do not earn the same profit as physical art creators.

In November 2020, Art Blocks curator Erick Calderon (also known as Snowfro) launched Art Blocks. Art Block provides a complete set of generative art, from the artist algorithm to each unique output that is 100% completed on the chain. It helps artists create and generate works of art, and helps collectors purchase these works.

The content of works on Art Blocks can include static images, 3D models, and interactive experiences. It is the home of creative coding, programming on-demand on Ethereum to generate works, and hosting subsequent iterations of generated works on the blockchain. You can choose the way you like. The generated works may be static images, 3D models or interactive experiences. In other words, there are endless possibilities for the types of content created on the platform.

Why are Art Blocks popular?

It is reported that Art Blocks has held collection sales activities for creative artists including Cherniak, Hobbs, Hideki Tsukamoto and Stina Jones. Even though they are not household names in the traditional art world, they have important followers in the generative art space. You know, generative art has existed since at least the 1960s, when most art coders were scientists and engineers who could use early computers.

In addition, an unexpected by-product of Art Blocks’ success was the emergence of an important resale market. Originally priced from $30 to several hundred dollars, works sold for tens of thousands of dollars on the OpenSea website. Artists themselves also benefit from this, because Calderon has a built-in smart contract function in the Art Blocks transaction, and every time a work is resold, the artist will be given a 5% sales price. This feature can also help artists track where their work ends and which works become the most valuable.

So are the collectors who snapped up the Art Blocks collections to be true art lovers, or are they mainly NFT speculators hoping to make money? The answer should be both. But for Calderon, his biggest goal is still to help generative artists expand their scope of work. For decades, their work has been underestimated in the traditional art world, and their creativity through coding can be misunderstood. But undoubtedly, Art Blocks has brought huge sums of money to artists who use code to draw.

 

Posted by:CoinYuppie,Reprinted with attribution to:https://coinyuppie.com/art-blocks-transaction-surge-why-these-nfts-suddenly-sold-millions-of-dollars-in-ethereum/
Coinyuppie is an open information publishing platform, all information provided is not related to the views and positions of coinyuppie, and does not constitute any investment and financial advice. Users are expected to carefully screen and prevent risks.