The largest amount of current focus in the NFT market of the day is based on avatar collections that can be used as profile pictures like the CryptoPunks or Bored Ape Yacht Club, who have collected between them alone hundreds of millions of dollars in transactions.
But there’s another wave NFT collection with a very different charm: Art Blocks.
What is Art Blocks?
Art Blocks is one of many art collections that have been seen in NFT, in particular it is distinguished by being generative and collects together different drops of various artists. We can find among the collection completely flat images or interactive compositions that are displayed in 3D.
The particularity of this artist is that he is in charge of developing the algorithm or script and is responsible for spreading it in ETH, trying to play with different compositional features to create a unique style of the project before spontaneously locking the code.
In the minting process in the program, the scrip is in charge of creating the final result using the Hash or the Seed string given by the symbolic. All works have a unique result created on the spot. And although it is invisible to the person who buys, there are coherent elements that move repeatedly and come together in a unified design.
Has growth been a problem?
Since Art Block has had a big impact since its launch, its creator, Calderon, defines the moment as tiring. Consider that making money means there is a lot more demand, so the $429 million in trading numbers on behalf of Art Blocks has created work without ceasing.
This is a source of pride, as despite being an underground project it is very close to surpassing the amount of CryptoPunks, with $479 million accumulated in the same period of time.
It should be noted that there are a number of collections depending on Art Block NFT. Currently there are 140 collections that are under the name Art Block Curated, which have been thoroughly selected by the developers of the project.
There is also Art Blocks Playground, which allows artists selected by the company to launch additional projects that partner with Art Blocks NFT directly, with clear oversight.
There are currently just over 99,000 NFTs that have the Art Blocks name, and while the Playground and Factory NFTs don’t really make the amount of money that the main ones do, they still make quite a bit of money on their own. One example is that the cheapest curated Art Blocks NFT available on OpenSea costs 1.9 ETH.
Art Blocks Statistics
The group of people who have followed the current Art Blocks trajectory is made up of partly enthusiasts and partly collectors looking for the opportunity to own any piece that looks promising. There are several celebrity admirers who have taken it upon themselves to buy and consistently share the project with their followers, which has made the community grow more and more. And even if it remains stable and looks like a friendly environment, the reality is that there is a veil of frenzy covering Art Blocks thanks to the speculations of its success.
Art Blocks that were released late got somewhat low mintage costs and thus resulted in several NFTs in the collection turning over. It should also be considered that the demand and immediate recognition that the works had caused more people to speculate on how long this project would last.
The frenzy we mentioned earlier that runs behind the NFT Art Blocks works has caused the creators to have a major general headache, and even the collectors. And through this the ETH has skyrocketed, as have the gas prices, but even collections are still constantly scrambling desperately to get their hands on one of the works in the collection.
The Art Block development team themselves revealed that while they are pleased to see the platform gaining recognition, the launch of Art Blocks congested the networks and they apologize for creating problems for collectors and buyers.
What’s next for Art Blocks in the future?
We have seen throughout its launch that Art Blocks wants to experiment with different types of sales, including among its networks the Dutch auction format, which works by offering a high price and then occasionally lowering it until the collection is completely gone. And even then, the demand for NFT is not curbed.
Much of the Art Blocks collectibles are available on OpenSea’s open marketplace for immediate sale, and many of them have been sold and then resold by the owner for more profit.
The benefits of the Dutch auction is that it is a more profitable option for artists, as it causes them to generate more mainstream revenue. Even if this means some repercussions for the buyers. But markets are like that, they can’t benefit everyone.
And that’s how Art Blocks looks like for now, and many NFT projects present the same characteristics. This approach they have taken helps sales that have captured the public’s attention dissipate and drive secondary market demand. Although we must consider that the vast majority of projects and collections that are currently booming make some of the NFT Art Blocks not as valuable as the primary ones.
As in all areas, for now the future of Art Blocks is only based on speculation, currently it belongs mostly to a bull market type so we will not know what will be in store for them.
It is worth noting that Art Blocks is not unique in its collection, there are a lot of NFT artists who have made non-generative avatars. But even with this against them, the success of Art Blocks is undoubted even if the demand is excessive. They just need time to get their act together and continue to stay at the top of the market.