Art Blocks, the new artistic phenomenon with Ethereum NFTs exploding records

NFT madness knows no bounds – The craze around non-fungible tokens (NFT) is still undeniable. Every week, new works appear at exorbitant prices, whether they have just been created or are older. The Art Blocks platform drives this universe even further.

Art Blocks: The new spearhead of the NFTs

Launched in November 2020, Art blocks is an NFTs platform based on generation of artistic content through algorithms. Specifically, the artists publish an algorithm to generate works on the platform. The latter is stored immutably on the Ethereum blockchain. But at this stage, the work itself is not not yet created.

When a collector wants to buy one of these works, it is called a random key frog is generated and determine the properties Artwork. In fact, this frog controls both the design of the work and the colors that compose it.

Therefore, neither the buyer nor the creator can know in advance what the works in a series will look like. This eliminates any possibility of manipulating the system and allows each buyer to mine a rare work.

For his part, the artist can determine the number of works that can be generated thanks to the algorithm that he will have published on the platform, as well original price of each work. This will subsequently affect 5% royalties at each sale on the secondary market. The platform in turn collects 10% at the first sale, then 2.5% by sale on the secondary market.

Finally, the teams on the Art Blocks platform retain the choice of the algorithms used, as its official website explains:

“Artists / creators have been selected to implement projects at the discretion of the Art Blocks team. We reserve the right to choose platform content without explanation. Having said that, any content that can be considered even slightly offensive to anyone, be taken into account. “

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Sky-high prices … as usual?

For once in the NFT universe, the price of these works has experienced one insane increase.

So the work “Fidenza # 313”originally sold by artist Tyler Hobbs for 0.58 ETH, has just been resold for the modest sum of 1,000 ETHis around $ 3.3 million at the time of sale. This represents one capital gain of 172,413% in ETH for the user who imprinted it.

Release of Nathan Head – Source: Twitter

This work is part of a series of 999 works generated by the same algorithm, but each based on a different seed. To date hasartwork 313 is the most rated from the series. However, other works in the series, such as 723 and 529, were sold for 650 and 500 ETH or $ 2.1 million and $ 1.6 million, respectively.

The Fidenza series is not the only Art Blocks series that has aroused the interest of collectors. Actuallyartwork # 3784 from the series Chromie Squiggle was acquired on August 14 by collector Zoomc for 750 ETHeven though it was originally minted for free.

Artwork # 3784 from the Chromie Squiggle series is sold for 750 ethers
Artwork # 3784 from the Chromie Squiggle series – Source: Art Blocks

Other NFT projects, although much less attractive on paper, have also aroused interest among collectors. This is especially the case EtherRocks, a series of NFTs in the image of simple pebbles as a reseller for hundreds of thousands of dollars.

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