Ethereum-based NFT art continues to soar
A recent surge in NFT market activity has seen projects such as CryptoPunks, Bored Ape Yacht Club, and crypto game Axie Infinity dominate much of the discussion. Despite the hype, the Ethereum-based generative art collection Art Blocks has quietly amassed hundreds of millions of dollars in trading volume—including its largest single NFT sale to date.
Fidenza #313 the latest creation from artist Tyler Hobbs sold yesterday for 1,000 ETH, or slightly more than $3.3 million at the time of purchase. The sale price stretches the bounds of belief as the artwork was last sold for 0.58 ETH (approximately $1,400) on June 11th, shortly after it was minted, representing an enormous return on investment for the previous owner.
Yesterday was the best day for the NFT collection to date, with in excess of $48 million in trading volume as of this writing.
Fidenza establishes early popularity within Art Blocks collection
Hobbs’ Fidenza line has quickly established itself as one of the most popular Art Blocks collections. Fidenza consists of 999 pieces, each of which is based on an algorithm that generates a unique piece upon minting. Every piece is distinct from the others, but they are all distinguished by patterns of colorful rectangles and squares that populate the scene.
Fidenza #313 is the priciest NFT sold from Art Blocks to date, but it is not the only Fidenza piece to have sold for more than $1 million in ETH. CryptoSlam reports three other Fidenza NFTs selling for seven figures each, all within the last five days.
A receipt for a rare digital item
An NFT is, in essence, a receipt for a rare digital item, and it can represent digital paintings, video clips, profile pictures, and video game items. Earlier this year, the NFT market exploded in popularity, generating $2.5 billion in trading volume in the first half of 2021. Art Blocks is just one of many NFT collections out there, but they have surged to the top in recent days.
The lull is officially over
According to Dune Analytics, an apparent lull earlier this year gave way to surging demand in recent weeks, with top secondary NFT marketplace OpenSea registering more than $1.6 billion in trading volume so far in August alone. Furthermore, those aforementioned NFT projects, along with Art Blocks, have all posted sizable volume figures so far in August.
Ringers by Dmitri Cherniak is another popular Art Blocks release. That line encompasses 1,000 images, all of which are generated on-chain during minting and are largely defined by patterns of circles with string-like lines wrapped around them. To date, three Ringers NFT pieces have sold for more than a million dollars in ETH, all within the last two weeks.
$2.4 million paid for Chromie Squiggle
The second most expensive Art Blocks NFT ever sold is Chromie Squiggle by artist and collection creator Snowfro, which sold for 750 ETH (or $2.4 million) about a week ago.
Aside from the 144 Art Blocks “Curated” projects that have been released to date, the line also has a “Art Blocks Playground” brand that allows participating artists to release new drops without the “official” stamp of the Curated line.
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Jay Speakman is a technology writer based in San Francisco, California. He writes on the topics of blockchain, cryptocurrency, DeFi and other disruptive technologies. Clients include Avalanche, Be[in]Crypto, Trust Machines and several blogs devoted to blockchain gaming. He will not rest until fiat currency is defeated.