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Thursday, May 26, 2022

What Is 'Art Blocks' and Why Are Their NFTs Selling for $Millions Worth ETH?

What Is 'Art Blocks' and Why Are Their NFTs Selling for $Millions Worth ETH?

Art Blocks generates original artwork on the Ethereum blockchain, and buyers are huge amounts of money for them as the latest NFT boom continues.

Their website describes the project:

“Art Blocks is a first of its kind platform focused on genuinely programmable on demand generative content that is stored immutably on the Ethereum Blockchain. You pick a style that you like, pay for the work, and a randomly generated version of the content is created by an algorithm and sent to your Ethereum account. The resulting piece might be a static image, 3D model, or an interactive experience. Each output is different and there are endless possibilities for the types of content that can be created on the platform.”

Majority of the attention around the latest NFT market boom has centered on profile picture collections such as CryptoPunks and Bored Ape Yacht Club, which have collectively accounted for hundreds of millions of dollars of transaction volume in recent weeks.

But there’s another surging NFT collection called Art Blocks.

It’s not a brand new project, but its impact in the NFT market has quickly accelerated: Art Blocks has spawned $403 million worth of trading volume so far in August, per CryptoSlam, which is more than 80% of its total since launching in November 2020.

A single Art Blocks NFT recently sold for $3.3 million worth of ETH, which is a new record for the collection. It’s one of 16 single pieces in the vast collection that have now sold for $1 million or more each.

What are NFTs?

An NFT is a digital asset that represents real-world objects like art, music, in-game items and videos. They are bought and sold online, frequently with cryptocurrency, and they are generally encoded with the same underlying software as many cryptos.

Although they’ve been around since 2014, NFTs are gaining notoriety now because they are becoming an increasingly popular way to buy and sell digital artwork. A staggering $174 million has been spent on NFTs since November 2017.

NFTs are also generally one of a kind, or at least one of a very limited run, and have unique identifying codes. “Essentially, NFTs create digital scarcity,” says Arry Yu, chair of the Washington Technology Industry Association Cascadia Blockchain Council and managing director of Yellow Umbrella Ventures.

This stands in stark contrast to most digital creations, which are almost always infinite in supply. Hypothetically, cutting off the supply should raise the value of a given asset, assuming it’s in demand.

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