Art Blocks, the new Ethereum NFT art phenomenon that's breaking records

The NFT craze knows no bounds – The craze for non-fungible tokens (NFTs) continues unabated. Every week, new works of art are sold at a premium, whether they are newly created or older. The Art Blocks platform takes this world even further.

Art Blocks: the new spearhead of NFT

Launched in November 2020, Art Blocks is an NFTs platform based on the generation of artistic content via algorithms. In concrete terms, artists publish an algorithm for generating works on the platform. This algorithm is stored immutably on the Ethereum blockchain. However, at this stage, the work itself is not yet created.

When a collector wishes to purchase one of these works, a random key called a seed is generated and will determine the attributes of the work. In effect, this seed controls both the design of the work and the colors that make it up.

As a result, 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 undermine a rare work.

The artist, on the other hand, can determine the number of works that can be generated thanks to the algorithm that he or she has published on the platform, as well as the initial price of each work. The artist will then receive a 5% royalty on each sale on the secondary market. The platform, for its part, collects 10% on the initial sale, then 2.5% per sale on the secondary market.

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

“Artists/creators are selected to deploy projects at the sole discretion of the Art Blocks team. We reserve the right to select content for the platform without explanation. That said, no content that could be considered even remotely offensive to anyone will be considered.”

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Prices soaring… as usual?

For once in the NFT universe, the price of these works has risen insanely.

For example, the work “Fidenza #313”, initially sold by the artist Tyler Hobbs for 0.58 ETH, has just been resold for the modest sum of 1,000 ETH, or about 3.3 million dollars at the time of sale. That’s a 172,413% gain in ETH for the internet user who mined it.

<img src=”//www.w3.org/2000/svg’%20viewBox=’0%200%200%200’%3E%3C/svg%3E” alt=’Fidenza #313 artwork sold for 1,000 ethers ($3.3 millions)” /><img src=”https://yellowrocketagency.com/wp-content/uploads/2021/08/img_6126c8a4a5b09..png” alt=’Fidenza artwork #313 sold for 1,000 ethers ($3.3 million)” /></a>Publication by Nathan Head – Source: <a href=”https://twitter.com/NathanHeadPhoto/status/1429857197928992770″ target=”_blank” rel=”noopener”>Twitter</a> <p>This artwork is one of a series of 999 works generated by the same algorithm, but each based on a different seed. To date, work 313 is the highest rated work in the series. However, other works in the series, such as 723 and 529, have sold for 650 and 500 ETH respectively, or $2.1 million and $1.6 million. </p> <p>The Fidenza series is not the only one from Art Blocks to have attracted collector interest. Indeed, work #3784 from the Chromie Squiggle series was acquired on August 14 by collector Zoomc for ETH 750, despite being initially minted for free. </p> <a href=”https://yellowrocketagency.com/wp-content/uploads/2021/08/img_6126c8bcac3b5..png” target=”_blank” rel=”noopener”><img src=”//www.w3.org/2000/svg’%20viewBox=’0%200%200%200’%3E%3C/svg%3E” alt=’Work #3784 from the Chromie Squiggle series sold for 750 ethers’ /><img src=”https://yellowrocketagency.com/wp-content/uploads/2021/08/img_6126c8bcac3b5..png” alt=’Work #3784 from the Chromie Squiggle series sold at 750 ethers” /></a>Work #3784 from the Chromie Squiggle series – Source: Art Blocks <p>Other NFT projects, though far less attractive on paper, have also attracted the interest of collectors. This is particularly the case with the <a href=”https://journalducoin.com/actualites/100-000-dollars-en-eth-pour-un-caillou-mal-dessine-ou-sarretera-le-delire-des-nft/” target=”_self” rel=”noopener”>EtherRocks, a series of NFTs featuring simple rocks</a> that sell for several hundred thousand dollars.</p> <p><em>Don’t necessarily want to get caught up in this weird NFT craze? You can also take the easy way out and immerse yourself in the world of cryptocurrencies gently by coming to trade your first bitcoins on the FTX platform. <a href=”https://journalducoin.com/FTX-CTA” target=”_blank” rel=”noopener”>By signing up for FTX via this JDC-affiliated link</a>, you’ll also get a lifetime discount on trading fees.