Although the crypto market has looked weak for several months, Anticyclone, Chromie Squiggle, and other generative art NFTs are holding strong.
Содержание статьи:
Cover artwork: Anticyclone by William Mapan
Key Takeaways
The market prices for many sought-after generative art NFTs have jumped in recent weeks.
Generative Art NFTs Rally
Despite falling crypto prices and weak sentiment across the entire space, one subsect of the NFT market is showing strength.
Generative art sales have boomed over the past few weeks, with many of the most sought-after collections benefiting from the rising interest. One of the catalysts for the rally has been William Mapan’s Anticyclone, which minted out at 0.75 ETH when it was unveiled on the Art Blocks platform on Apr. 29. The floor price for one of the 800 intricately rendered art pieces steadily climbed throughout June, with the cheapest pieces now priced at 5.4 ETH on the secondary market. In dollar terms, the floor price has risen from around $2,100 to $5,800.
“Anticyclone #697” by William Mapan (Source: Art Blocks)
Anticyclone lives on the Ethereum blockchain, but like many other generative artists, Mapan got his start in the NFT space on Tezos. Following the rise in popularity of Anticyclone, Mapan’s Dragons collection saw a parabolic price rise on fxhash, Tezos’ equivalent to Art Blocks. The cheapest Dragons are currently priced at around 1,700 XTZ after trading under 100 XTZ at the start of the year.
“Dragons #51” by William Mapan (Source: fxhash)
When a specific style of NFT outperforms in the market, other similar assets tend to benefit from the buzz. As Mapan’s creations have surged in recent weeks, other generative art NFTs have also risen in value. Generative art is typically created on computers using code in place of more traditional art mediums like paint and canvas. The code produces unique visual outputs that can be tokenized on the blockchain as NFTs. On platforms like Art Blocks, when collectors mint a generative art NFT, they don’t see the output until they’ve paid for the piece.
Generative art is still a lesser known niche within the NFT space, but it’s grown at an astonishing rate over the past year. While avatar-based NFT projects such as Bored Ape Yacht Club have dominated headlines, celebrated collections like Tyler Hobbs’ Fidenza have helped put generative art on the map and attracted the attention of a small community of collectors.
Art Blocks Collections Rise
Snowfro’s Chromie Squiggle, one of the earliest collections to launch on Art Blocks, has rallied over the past two weeks, rising from a floor price of 6 ETH to around 11 ETH on OpenSea. Matt DesLauriers’ Meridian and Kjetil Golid’s Archetype, two other generative collections that launched on Art Blocks, have followed similar trajectories, with the respective entry prices now at 11 ETH and 27 ETH. During the height of NFT mania in 2021, the rarest NFTs from early collections like Chromie Squiggle traded for millions of dollars, before the broader market declined from exhaustion and Ethereum’s downturn.
“Meridian #792” by Matt DesLauriers (Source: Art Blocks)
The most valuable generative NFTs are also holding strong despite Ethereum’s woeful price action over recent months: Autoglyphs, an early generative art project launched by CryptoPunks creator Larva Labs, has jumped to a floor price of 248 ETH on OpenSea, while Fidenza NFTs are holding at a minimum price of 83 ETH.
It’s worth noting that many generative art collections have remained relatively stagnant in price terms despite the boom across some of the most in-demand collections. Moreover, as Ethereum and Tezos have been on a steady decline in the market for several months, the dollar value of many NFTs has taken a hit. Still, the latest generative art rally indicates that the market believes the niche’s top collections have value regardless of how their underlying base currencies perform.
Disclosure: At the time of writing, the author of this piece owned ETH, some NFTs, and several other cryptocurrencies.
Disclaimer
Read More
Read Less
The information on or accessed through this website is obtained from independent sources we believe to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness, or accuracy of any information on or accessed through this website. Decentral Media, Inc. is not an investment advisor. We do not give personalized investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may become outdated, or it may be or become incomplete or inaccurate. We may, but are not obligated to, update any outdated, incomplete, or inaccurate information.
You should never make an investment decision on an ICO, IEO, or other investment based on the information on this website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, IEO, or other investment. We do not accept compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities.
See full terms and conditions.
Source: cryptobriefing.com
