Generative Art is a type of digital art that has been around for decades. However, it has recently found a new lease of life in the non-fungible token (NFT) industry. Art Blocks is the first platform to offer on-demand generative art content that is stored on the blockchain. This platform is a breakthrough in the NFT markets, and the newness of the platform has created a lot of buzz. So how does it work and are Art Blocks NFT parts worth investing in?
In this article, we will discuss:
What are art blocks and how do they work?
The Art Blocks platform allows artists to upload an algorithm that generates unique pieces of art of a specific style, then the artist sets a minimum price and a limit on the number of pieces for each collection.
If a user sees a specific artwork they like, they can choose to mint one for themselves. First, a random hexadecimal string, called a seed, will be generated. So, each character in the seed determines an attribute of the artwork while remaining true to the style of the art collection. For example, one user might get a red version of the artwork, while another might get more bluish hues based on the color attribute of their randomly generated hex string. The shape of the resulting part can also vary – it can be a static image, a 3D model or an interactive experience.
This uncertainty brings an element of surprise to the NFT minting process and gives every collector the same chance to mint a rare work of art. Some platform users also appreciate the added excitement. However, users should note that they need to install and be connected to Metamask to mint an artwork.
Once minted, the art is represented on the Ethereum (ETH) network by a standard ERC-721 compliant NFT token. This standard allows users to instantly access the NFT on marketplace platforms such as OpenSea, where they can choose to resell it to other NFT collectors.
Art Blocks charges a commission of 10% of the mint price, and the artist keeps the rest for the initial sale. For secondary sales in NFT markets such as OpenSea, Art Blocks charges a 2,5% fee of the sale price, while artists receive 5% royalties. This is an attractive feature for artists as they earn recurring royalties from their artwork, which is unheard of in the analog art world.
What is Curated Artblocks?
Art Blocks also has a curated collection of digital artwork, known as Art Blocks Curated. This consists of submissions made by individual artists or collaborations handpicked by the board of trustees before going live. These curated artworks often come from renowned artists who reflect high standards of artistic beauty and technical innovation.
Unlike some other curated NFT art platforms, Art Blocks does not schedule project scraps. Collectors can browse existing art projects at any time and create NFTs that will create their unique artwork.
As an added bonus for artists with selected projects, they can post new projects on the Artist Playground. Although these projects are not part of the official Art Blocks Curated collection, they are highlighted as possible works to be explored, as these artists have previous projects approved for curation.
A Brief History About Art Blocks
Erick Calderon, or Snowfro, founded Art Blocks in November 2020. According to him, he first got the idea from personal experience claiming Cryptopunks in 2017.
Having a technical background and understanding how smart contracts worked, Snowfro was able to manipulate the system and selectively obtain the rarest assets available at the time, which were zombies. Snowfro wanted to use generative art to create a system where no one could predict and manipulate the exact type of asset they would get. Snowfro also wanted to encrypt the asset's attributes within the code itself, as he felt this would give credibility to every single iteration. This concept of provenance in the variability of generating production was something that intrigued him.
The novelty of his ideas carries an apparent appeal to the masses. Although Art Blocks is a new platform, it has already surpassed $100 million in sales volume for over 9.000 merchants as of early August 2021.
Its popularity peak began in March 2021. Several factors may have contributed to this exponential growth, including the launch of the Fidenza collection by renowned creator Tyler Hobb and the market's enthusiasm for other NFTs such as the Bored Ape Yacht Club.
Examples of Popular Art Block Collections
The first art collection to be created in Art Blocks is the Chromie Squiggle. This was done as a test run by the platform's founder, Eric Calderon, aka Snowfro.
They are said to “(embody) the soul of the Art Blocks platform”. Snowfro considers each of them his “personal signature as an artist, developer and fixer”. These NFT artworks are being sold on the secondary market for about 0,12 ETH, nearly three times the original mint price of about $235. The artworks are now no longer available for public minting and can only be purchased on OpenSea's secondary market.
Another popular artwork is by renowned generative artist Tyler Hobbs. Tyler launched the Fidenza collection at Art Blocks in February 2021, which attracted a large group of people. According to Tyler, Fidenza is his “most versatile generator algorithm to date,” with highly flexible core structures that allow for enough variety and surprises in every newly created piece of art.
Fidenza is primarily based on a flux field algorithm, allowing Tyler to produce unpredictable organic curves that never collide or overlap. These features lead to an aesthetically pleasing effect. The collection also uses thick, curved rectangles instead of lines that flow smoothly along with these “force fields”. Last but not least, the artwork gets multiple colors based on predefined probabilistic color palettes.
The types of artwork that can be minted vary in the factors of "scale", which refers to the size and thickness of the rectangles, "turbulence", which refers to degrees of curvature, color palette and stroke styles, to name a few a few. The art collection is in vogue, with many of the pieces resold for impressive prices. For example, Fidenza #553 was resold for around $40.000 in ETH. In addition, a maximum of 999 pieces have already been minted and it is now only possible to obtain one piece on the secondary market.
How is Art Blocks different from other NFT projects?
Existing NFTs are merely certifications of authenticity and ownership rather than the actual digital asset. The digital asset is usually hosted externally on an InterPlanetary File System ( IPFS ), a peer-to-peer network for data storage and sharing. Art Blocks is different in that its attributes are created by algorithms and these details are encrypted in the NFT code.
The advantage of this is that digital art will be more durable, as all its technical quality is stored and retrievable. This contrasts with many other lower display quality NFTs such as GIFs. If future display screens were to improve to 16K, these GIFs would have to be sampled.
What is the future of Art Blocks?
Art Blocks hopes to enter the video game arena. Snowfro presents the idea of using the platform's NFTs as a form of license to play online games. Once the player has completed the game to a satisfactory level, he can sell the NFT, which grants access to his account. Currently, this is a common practice in games and would be greatly facilitated with the use of NFTs.
In terms of the system, Art Blocks has been testing new auction methods for project disposals. This was in response to the emergence of flashbots, which quickly acquired pieces of art without participating in the gas war. Art Blocks hopes to develop a fair and efficient way to manage the ecosystem and purchasing process.
Unintended use cases also began to emerge for Art Blocks. One is the use of their NFTs as collateral for NFTfi loans. If a user cannot repay the loan with interest, he will lose the NFT to the lender.
Users are also splitting NFTs to trade only parts of the full NFT. This can be done through third parties, such as Fractional.art , allowing them to enter into profitable trades without the need for a large number of resources.
During an interview, Snowfro was also asked if Art Blocks plans to create a native token anytime soon. According to your answer, Art Blocks will not release a token anytime soon. However, given the rapid changes in the NFT market and the Art Blocks platform, they have not ruled out the possibility of a token in the future.
Conclusion
If you are interested in the world of NFTs, Art Blocks can be a great platform to use. Its use of generative art algorithms offers a unique advantage over other NFTs. Art Blocks also offers the added attraction of an element of surprise and a consequent sense of ownership in the piece of art that was created exclusively for you. Whether you're a collector, a merchant looking to cash in on the NFTs, or an artist looking to venture into generative art, the platform has enormous utility and potential.
