We may have created something that is truly eternal with culture assembling around the chain.

“Winning blockchains like Ethereum will serve as a universal book of truth persisting for millennia.

Select works from Dmitri Cherniak's Ringers collection MetaversalĪC’s business associate and prolific generative art collector, Bonafidehan, echoed a similar sentiment.

What you’re seeing in the astronomical prices of meme NFTs and on-chain generative art is a land grab on cultural artifacts.” When things are priceless, you don’t just come in with a check and purchase something like the Taj Mahal from the government of India. Google GOOG says global art has a $60 billion market cap, but try to raise a fund and buy the Mona Lisa and then try to bid on Salvator Mundi. Although the programmatic characteristics add quantifiable metrics that can be used to assist in the valuation of the NFT, generative art pieces still have an element of subjectivity driving demand.Īnthony Cesar, also known as AC, is a generative art collector, amassing a collection worth north of $50 million comprising works from several of the most valuable collections including Fidenzas, Ringers, Archetypes, and Subscapes.Īsked about the value of NFTs and generative art AC remarked, “what is the market cap of Global Culture? The world is moving increasingly online and on-chain. The value of generative art is based on an interplay between imbedded attributes with varying degrees of programmatic rarity and how those elements come together in a way that is visually aesthetic and pleasing to the collector. Infinites AI is a collection of 512 unique pieces that integrated inputs from the collector to generate breathtaking pieces utilizing motion to dazzling effect. Originally, the price to mint an Art Blocks Chromie Squiggle NFT was just 0.035 ETH (~$140) for one of the 10,000 total mints, and the price floor of the collection currently sits at ~11 ETH (~40,000). Once all of the primary issuances are claimed and the supply cap is reached, collectors must turn to the secondary market to acquire the NFTs, with the NFTs often selling for many multiples above the primary issuance price. Similarly, generative art projects often programmatically enforce a supply cap on the total amount of pieces that can be produced, which typically has been ~10,000 unique NFTs per collection. Jean-Michel Basquiat famously died of a heroin overdose at the young age of 27, and thus his roughly 600 paintings will always demand prices in the millions of dollars. In the traditional art market, the works of dead artists often fetch a hefty premium, as the scarcity of these pieces are ensured. Generative art pieces are thus intentionally introducing randomness as part of the creative process, creating a slot machine-like game where neither the artist nor the collector knows what the end result will be. Implementing inputs from the collector at the moment of minting such as her wallet address, gas price, block number, block timestamp, and transaction ID, allows the collector to be part of the creation process, each piece embodying a unique and irreplicable collaboration between artist, collector, and machine. The resulting NFT might be a static image, 3D model, or interactive experience that is unique and exclusively owned by the collector in her crypto wallet. Collectors can pick a style they like, pay for the work using crypto, and a randomly generated version of the content is created by an algorithm and sent to the collector’s Ethereum address.

Art blocks floor prices