The NFTs That Are Selling For Millions

Art Blocks is taking the NFT market by storm! The collection has generated a whopping $403 million in trading volume so far since it was launched in November 2020. That’s a lot of money. True to its trading worth, a single Art Blocks NFT was sold for $3.3 million worth of cryptocurrency. What’s up with the artworks in this collection to warrant this huge amount of hype and money? Decrypt has the details: 

An NFT is a blockchain-verified deed of ownership to a unique digital item, whether it’s an image, video file, or something else entirely. Art Blocks is a generative art collection that spans a wide array of different drops by varying artists—some are flat images or interactive 3D compositions—but they’re all united by a similar origin story: every final, one-of-a-kind image is generated by the Ethereum blockchain.

The artist creates an algorithm or script and deploys it on Ethereum, experimenting with compositional elements to develop the project’s unique style before locking the code. During the minting process, the final image is generated from the script via the hash string or “seed” provided by the token

Each resulting image is different and created on the spot, sight unseen by the buyer, but there are consistent elements and repeating motifs that join them all into a cohesive project.

It’s a marriage of traditional art aesthetics and blockchain

data that yields something that is undeniably crypto-native. The look and feel of each drop varies widely across the different Art Blocks projects, but some have been celebrated and hailed as fine art—and they’re selling for similarly towering prices, accordingly.

Image credit: Art Blocks