NFTs continue to amaze us with the prices of the works sold. Every day, new sales amounting to millions of dollars attract new fans. The art market is booming and NFTs are the glories of decentralized finance.
We had experienced the craze of NFTs with the works of Beeple, and this summer, it is with the Art Blocks platform that the phenomenon is taking on a new dimension.
What are Art Blocks and Generative Art?
Art Blocks is a NFT platform which was launched in 2020 and which had not been in the spotlight which was then focused on NFT platforms like Rarible and OpenSea. The Art Blocs platform still has a particularity which is very typical of NFT works which have sold for very high prices.
This is called generative art.
Yes, if you didn't know it yet, I'm telling you here: one of the common points of the works that have become all the rage in NFTs is the works created using algorithms. Whether it be Hashmask, cryptopunk or the monkeys of BoredApeYatchClub, all have in common that they were created by algorithms.
So, the Art Blocks platform differs from other NFT platforms in that it does not only offer a space to buy and resell works. No, on Art Blocks, users and artists in particular can generate works on the platform with an algorithm. This algorithm is then hosted on the Ethereum blockchain.
How does ArtBlocks actually work?
When a person wants to buy works, a key (seed) is then generated and it is this which will give the characteristics of the work. When we talk about characteristics, we refer to the colors of the painting, shapes, etc. And, according to the algorithm, we then have a unique work with its own characteristics.
Even stranger for an NFT novice, neither the buyer nor the creator (should we still call him an “artist”?) know what the work will look like. We cannot manipulate or control the final work.
That said, the artist can still determine certain elements such as the number of works that can be created by the algorithm and the initial sale price of the work.
From the start, many were very greedy, hence the fact that the works were sold at high prices.
I remind you that the artist earns 5% commission on each sale that will be made thereafter, and this, eternally. I like the word "eternal" and it means crypto passive income in the world of personal finance.
Remember that the platform takes 10% commission on first sales then 2,5% on subsequent sales. Not a bad economic model, don’t you think?
Finally, the simplicity of certain works like the Chromies collection (which are simple pencil lines in images) may surprise you, but tell yourself that art is an art and that subjectivity and prices are up to each eye and to the viewer. portfolio linked to it.
Final Word on Art Blocks
Now I see you coming, you little rascal, you're wondering how to join in, aren't you?
Well, know that for buyers, the platform is open to everyone. For artists, this is an obstacle course because you have to submit your application to the Art Blocks team.
In any case, the works sold on ArtBlocks hit the headlines and made collectors in this new world millionaires overnight.
A madness that doesn't seem ready to stop!
- Discover ArtBlocks
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- All articles in the section NFT on Zonebitcoin
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Disclaimer : This article is provided for informational purposes only. This is not financial, legal, tax or investment advice. Always do your own research before investing in any crypto.
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I wanted to know if you had more information on the remuneration of artists through subsequent commissions on the exchange of works. Is it linked to platforms or really in NFTs?
In your article you say that the artist will receive 5%… is it 5% on the amount of the exchange or the commission of the platform?
I find this commission system really interesting because it allows us to remunerate the people who are behind the creation.