How to value your ArtBlocks.io NFTs
Art Blocks positions itself as a first of its kind platform focused on genuinely programmable on demand generative content that is stored immutably on the Ethereum Blockchain. As stated on its official website “ you pick a style that you like, pay for the work, and a randomly generated version of the content is created by an algorithm and sent to your Ethereum account. The resulting piece might be a static image, 3D model, or an interactive experience. Each output is different and there are endless possibilities for the types of content that can be created on the platform”.
Currently, there are three types of projects on the Art Blocks platform: Curated, Playground, and Factory. But before entering in details let’s focus on how Art Blocks works and what makes it special?
Table of contents
The Art Blocks community has one thing in common: a love of generative art.
The different types of projects on the Art Blocks platform.
Art Blocks Curated projects
Art Blocks’ Playground
Art Blocks Factory
Closing thoughts
The Art Blocks community has one thing in common: a love of generative art.
Generative art has existed since the 1960s, however, the new blockchain-based generative art platforms such as Art Blocks are driving it in a new and exciting direction. The path from the script to the viewer, combined with the vast number of iterations, encourages artists to create a very special class of artistic algorithms.
In fact, the Art Blocks platform hosts generative projects for the production of verifiably deterministic outputs. A generative script is stored on the Ethereum blockchain for each project, making it permanent, immutable, and verifiable. When a user desires to purchase an iteration of a project hosted on the platform, he or she purchases an ERC721 compliant NFT (non-fungible token), which is also stored on the Ethereum blockchain, and therefore containing a provably unique "seed" which controls variables in the generative script. These variables, in turn, control the way the output looks and operates.
From a technical point of view, each "seed", also known as a "hash string" is a hexadecimal string generated in a pseudo-random manner at the time the token is minted. Each character (0-9, a-f) represents a value from 0-15 and each pair of characters ("aa", or "f2") represents a value from 0-255.
For example, hex pairs in the seed control the initial color, rate of change of the gradient, amount of points in each generative project, as well as some special features that make some projects more scarce than others.
Whenever a project is drawn using a specific seed the result will remain identical. This means that the project is "deterministic". Art Blocks projects are required to have a deterministic initial state and thus it is guaranteed that each token, representing a specific result of the algorithm stored for that particular project, is unique.
In other words, the artist first creates a generative script that is written to the Ethereum blockchain. Then, the artist specifies how many iterations will be available to be minted by the script. Typically, a range of 500 to 1,000 is chosen. When a collector mints an iteration, meaning he/she makes a purchase, the script is run to generate a new output, and that output is wrapped in an NFT and transferred directly to the collector. Neither the collector, nor the platform, nor the artist knows precisely what will be generated when the script is run, so the full range of outputs is a surprise to everyone.
The different types of projects on the Art Blocks platform.
As mentioned above, there are three types of projects on the Art Blocks platform.
Art Blocks Curated projects
The most robust offering in the Art Blocks product range is Art Blocks Curated which is a collection of digital artwork (as NFT or Non-fungible token) stored on the blockchain.
The Art Blocks platform has established a curation board to ensure that certain carefully selected projects are included in the "official" Art Blocks Curated Collection. These projects are consistent with the intention to create a collection of works that best represent the vision of the Art Blocks platform while bringing a unique touch to the overall selected projects. The curated projects are released in quarterly sets, on a schedule that allows collectors to manageably build a significant set of generated work.
The most expensive Art Blocks Curated NFT sold is Chromie Squiggle #3784. It was sold for $2.4M. As the first project on Art Blocks, Chromie Squiggles has a special place in the heart of Art Blocks collectors. In the spirit of the platform, the project was created to support the growth and relevance of generative art.
No one knows how fast the project will be sold. Some curated projects sell out as quickly as 2 minutes and as long as two days. The collector should frequently monitor the community, in order to feel the buzz around a project. Every project is different, and artists set their own project counts.
Art Blocks Playground
These projects are not considered to be part of the curated projects and therefore are not promoted as an official Art Blocks drop nor do they reflect the "official" Art Blocks collection. In fact, after an artist has a curated project, they can release a more experimental project for the community within Art Blocks’ Playground, so these projects are a great way to support your favorite artist and the Art Blocks community.
It is important to note that the Art Blocks’ Playground has some participation limits which are detailed on the Art Blocks official website.
The most expensive Art Blocks Playground NFT sold is The Eternal Pump #17, made by Dmitri Cherniak with Javascript and GLSL. It was sold for $790.6k. "Don't fight it. Just respect it" is how the artist describes the work.
Art Blocks Factory
This is the latest addition to the platform. Due to the high number of submissions for curated projects, the Art Blocks Factory was opened to let artists submit their projects without worrying about waiting years for approval. Any artist who drops a project in the Factory automatically loses the right to continue dropping in the Playground until their project is accepted again as a curated project by the curation board.
The only way to know when a Factory project will be released is to follow the artists on Twitter and check the Art Blocks website periodically.
The most expensive Art Blocks Factory NFT sold was LeWitt Generator Generator #288, Created by Mitchell_F_Chan. It was sold for $50.3k. As per the project description, ¨Sol LeWitt's Wall Drawing #118 instructs executors to connect randomly-placed points with straight lines, on a continuous surface of wall. Art Blocks Project #118 imagines that seminal artwork executed on complex, algorithmically-generated walls¨.
Closing thoughts
The Art Blocks platform represents a long-term generative art that introduces the new standards of consistent quality and variety, while maintaining the existing need for unity in all the outputs of a program. This art form is in a state of growth and generative artists are only beginning to become familiar with these new dynamics. The highly innovative releases by renowned artists reflect amazing beauty and innovation, both artistically and technically, creating market demand. Art Blocks projects are moving beyond minting and collecting, bringing art to a new edge to explore.