Coinomi
Image default
NFT

Can NFT Art Blocks on Ethereum (ETH) withstand the decline

After their launch, the NFT Art Blocks quickly became essential. By the way, just recently they have attracted attention for defying the downward movement of the cryptocurrency market. Indeed, last week, the project generated 75% more unique active portfolios. Transactions also jumped 64%.

Art Blocks
Art Blocks: The Rise of Generative Art

What are NFT Art Blocks?

Art Blocks is an Ethereum-based platform. It provides collectors with a unique, programmable and on-demand generative NFT art. This is done through a process called NFT drops where the user creates an NFT without knowing the result in advance. The only purpose of Art Block is generative art, that is, art created by a computer script, programmed by an artist.

The uniqueness of Art Blocks lies in the fact that it is not limited to the presentation and sale of NFTs. It hosts the artistic script itself and allows collectors to interact with it. The result is unique, full of random variables, which makes it different from all the other NFTs in the same script.

When a collector mints an NFT on Art Blocks, he creates a token on the Ethereum blockchain. This token contains a seed that determines the artistic production by assigning color, geometry, etc.

The increase in Art Blocks activities

For some time now, the crypto market has entered a bearish movement. However, the NFTs of Art Blocks showed a completely opposite activity. The collection attracted a total of 941 buyers who initiated more than a thousand transactions. It recorded one of the most profitable sales in the last week.

Chromie Squiggle #133 was sold for 229 ETH, or more than $621,000. Incomplete Control #32 and Fidenza #970 recorded sales of over $200,000. A few other Fidenza followed closely with record sales of more than $198,000 each. These five sales brought in more than a million dollars in transaction volume.

Do collectors really win with Art Blocks?

To find the answer, you need to track the history and sales. Let’s take a closer look at the best NFTs :

Chromie Squiggle #133 was sold for 229 ETH, or $621,030, at the time of the sale. He has been minté last year, at the price of 0.035 ETH, which is about $86 at the current ETH price. Incomplete Control #32 follows a similar growth. He has been minté about 5 months ago and sold at a price of 80 ETH. It is interesting to note that the buyer of Incomplete Control and Chromie Squiggle is the same. Fidenza #970 was first sold for 21 ETH, about nine months ago. It was a little less profitable for the miner. However, the owner resold it for 76 ETH in the month of May 2022. The return on this investment is more than 55 ETH, or about $135,000, at the current ETH price.

Conclusion

This shows that the activity of Art Blocks is increasing, not only in the number of NFTs but also in the volume of sales. Although the sale of an NFT minté does not always guarantee an interesting added value, in the case of Art Blocks NFTs, this is often the case. This is good news, especially in this period of decline in the cryptocurrency market.

Receive a digest of the news in the world of cryptocurrencies by subscribing to our new daily and weekly newsletter service so you don’t miss anything essential Cointribune!

Emile Stantina avatar
Emile Stantina

Passionate about blockchain technology and cryptocurrencies, we are helping to popularize and democratize this new world.
“Chancellor on brink of second bailout for banks”

Related posts

OpenSea blocks the NFT Bored Ape 2162 due to legal proceedings

Reginald Easterling

First fundraising for Doodles and new partnership

Reginald Easterling

NFT: 1.8 million OpenSea users affected by a massive breach of the messaging service

Reginald Easterling