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

After their launch, NFT Art Blocks quickly became a staple. Incidentally, just recently, they caught the eye for defying the downward movement of the cryptocurrency market. Indeed, last week the project generated 75% more unique active wallets. Transactions also jumped 64%.

Art Blocks: The Rise of Generative Art

What are NFT Art Blocks?

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

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

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

The increase in Art Blocks business

For quite some time, the crypto market has entered a bearish movement. However, Art Blocks NFTs showed completely opposite activity. The collection attracted a total of 941 buyers who initiated over a thousand transactions. It recorded one of the highest-grossing sales of the past week.

Chromie Squiggle #133 was sold for 229 ETH, or over $621,000. Incomplete Control #32 and Fidenza #970 recorded sales of over $200,000. A few other Fidenzas follow close behind with record sales of over $198,000 each. These five sales brought in over $1 million in trading volume.

Do collectors really win with Art Blocks?

To find the answer, you have to track 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 was minted last year at a price of 0.035 ETH, or about $86 at the current ETH price. Incomplete Control #32 follows similar growth. He was minted about 5 months ago and sold at a price of 80 ETH. Interestingly, 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 approximately $135,000, at the current price of ETH.

Conclusion

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

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Emile Stantina

Interested in investment and financial markets after a business school in Chambéry, the passion for cryptocurrencies was obvious. The blockchain is surely the universal tool of tomorrow.

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


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