After their launch, NFT Art Blocks quickly became a staple. Incidentally, just recently, they caught the eye of resisting the downward movement of the cryptocurrency market. In fact, last week the project generated 75% more unique active wallets. Transactions also jumped 64%.
What are NFT Art Blocks?
Art Blocks is an Ethereum-based platform. It provides unique, programmable, on-demand generation NFT art for collectors. This is done through a process called NFT drops in which the user creates an NFT without knowing the outcome in advance. The sole purpose of Art Block is to generate 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 displaying 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 an NFT collector swears on Art Blocks, it creates a token on the Ethereum blockchain. This sign contains a seed that determines art production through color, geometry, etc.
The rise of the Art Blocks business
For some time now, the crypto market has entered a bearish movement. However, Art Blocks NFTs showed completely contradictory activity. The entire collection of 941 attracted buyers who initiated more than a thousand transactions. One of the highest gross sales was recorded in the past week.
Chromie Squiggle # 133 sold for 229 ETH, or over $ 621,000. Incomplete Control # 32 and Fidenza # 970 recorded sales over $ 200,000. A few other Fidenzas are close behind with sales of more than $ 198,000 each. These five sales brought in over $ 1 million in trade volume.
Do Collectors Really Win with Art Blocks?
To get the answer, you need to track history and sales. Let’s look at the best NFTs:
Chromie Squiggle # 133 sold for 229 ETH, or $ 621,030, at the time of sale. He was oath last year at a price of 0.035 ETH, or about $ 86 at the current ETH price. Incomplete Control # 32 continues similar growth. He was oath about 5 months ago and sold at a price of 80 ETH. Interestingly enough, the buyer of Incomplete Control and Chromie Squiggle are 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 May 2022. The return on this investment is more than 55 ETH, or about $ 135,000, at the current price of ETH.
Conclusion
This shows that the Art Blocks business is growing not only in the number of NFTs but also in sales volume. While the sale is NFT oath it does not always guarantee 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 decline in the cryptocurrency market.
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Emile Stantina
Interested in investment and financial markets after a business school in Chambéry, the passion for cryptocurrencies was evident. The blockchain is definitely the universal tool of tomorrow.
