Unlike other NFT collections, Art Blocks is a platform. It focuses on generative or algorithmic artworks. The artists create the style of the collection, the colors and shapes, or the “blocks” if you prefer. Each mint sorts through endless possibilities to create a unique piece. At the time of typing, the client interacts with a generative script and the result is an unpredictable randomly generated work of art. Depending on the collection, the resulting NFT can go from a static image to a multimedia experience.
In most other Blue Chip collections, such as women’s world Where doodles, an artist or a group of artists create the art and its different strokes. On the other hand, several artists are constantly building Art Blocks collections. As you can imagine, some of them are more valuable than others. The creator of the platform is Erick Calderon, better known as Snowfro. He is the artist and coder behind Art Block’s first flagship collection, Chromie Scribbles. You’ve probably seen them before, and one of the squiggles serves as the logo for the entire platform.
Other iconic and multi-million dollar collections launched through the platform are fidenza by Tyler Hobbs and Dmitry Cherniak Ringtones. Of course, these are the ones that stand out and are incredibly successful. New collections and new projects are launched every week via Art Blocks, as you can see in this busy schedule. To avoid gas wars at the time of the strike, the platform uses the Dutch Auction method. In other words, the sale starts at a high price which decreases over time. Customers wait for their ideal price, if it ever achieves it.
How do art blocks work?
So far, the platform has generated $277 million in primary sales and $1,320 million in secondary sales. Platform royalties are 10% for primary market sales and 2.5% for secondary market sales. Beginning with primaries, there is a mandatory 25% donation to the artist’s favorite charity. Which is interesting, but wow, 25%! The artist receives a fair 5% for each secondary resale.
According Art Block’s website, they offer “truly programmable on-demand generative content that is stored immutably on the Ethereum Blockchain.” This is not entirely true. The script and NFTs are there, probably forever, but the art is too complex to store on chain. Files are in IPFS or other storage solutions.
Art Blocks also claims that “collectors actively participate in realizing an artist’s vision by generating unique algorithmic artworks”, which is debatable. What is mind-boggling is that an Art Blocks holder with access to Ethereum’s script and ledger could theoretically replicate the NFT. So technically everything they claim is true.
Even though Art Blocks is a platform, it’s not open to everyone. A team organizes the collections and selects the artists worthy of participating. They offer three levels of collections, each with different features. Let’s examine them.
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The different collections
- The curated collection: This is the main thing, Art Blocks publishes it “on a regular schedule”. Only a few select artists have managed to the seven quarterly series so far. According to their website, “Art Blocks has created a selection committee to carefully select projects for inclusion in our curated collection. The Curated Collection is a group of projects that push the boundaries of generative art in their technical innovation and aesthetic beauty.
The company’s account manager, Druid, developed the features of the collections in a middle position. “Since we launched Art Blocks in November 2020, our first official set includes all curated drops in 2020, with full quarterly sets starting in 2021. Artists have a six-month cooldown between rolling out projects in the curated collection.”
- Playground Collection: This one is less formal, “Art Blocks artists who have already been included in the Curated Collection” can play and do whatever they want. Druid adds: “It is important to note the limitations of Playground: first, an artist can only launch a Playground project after a Curated project. Second, only one project per artist can be active in the Playground at a time, and it must be completed before another can be launched on the Playground. Additionally, there is “a two-month cooldown between deploying projects in the Playground Collection.”
- Art Block Factory: It’s more general and it’s for artists who haven’t necessarily participated in The Curated Collection. According to the website, “The Factory Collection includes projects selected directly by Art Blocks and highlights our standards of technical quality and artistic beauty.” And according to Druid, “Factory artists will be required to sell their entire project before posting anything else on the platform. They will also have a two-month break between projects on the platform. form. “
Powered by Art Blocks (PBAB)
Last but not least, the company offers this very interesting product. “Powered by Art Blocks (PBAB) is a custom-branded solution from Art Blocks. It enables the NFT generative typing technology used by Art Blocks artists to be integrated with third-party sites.” This means that organizations can use Art Blocks’ “smart contracts and rendering framework” to generate “branded generative projects”.
PBAB could be huge in the future. Keep an eye on it.
Featured Image: Screenshot from Art Blocks website | Charts by TradingView