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Art Blocks Sees 700% Increase After New Sale

Art Blocks has sold 1500 on-chain-generated artworks by Aaron Penne, which caused an increase in trading volume of 777%. These artworks sold for 0.1 ETH each and were claimed within an hour.

Every time Art Blocks issues new art through their platform, there’s immediately some active trading happening on the secondary market. With 285 traders in the past 24 hours, the number of active wallets increased 630 percent, while sales increased 774%.

The artworks issued through Art Blocks stand out from other platforms because both the software and the seeds required for generating the visual are on the Ethereum blockchain, making these artworks unchangeable. 

The Apparitions artworks by Aaren Penne use the transaction hash of the moment an artwork is bought, which then determines the visuals. For example, elements like shapes, patterns, and colors can be adjusted based on the on-chain data from the transaction, the buyer’s wallet, the gas fees required, and so on. 

There have been 27 types of artworks already that launched through Art Blocks. On the secondary market, Cryptoblots is currently the cheapest, priced at 0.1 ETH and up. Artworks like Ringers, Archetype, and Ignition have sold for premium prices of 5 to 10 ETH each. 

NFT art collectors increasing

Art Blocks is performing really well, but other art platforms also see increased trading activity. In the past 30 days, the amount of money going into CryptoPunks has exploded by 500% to more than $130 million. NFT Marketplace Rarible has seen its trading volume increase 330% to almost $23 million. 

At the same time, a new art platform called Foundation has been making a splash. They recorded $7.7 million in volume from 3395 art sales in the past 30 days. Nyan Cat and Grumpy Cat sold artworks through Foundation, while electronic music producer Aphex Twin sold his art for $127.000.

It’s interesting to look at the origin project that started Art Blocks: Chromie Squiggle. According to OPENSEA there are 9134 squiggles on the market, and the most expensive one sold for 45 ETH. However, most of the Chromie Squiggles have been sold for prices between 0.5 and 1 ETH. 

There’s one wallet that holds 1007 Chromie Squiggles, and you can see all these blockchain-generated artworks in the DappRadar Portfolio Tracker.

Learn more about NFT art

 
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