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Generative Art NFTs Bring New Heat to Crypto Winter

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among frigid conditions In the ongoing cryptocurrency winter, Non-fungible token (NFT) trading volume is greatly reduced Since the third quarter of last year. While the waves of the NFT boom are surging, Popular PFP projects When Multi-million dollar JPEG salesthere weren’t too many of these trends as the NFT market seemed to lose momentum.

However, in late September, an artist $17 million in mint pass sale His new generative art NFT collection is a promising sign that these algorithm-based designs have rekindled interest in the NFT market.

Tyler Hobbs, the artist behind the collaborative generative art experiment, sold 900 of these mint passes, each priced at 14 ETH (about $18,729 at the time). This project highlighted his curatorial concept of an audience to a generative art collection. The QQL algorithm is open to the public However, cast your favorite work as NFT, official collection.

“I think it’s worth [of the collection] Being around collectors, contributing to the piece itself, being part of QQL’s story and a body of artwork that evolves over time,” Hobbs told CoinDesk.

Hobbs is well known for making headlines with NFT projects and is a household name in the NFT space of generative art.His representative his NFT collection Fidenza Created June 2021 via generative art platform Art Blocks. continued to grow in popularityAugust 2021, Fidenza #313 Sold for 1,000 ETH ($3.3 million) NFT Marketplace OpenSeaThe collection’s trading volume ballooned to 53,000 ETH, or about $82 million.

Hobbs joins a growing number of NFT artists and collectors embracing the evolution of algorithmic art and digital art creation.

What is generative art?

Generative art is a method of creating works based on a set of instructions, whether analog or computer. As the art form expands, it employs the use of autonomous systems or algorithms to randomly generate content.

More recently, NFTs as a medium of artistic expression have brought these types of works and the artists behind them. take them out of the shadows.

Art Blocks artistic director Jordan Kantor told CoinDesk that generative art has been introduced through drawings and paintings for much of the 20th century. Still, his 1960s art movements such as minimalism, along with the expansion of artificial intelligence and computing, helped propel generative art into his modern NFT space.

Specifically, he said, Web3 technology has “really changed the story of generative art” and opened up new avenues for artists to create and monetize their work. This includes building new tools for art production, finding new ways to reach communities, and developing new (perhaps fairer) economic models.

Kanter added that the blending of generative art algorithms and blockchain technology will help artists create “introspective works” that “fit most easily into contemporary art stories.”

Fusion of generative art and NFT

As generative art continues to evolve as a medium, so does the way NFT artists use it to enrich their communities and breathe new life into their artwork.

Emily Xie is the artist behind the Art Blocks collection Memories of Kirinis a code-based generative art project inspired by traditional East Asian art. Each output in the collection is an exploration of cultural folklore that leaves its interpretation to the viewer.

“Part of the storytelling aspect of the series is this idea of ​​collectivity and collective consciousness. We, as a community, decide what these pieces mean,” she told CoinDesk.

An art student with a master’s degree in computational programming, Xie successfully blends her two disciplines through generative art NFTs, and her Memories of Qilin collection has raised a total of 3,055 ETH ($4.8 million) on OpenSea. Accumulated trading volume.

“I was coding as creatively as I could, but I never imagined there would be a way to actually make a living out of my art.So when I first discovered NFTs, it became possible. “It was a big deal,” says Xie.

Xie also said that NFTs are helping a new generation of collectors and creators discover generative art.

“[Generative art] It has a very deep and rich history, but I think it has been in the corner of the art world for a very long time.The interesting thing about generative art in the context of NFTs is that this medium pushed generative art to a wider audience. is,” said Xie.

Auction House Eyes ‘Resurgence’ in Generative Art

NFT platforms such as Art Blocks and OpenSea have large generative art collections on their platforms, but traditional auction houses are also taking notice.

Christie’s, a 255-year-old auction house The forefront of the NFT boom, recently established an auction house NFT division called Christie’s 3.0.Its first NFT collection was A series of artwork by 18 year old visual artist Diana Sinclairconsists of 5 still images and 4 generative art videos.

Nicole Sales-Giles, director of digital art sales, told CoinDesk that generative artwork will appeal to more “tech-savvy” buyers looking to build art collections with intricate pieces.

The auction house successfully combines classic pieces of generative art with new algorithmic designs.

April, Sotheby’s Conducted a $2.3 million sale of generative art, It showcases the work of Bella Molnar, a 98-year-old generative artist who began her career in the 1940s, and Charles Kusuri, an artist who emerged in the 1960s and is known as a pioneer of computer art and technology. There were several other artists on the roster, including Hobbes.

Of the collectors who bought these pieces, 69% were new to Sotheby’s and over a third of bidders were under the age of 40.

“[The sales data] It shows that there is a true revival in this category. It has always been difficult to understand, mainly because the coding and creative process of an artist can be so ‘technical’ to a traditional collector,” says Michael, co-head of digital art sales at Sotheby’s.・Buhanna told CoinDesk.

Bouhanna said that while sales of generative art are increasing and there is a focus on exhibiting this kind of digital art among auction houses, there is a need to educate collectors about the richness of this artistic medium. says there is.

“We need to raise awareness of this movement among all types of collectors. So we do that through our panels, building relationships with some of the top collectors in the field and bringing in new and younger artists to bring in new artists. We continue to sell,” said Bouhanna.

Generative art is sparking conversations about creativity and collaboration

While the conversation around NFTs has increasingly focused on long-term utility, proponents of generative art NFTs celebrate the unique creative process that occurs between artists and collectors. Hobbs explained that this is one of the reasons he decided to release his QQL algorithm for free.

Some might argue that doing this devalues ​​the generated artwork, making it an official NFT collection. But Hobbes sees this as an opportunity to spark creativity in the community he’s grown.

“Even if they couldn’t afford mint pass, they could still use it to create beautiful artwork and be part of an artistic conversation.” inspired the final set of QQL stories and artwork.”

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