What Are Generative Art NFTs? How Much Are They Worth?

What Are Generative Art NFTs? How Much Are They Worth?

Time Stamp: January 11, 2023 5:55 AM

What Are Generative Art NFTs?

A generative art NFTs is a form of generative art that is created using a smart contract and stored as an NFT on a blockchain. Artists frequently produce a set of images and add a few rules to the code. The underlying artwork is then generated automatically by the algorithm by randomly combining the images or patterns in accordance with the guidelines provided by the artist.

The degree of uniqueness in the minted piece is what makes these NFTs so appealing. There’s also the element of surprise, as neither the artist nor the collector will be aware of the final design.

The popularity of generative art NFTs has increased due to the NFT industry’s continued expansion. NFTs make it simple for people to acquire and own works of generative art. Now that generative art NFTs are widely used, both art collectors and enthusiasts are taking notice. This might contribute to the growth of the market for generative art as a whole.

Key Takeaways

A generative artwork NFTs is a form of generative art that is created using a smart contract and stored as an NFT on a blockchain.

Ethereum-based Art Blocks have become the preferred platform for generative art.

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By producing generative art NFT, artists can further distinguish their works of art.

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What Is Generative Art?

Art produced with software is referred to as “generative art.” A pleasing work of digital art is produced by the program using shapes, patterns, and colors that are generated at random. It is typically a collaborative effort between man and machine where the artist defines the process and the final piece of art is produced by the software or program of choice.

The 1960s marked the beginning of generative art. There was no internet or blockchain at the time. Generative art developed into a distinct art form over time. The terms algorithmic art, computer art, and computer graphics were then used to refer to this “new” artistic technique. Today, depending on the situation, the terms algorithmic art and generative art are sometimes used interchangeably. However, the 1960s were also a time when numerous art movements and trends, including Conceptual Art, Feminist Art, Pop Art, etc., began to emerge; as a result, generative art sort of fell by the wayside.

5 Best Features of Generative Art

  1. Unpredictable Outcome
  2. Fluidity
  3. Ease
  4. Speed
  5. Ready Market

Generative Art NFTs: How Are They Made?

Smart contracts are used to create generative art NFTs, which are then stored on a blockchain in the form of an NFT. A smart contract is a piece of secured code that, when certain conditions are met, executes itself. It is stored on a blockchain. They are ideal for making art that is algorithm-driven and random because of this characteristic.

You can start by locating an AI tool and a relevant blockchain if you’re a creative who wants to produce NFT generative art. Your NFT will then be composed of a number of traits, and you will design one or more variations for each trait. Copying smart scripts into your NFT design will allow you to produce new NFT variations. The total number of NFTs that can be produced is also subject to a cap.

Additionally, by producing generative art NFT, artists can further distinguish their works of art. You can add various codes to your artwork, such as wallet ID, transaction ID, or gas price, based on your artistic goals.

Also Read: NFT Avatars: Why Are NFT Avatars So Popular And What To Expect In 2023

Programs used in creating generative art NFTs

  • Async Art
  •  canvas-sketch
  • DALL.E 2
  • openFrameworks
  • SketchAr

How to purchase generative NFT art

A number of specialized platforms have now emerged to serve fans of generative art as generative art NFTs gain popularity. In the midst of this, Ethereum-based Art Blocks have become the preferred platform for generative art. The platform focuses on “genuinely programmable on-demand generative content,” according to its website.

Fxhash is another well-known NFT marketplace. Fxhash is an “open platform to create and collect generative NFTs” that is built on the Tezos blockchain. Of course, there are other well-known NFT marketplaces where you can purchase NFT art, including OpenSea, LooksRare, and KnownOrigin.

Ultimately, if the sales figures are any guide, generative art NFTs are in high demand. Although there is a good chance that this demand will persist, it is still too soon to predict how they will fare in the long run. There is no doubt that the popularity of the artist and the historical importance of the works are important factors in determining their value, as shown by the majority of top generative art collections.

Also Read: What Is Real Estate NFT? What Impact Is It Having On The Real Estate Sector?

NFT Arts

NFT Arts

The most popular NFT generative art projects

After discussing the fundamentals of generative art, let’s look at some of the most popular generative art NFT projects:

Autoglyphs

Larva Labs, the company behind CryptoPunks, is credited with producing the first generative NFT art project called Autoglyphs in 2019 on-chain.

Autoglyphs, which run on the Ethereum blockchain, are described by their creators as “an experiment in generative art, each one unique and created by code.” Anyone who paid about $35 was able to create their own Autoglyph thanks to Larva Labs. The collection as a whole is thought to have generated sales of $41 million. However, the most expensive Autoglyph NFT fetches a price of $941,428.

 Lost Poets

One of the most well-known and prosperous NFT artists Pak is the creator of the generative art NFT and strategy game Lost Poets. The Lost Poets project is regarded as Pak’s most involved NFT endeavor. It is a multi-stage collectible and strategy game.

The release of Lost Poets will happen in stages beginning in September 2021. A total of 65,536 single, multiple-edition NFTs made up the first stage, dubbed “Pages,” which went on to sell $70 million in total. Subsequent stages were made up of similar NFTs. The collection’s NFTs were all produced by AI.

Art Blocks

A platform called Art Blocks is used for collecting and producing generative art. The project, started in 2020 by Erick Calderon, is regarded as the most prosperous generative art NFT project, having generated more than $994 million in sales. Chromie Squiggles was the first piece of generative art ever created on Art Blocks by Calderon. Other than Chromie Squiggles #4697, Ringers #109, and Ringers #879. Some of the most expensive art NFTs on Art Blocks are Fidenza #313 and Fidenza #77.

Solvency

The Solvency project is a limited edition collection by Ezra Miller that includes WebGL simulations. The WebGL artwork is created using layered colors that depend on information from the minting transaction, 500 editions of the artwork, and textured feedback loops that are derived from a GAN trained on 35 mm photographs. The final work of art is influenced by the hash of the token used in the Solvency project, some being rarer than others.

Also Read: What is NFTs Rarity? Why Is Rarity Important For NFTs?

Are NFTs of generative art worthwhile for collecting?

Your personal preference and end goal will ultimately determine whether you decide to collect generative art NFTs or not. Even though generative art has been around for a while. However, the addition of NFTs to it makes it a relatively new field. It’s also difficult to predict how the market for generative art NFTs will fare a few years from now. The market for generative art NFTs alone brought in $2.57 billion in 2021. However, it is an increase from $20 million in 2020. This development suggests that generative art NFTs may explode in the future if the market manages to maintain its upward trend despite the ongoing crypto winter.

Nevertheless, despite all the hype and the potential profits investors could realize by purchasing generative art NFTs, you shouldn’t approach it carelessly. NFTs are a highly speculative asset class, so keep market trends in mind. Always, do your own research, and only invest what you can afford to lose.

Future of generative art NFTs

Although the market for NFTs experienced a downturn in 2022, after more than 50 years of being largely ignored, NFTs have given generative artists a shopfront and an audience. The work of generative artists like Kvix Studio is constantly fascinating and occasionally unsettlingly beautiful. In the meantime, the market was further expanded in 2021 when Tezos. However, it is an Ethereum rival, that introduced the generative art platform Fxhash.

Conclusion

Digital art has become more widely available while also gaining collectability, scarcity, and provenance thanks to NFT and blockchain technology. The generative art form will develop alongside the NFT art market. Even though the NFT market is still developing, its current growth trajectory indicates that it will continue to offer new opportunities and experiences for emerging art forms, artists, and collectors.

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