Generative Art NFTs Explained
There have been created different types of NFTs since the drastic evolution of this asset class, from static to dynamic and now generative art NFTs.
Non-fungible tokens (NFTs) have become the second most used utility of blockchain technology after cryptocurrencies and have been generating billions of dollars in profit for artists and collectors alike since 2020.
Even several celebrities, such as Justin Bieber, Neymar Jr, and Jimmy Fallon, currently own one or more NFTs. There’s also a TV series being developed around an NFT character. In addition, NFTs were also featured at this year’s Video and Music Awards (VMAs).
Generative art is a genre of NFTs that showcases an algorithm-driven art style and has recently gained popularity and has become one of the most sought-after NFT art forms. Generative art platforms like Art Blocks and fxhash have helped take these NFTs to the wider crypto art community, and some of these NFTs have fetched hundreds of thousands of dollars.
What is Generative Art?
The term generative art was developed in 1965 by German philosopher Max Bense and is used a lot in the NFT market. Generative art describes art that arises from algorithms programmed to specific parameters by engineer-artists. It is created using a machine that has the ability to randomly produce colors, patterns, and shapes that are organized into an artistically pleasing piece of digital artwork.
The terms algorithmic art and generative art are being used interchangeably as generative artists utilize code, algorithms, and a set of rules to generate new pieces of art. Generative art often utilizes artificial intelligence (AI) to create artworks using the initial set of instructions given by the artists to generate art autonomously. That is to say, the computer program gets influenced by the artists but operates on its own generative process that produces original artworks that might end up surprising the artist themselves.
Randomness, algorithms, and geometry are the three elements forming the crux of generative art. The outcome of a piece of generative art can’t be decided in advance by the artist due to randomness. Incorporating algorithms in generative art helps to create amazing art while geometry can help provide beautiful visual effects.
What are Generative Art NFTs?
Generative NFTs are created via a smart contract and stored on-chain. Today, NFTs make it possible for people to own a piece of generative art while giving artists an avenue of creating pieces of generative art using smart contracts.
AI-powered art has slowly started to grab the attention of art enthusiasts and NFT collectors all around the world. Developments in technology have allowed pieces to become more visually complex and appealing. Everyone will have their own interpretation and bring to life new art genres.
Artists can mint generative art NFTs by adding code to the art, such as gas price, wallet ID, or transaction ID. While most NFTs have been original creations by people, the incipient AI-generative NFTs accentuate the potential for artists to collaborate with machines and generate unique pieces of art.
The Chart-Topping Generative Art NFT Projects
Let’s take a look at some of the top-selling generative art NFT projects:
Autoglyphs by Larva Labs
Autoglyphs, the first on-chain generative art NFT project, is developed by Larva Labs. According to the developers, Autoglyphs are “an experiment in generative art, each one unique and created by code.”
In 2019 it was possible to mint these NFTs by paying 0.2 ETH (around $35 at the time). However, the Autoglyphs’ supply was limited to 512. Due to their extreme scarcity, these historic NFTs currently have a floor price of 189 ETH (around $230,000).
Fidenza by Tyler Hobbs
Tyler Hobbs’ Fidenza includes a total of 999 NFTs where the cheapest NFT will cost you at least 83 ETH (around $102,000). It is one of the most recognized generative art NFT projects on Art Blocks. Hobbs launched these NFTs, featuring colourful pastiches, in June 2021.
Lost Poets by Pak
Lost Poets, a “multi-stage NFT collectible and a strategy game”, was launched by Pak in September 2021. The first installment of the project, called “Pages”, featured 65,536 single, multi-edition NFTs. What’s more, an AI generated each NFT in the collection.
Solvency by Ezra Miller
The brainchild of Ezra Miller, Solvency is a limited edition collection of WebGL (an open-source standard for 3D animation on the web) artworks. This project contains 500 editions of artworks generated based on the hash of the token the collector minted. In other words, the hash influences the patterns and textures of the artwork, some rarer than others.
Ringers by Dmitri Cherniak
Ringers was created by Canadian artist and coder, Dmitri Cherniak, and includes 1,000 generative art NFTs. These are characterized by a series of “strings and pegs”. This is one of its top-selling NFT collections generated on the Art Blocks platform. It currently has a floor price of 44.9 ETH.
The current growth trajectory of the NFT ecosystem suggests that generative art medium will continue to evolve and present further opportunities and experiences for artists and collectors. Creating AI-generated art is still in its infancy, and there’s perhaps still a long way before an AI NFT reaches the level of appreciation of Picasso or Cézanne.
According to the total sales volume achieved so far, generative art NFT projects are already experiencing growth, highlighting the potential for crypto art that is more artistic than JPEGs of apes.
However, it’s imperative that collectors pay great attention to the market trends and carry out extensive research on their own before purchasing generative art NFTs.
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