NFT
Renowned auction house Christie’s recently sold another NFT digital and physical artwork piece for a hefty price tag of nearly $450,000.
On Feb. 28, Christie’s announced the auction of Tyler Hobbs’ “Fidenza #724” for a realized £365,400 (approx. $440,000).
The piece is part of a wider collection of 999 NFTs. Christie’s described it as “channeling inspiration from art history and nature into innovative computer code.”
Tyler Hobbs is a software engineer as well as an artist. Speaking on generative art and NFTs, he said:
“I see code becoming a standard tool for artists. It’s just way too powerful to ignore.”
Generative art is a new paradigm in the art world that, in whole or in part, has been created with the use of an autonomous system. Hobbs uses computer algorithms to generate his work.
Fidenza Collection and the Popularity of Algorithm Art
Hobbs created the Fidenza collection using random code-generating algorithms in June 2021. He minted 999 NFTs for the project that is “based around the concept of ‘flow fields’: images that map the density and velocity of a fluid over space and time,” reported Christie’s.
The artist allowed his computer to randomly choose and apply layers of digital code to these images. Furthermore, it was permitted to alter elements such as color, scale, and turbulence and select the work’s final appearance.
“Because he programmed some pieces of code to apply themselves less often than others, each work’s ultimate combination of traits can be ranked in terms of rarity,” the report noted.
On the creation of the collection, Hobbs commented:
“While we have physical bodies, we spend a lot of time in digital worlds, and in order to explore this reality, art needs to span both.”
Fidenza became one of the most popular NFT collections of the year. According to OpenSea, the floor price for NFTs from the collection currently sits at 69.69 ETH, or approximately $115,128.
The most expensive one listed on the NFT marketplace is Fidenza #280 for a whopping 1,100 ETH (around $1.8 million).
Blue Chip NFT Comeback
Blue Chip NFTs are starting to see a resurgence in sales and demand. Leading collections such as the Bored Ape Yacht Club, Otherdeed, and CryptoPunks are starting to shift again as collectors load up using cheaper Ethereum.
According to CryptoSlam, BAYC remains the most popular NFT collection for secondary sales with $16.3 million sold over the past week.
On Feb. 28, Yuga Labs launched a Bitcoin Ordinal-based collection called TwelveFold.
