But that only made the most vocal members even more restless, he said. Image: Art Blocksīetween the rapid pace of the crypto and NFT industry and the growing impact of complaints, Calderon felt the strain on his mental health-so he started to withdraw. “I'm a pretty calm, laid-back dude-but I react and I get upset, and I want to go in there.”ĪD Art Blocks founder and CEO, Erick Calderon. “If somebody says the words ‘cash grab,’ or ‘greed,’ or ‘cash cow,’ whatever it might be,” he said. Some collectors who had bought near the top complained about the flagging momentum, suggesting that Calderon and his team weren’t doing enough to sustain the elevated demand for the project. With less hype around the project’s profit-making potential, fewer people were buying Art Blocks and prices on secondary markets declined. The average Art Blocks sale price dropped from over $15,000 at its peak in September to about $4,400 in December, with a 63% drop in monthly unique secondary market buyers from August (12,075) to December (4,424). It dropped from nearly $587 million in August to $243 million in September, per data from CryptoSlam, and less than $100 million in each month since. But the sudden surge truly was unsustainable, and as the NFT market gradually declined, Art Blocks trading volume fell sharply. The speculative frenzy raised the profile of generative artwork, and rewarded both artists and those early collectors who sold at a significant premium. It causes someone to come in and buy some too, and it's a zero-sum game. “There’s all of these conversations-whether it's on Twitter or Discord-about how someone is ‘sweeping the floor,’” Calderon explained. It helped fuel the frenzy, but also created frustration amongst collectors and potentially hurt people who bought up a bunch of pieces at the market’s peak. What actually “terrified” Calderon, as he told Decrypt, was a rush of investors buying up Art Blocks pieces at the lower end of the price scale-or the price floor-with a stated aim to flip the NFTs for a higher price. Tyler Hobbs’ Fidenza collection and Calderon’s own Chromie Squiggles have both yielded multiple seven-figure sales as well. Pieces that were originally minted for a couple thousand dollars’ worth of ETH or less sold for as much as $7.1 million, as in the case of a piece from Dmitri Cherniak’s Ringers collection in October.
The look and feel of each project can vary widely by creator-from thousands of colorful blocks in strand-like patterns to rainbow squiggles, and even to what appears to be a cartoonish hunk of ham floating at sea ( White Castle owns one ).Īs demand for Art Blocks soared in August and September, select pieces generated enormous returns for buyers.
Now vaulted forever /TVcCmYIFuNĮvery individual NFT looks different, but there’s typically cohesion within each artist’s collection. A remarkably beautiful and memorable onchain artifact now owned by legend Unmistakably one of the top 5 Fidenzas I present to you Fidenza 313, 🌷 "The Tulip" 🌷. Just brokered the first 4-digit sale at 1,000ETH ($3.3M)
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