{"id":1231,"date":"2021-09-14T12:47:37","date_gmt":"2021-09-14T04:47:37","guid":{"rendered":"https:\/\/www.atelierauction.com\/globalupdates\/?p=1231"},"modified":"2021-09-14T12:47:37","modified_gmt":"2021-09-14T04:47:37","slug":"algorithm-generated-nfts-are-quickly-rising-in-value-can-art-blocks-up-the-quality","status":"publish","type":"post","link":"https:\/\/www.atelierauction.com\/globalupdates\/artist\/algorithm-generated-nfts-are-quickly-rising-in-value-can-art-blocks-up-the-quality\/","title":{"rendered":"Algorithm-Generated NFTs Are Quickly Rising in Value. Can Art Blocks Up the Quality?"},"content":{"rendered":"

\u201cThe most popular series of NFT collectibles are algorithmically generated,\u201d Dean Kissick, the New York editor of\u00a0Spike Art Magazine<\/em>, wrote in a\u00a0column<\/a>\u00a0back in March, when the NFT craze was just exploding. He was describing the algorithm\u2019s claustrophobic effect on culture, and he isn\u2019t alone in his prognostic. There are many critics who claim that algorithms do two things: produce bad art and cheapen culture as a whole.<\/p>\n

The problem, Kissick wrote,\u00a0 is \u201cwe want too much content, too fast, and it just leads to this endless algorithmic churning, this paint-by-numbers effect. You see it in art. In Netflix documentaries. Spotify playlists. Op-ed pages. The news. The latest manufactured outrage. Well-reviewed first-person novels about nothing. All so dreadfully banal and repetitive.\u201d<\/p>\n

That was last March, long before algorithmic art would come to dominate the NFT space and breach the walls of the fine art world via the auction houses. This past season\u2014which crypto enthusiasts have taken to calling the \u201cJPEG summer\u201d\u2014saw the rise of massively successful profile-pic NFT projects (PFP\u00a0NFTs<\/a>) like Bored Ape Yacht Club and Pudgy Penguins. These series capitalize upon the success of CryptoPunks, a series of pixelized portraits of punks, which continue to dominate as the NFT scene. Each of these projects shares a process which depends on algorithms. A bucket of virtual assets\u2014different design features, accessories, and special traits\u2014is created and then mashed together using a procedural generation algorithm that creates thousands of unique combinations.<\/p>\n

This type of art-making,<\/strong>\u00a0the PFP project creator Franky Aguilar recently\u00a0pointed out<\/a>, \u201cis a very easy way to generate 10,000 unique images.\u201d Evidently, the challenges that come with making a successful PFP project hardly lie with the artistic process. Yet they\u2019ve come to define the most sought-after assets on the NFT market. Sotheby\u2019s just\u00a0realized<\/a>\u00a0$24.4 million for a bundle of 101 Bored Apes from the Bored Ape Yacht Club collection. Christie\u2019s will be\u00a0offering<\/a>\u00a0their own PFP sale next week. From a critic\u2019s perspective, this is exactly the problem\u2014the line between manufactured collectibles and unique art works has almost completely collapsed.<\/p>\n

Not all algorithmic art has to be this simplistic. A new generative art platform,\u00a0Art Blocks<\/a>, has set out to prove that art made with algorithms can be complex and genuinely aesthetically compelling.\u00a0On Art Blocks, artists upload their algorithm and cap the number of iterations it can produce.\u00a0Buyers select an algorithm with a style they like and then mint pieces, each of which is unique but randomly generated. It functions a bit like a \u201cget-what-you-get\u201d gumball machine, except some treat what comes out like a stock option.<\/p>\n

Art Blocks isn\u2019t as worried about the long-term value of NFTs as they are about raising the standards of algorithmic art.\u00a0\u201cUntil today, a [generative] artist would create an algorithm, press the spacebar 100 times, pick five of the best ones and print them in high quality,\u201d\u00a0Erick Calderon<\/a>, the CEO and founder of Art Blocks, said, explaining how generative artists typically make their work. Then they would \u201cframe them, and put them in a gallery.\u00a0Maybe.<\/i>\u201d<\/p>\n

But Art Blocks has completely changed the status quo for generative art.\u00a0\u201cBecause Art Blocks forces the artist to accept every single output of the algorithm as their signed piece,\u201d Calderon said, \u201cthe artist has to go back and tweak the algorithm until it\u2019s perfect. They can\u2019t just cherry pick the good outputs. That elevates the level of algorithmic execution because the artist is creating something that they know they\u2019re proud of before they even know what\u2019s going to come out on the other side.\u201d<\/p>\n

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\"chromie<\/div>\n<\/div>
Chromie Squiggle, the first series to go up on Art Blocks.<\/span>ART BLOCKS<\/cite><\/figcaption><\/figure>\n<\/div>\n

Though generative art began in the 1960s, it\u2019s still an emerging art form. More importantly, the top collectors of generative art, people in the crypto and NFT communities, are themselves only now beginning to approach questions of value, subjective taste, and aesthetics. For the layman, and even those who are highly technologically proficient, there\u2019s a learning curve in understanding what makes for good generative art, like a complex code that achieves both high variety and consistent quality.<\/p>\n

This attention to quality is paying off.\u00a0In August, Art Blocks saw\u00a0nearly\u00a0$600 million (184m Eth) in sales across 51,000 transactions involving more than 12,000 buyers. On August 23, Art Blocks had a peak selling day where $69 million in transactions occurred. Christie\u2019s will be\u00a0offering\u00a0NFTs produced through Art Blocks\u00a0in an October postwar and contemporary art auction. According to a report by Dapp Radar, a data analytics company focused in decentralized apps, the wealthiest collectors in the NFT space (commonly referred to as \u201cwhales\u201d) own Art Blocks pieces and are, on the whole, refusing to sell. \u201cIt is clear that some collections are now perceived as safe assets for storing and gaining value,\u201d the report says, \u201cas is the case of Art Blocks and CryptoPunks where their whales did not reduce their current holdings, but they increased them (in the case of Art Blocks).\u201d<\/p>\n

Generative artists, for their part, believe that their medium is here to stay. Artist\u00a0Tyler Hobbs<\/a>, who has produced work using Art Blocks, said in an email, \u201cThe bulk of our lives [is] moving into digital environments, which are of course constructed with algorithms. Should artists strain to avoid these algorithms? No, we\u2019re better off claiming them for ourselves.\u201d In response\u00a0to Kissick\u2019s critique, Hobbs added, \u201cI won\u2019t claim that most algorithmic artwork is good, or that there aren\u2019t a large number of people in it for the money, as always. But, if you actually understand the art form I think you\u2019ll see that at the core there\u2019s something special taking place.\u201d<\/p>\n

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Source\uff1ahttps:\/\/www.artnews.com\/<\/p>\n","protected":false},"excerpt":{"rendered":"

\u201cThe most popular series of NFT collectibles are algorithmically generated,\u201d Dean Kissick, the New York editor of\u00a0Spike Art Magazine, wrote in a\u00a0column\u00a0back in March, when the NFT craze was just exploding. He was describing the algorithm\u2019s claustrophobic effect on culture, and he isn\u2019t alone in his prognostic. There are many critics who claim that algorithms […]<\/p>\n","protected":false},"author":2,"featured_media":1232,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"tdm_status":"","tdm_grid_status":"","footnotes":""},"categories":[5,13,7,4,3],"tags":[],"class_list":{"0":"post-1231","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-artist","8":"category-auction","9":"category-events","10":"category-gallery","11":"category-latest-news"},"yoast_head":"\nAlgorithm-Generated NFTs Are Quickly Rising in Value. 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