Unlike other NFT collections, Art Blocks is a platform. Its focus is generative or algorithmic artworks. The artists create the style of the collection, the colors and forms, or the “blocks” if you will. Each mint sorts through endless possibilities to create a unique piece. At minting time, the customer interacts with a generative script and the result is a randomly generated, unpredictable work of art. Depending on the collection, the resulting NFT can go from a static image to a multimedia experience.
So far, the platform has generated $277M in primary sales and a whopping $1320M in secondary ones. The platform royalties are 10% for primary and 2.5% for secondary market sales. From primaries, there’s a mandatory 25% donation to the artist’s favorite charity. Which is interesting, but wow, 25%! The artist receives a fair 5% for each secondary resale.
Art Blocks also claims that “collectors actively participate in realizing an artist’s vision by generating unique algorithmic artworks,” which is debatable. The mind-blowing thing is that an Art Blocks holder with access to the script and Ethereum’s ledger could theoretically reproduce the NFT. So, technically, everything they claim is true.
Even though Art Blocks is a platform, it’s not open to everyone. A team curates the collections and selects the artists worthy of participating. They offer three tiers of collections, each with different characteristics. Let’s look into them.
PBAB could be huge in the future. Keep your eye on it.