He Keeps Art NFTs Hot in Crypto Winter – Yahoo Finance
Amid the harsh crypto winter conditions, non-fungible token (NFT) sales have slumped, too. NFT artists and auction sites hoped the long-anticipated Ethereum Merge would kick the market back into action. But the data after the Sept. 15 event ended up being disappointing.
Looking back on the NFT markets since the end of white-hot 2021, however, there was a cause for excitement: generative art as a medium for creating art NFTs has been on the rise, and artist Tyler Hobbs has been a force in keeping this NFT art form relevant. Generative art utilizes an algorithm to randomly create a piece of digital art. Each artist carefully crafts the code behind their work, and the beauty is in seeing what visual effects are unleashed. The rise of NFTs has prompted generative artists to put their work on-chain.
Read more: Presenting CoinDesk's Most Influential 2022
In September, Hobbs sold mint passes for his generative art collection QQL, raising $17 million before anyone knew what the minted piece would look like. According to data from NFT marketplace OpenSea, the collection currently has a 111 ETH trading volume, or $135,138, with a floor price of 15 ETH, or $18,262.
QQL wasn’t Hobbs’ first large success with generative art NFTs. In October 2021, he released Fidenza, a generative art collection, which, according to OpenSea, has amassed a 54,253 ETH, or $66,050,857, in trading volume and has a current floor price of 95 ETH, or $115,659.
Of course, that was when NFTs were the hottest thing in crypto and the art market in general. What makes Hobbs’ work exciting is that despite the NFT market slump since the beginning of 2022, buyers are still flocking to his work. In September, one wallet purchased eight Fidenzas, nearly $900,000 of Hobbes’ work.
“Projects like Fidenza and QQL are really new works that couldn't have happened prior to the blockchain and prior to NFTs,” Hobbs told CoinDesk. “NFT's have been fantastic for digital media, but there happens to be, you know, this real synchronicity with generative artwork that has allowed them to really flourish together.”
While Hobbs released Fidenza during the NFT hype of 2021 and QQL in the chilling crypto winter of 2022, both collections’ performance data illustrates how his generative art transcends market conditions, and may continue to set the pace in the future.
The crypto firm called off its revised reverse merger with special purpose acquisition company Concord Acquisition Corp.
The abandoned deal dashes immediate hopes of taking one of the biggest crypto players public at a time when confidence in digital assets has eroded.
MF Bond Report for OIBAX
For the fourth year, CoinDesk has partnered with 14 artists to immortalize on-chain some of the Most Influential 2022, whose NFT portraits will be made available in an exclusive auction being held on Coinbase NFT.
In the three months since Reddit launched r/NFTsMarketplace, more users have opened wallets than all the users on top NFT marketplace OpenSea. That’s why Reddit’s new Chief Product Officer Pali Bhat is one of CoinDesk’s Most Influential 2022.
The 26-year-old president of Jump Crypto heads a DeFi juggernaut that’s building key infrastructure and cross-chain bridges, and investing in layer1 blockchains. For running on all cylinders in a year of crypto reckoning, Kanav Kariya is one of CoinDesk’s Most Influential 2022.
In the year of crypto winter, the critics have been proven right more often than wrong. That’s why Molly White is one of CoinDesk’s Most Influential 2022.
The total value locked on the Solana network reached billions of dollars, based in part on sham protocols by two brothers working under multiple aliases. For showing how divorced TVL can be from the truth, Ian and Dylan Macalinao share a spot on CoinDesk’s Most Influential 2022.
(Bloomberg) — Most Read from BloombergChina’s Covid Pivot Accelerates as Cities Ease Testing RulesOPEC+ Pauses as Russia Sanctions and China Covid Rules Roil Crude MarketsAmbitious Plans to Build Indonesia a Brand New Capital City Are Falling ApartFutures Slip as Yields Rise, China Optimism Fades: Markets WrapOPEC+ Latest: Group Agrees to Keep Oil Production UnchangedThe cryptocurrency space is undergoing one of its roughest stretches in memory, with trouble brewing at exchanges and lenders, an
From Leonardo DiCaprio and Lady Gaga's weird encounter in 2016 to cringe-y red carpet moments, these Golden Globes memories will always be remembered for their weirdness. From acceptance speeches gone awry to technical difficulties, the Golden Globes has had its fair share of both scandalous and awkward moments throughout its history. Take a look back at the most awkward Golden Globes moments ever, but you’ll probably want to take a deep breath before scrolling.
The chief bankruptcy judge of the Southern District of New York is learning on the job how crypto complicates bankruptcy law. He already has his hands full with Celsius Network, but his caseload could get even bigger in 2023. That’s why Martin Glenn is one of CoinDesk’s Most Influential 2022.
We feel now is a pretty good time to analyse Intercept Pharmaceuticals, Inc.'s ( NASDAQ:ICPT ) business as it appears…
Binance, Kraken and other crypto companies are offering proof of reserves, which is often less thorough than a full audit.
Walt Disney produced 26 cartoon shorts starring Oswald the Lucky Rabbit between 1927 and 1928
Whether you like beaches, antiques, art museums, wildlife, gorgeous natural vistas, gardens, or any other fun thing off the beaten path, here are 30 sights to add to your bucket list.
The Wednesday Addams dance takes over TikTok and Asian creators are putting their own spin on it.
Our Jill Painter Lopez was live at the Los Angeles Convention Center for the WOW: Women of Wrestling Championship Spectacular as part of Los Angeles Comic Con.
Julieta CervantesA Beautiful Noise: The Neil Diamond MusicalIf you’re a Neil Diamond fan, you’ll be in clover. All around this critic, his devoted faithful waved, pointed to the sky, swayed, whooped, and sang. A Beautiful Noise is a jukebox musical (Broadhurst Theatre, booking to September 3, 2023) only for those who love Neil Diamond—or for people who want to hear “Sweet Caroline” played with theater roof-raising gusto. If you’re not a Neil Diamond fan, you’ll have to figure out how much you wa
It’s almost time for the holiday tradition
Broadway actor Quentin Lee passed away from colon cancer on Tuesday morning.
Leave a Comment
You must be logged in to post a comment.