This NFT Artwork By Tyler Hobbs Was Just Sold For $3.3 Million
An NFT artwork by Tyler Hobbs was recently sold for $3.3 million, after being originally bought for $1,400 in June, marking the largest art NFT sale on Art Blocks. What makes this artwork so impressive and priceless? Find out here
Non-fungible tokens are the next big thing and owners of such digital goods are leaving no stone unturned to capitalise on the hype. Recently, Ethereum-based art collection Art Blocks has raked in millions of dollars through art and also recently marked its largest single NFT sale ever!
On August 24, the art work titled "Fidenza #313" by an artist called Tyler Hobbs sold for 1,000 ETH (Ethereum) which is roughly $3.3 million. Shortly after being minted as an NFT the artwork was sold for 0.58 ETH (roughly $1,400) on June 11.
Art Blocks/Tyler Hobbs
Launched in November 2020, Art Blocks has increasingly become the go-to portal for art pieces that are hosted on the Ethereum blockchain. So far, it has over 140 different generative art pieces and has exploded in the market over the last couple of weeks.
CryptoSlam data claims that Art Blocks has garnered over $294 million worth of trading volume so far just in the month of August. Its total volume stands at $389 million, suggesting how most of it was earned in this month.
Tyler Hobbs' Fidenza!
The "Fidenza" line was launched by Tyler Hobbs in June and has already become one of the most popular collections on Art Blocks. The Fidenza line up has 999 pieces, all of which are different from each other upon minting.
Tyler Hobbs
Also read: Original Code Of World Wide Web Auctioned As NFT For $5.4 Million
Even though they all come off as similarly looking and loaded with colours, each piece is unique.
The piece in question, Fidezna #313 is the most pricey NFT sold by Art Blocks.
Tyler Hobbs is flourishing!
According to CryptoSlam, three other Fidenza pieces have sold for over a million in the last week.
"Although it is not overly complex, the core structures of the algorithm are highly flexible, allowing for enough variety to produce continuously surprising results", Hobbs revealed on their website.
Tyler Hobbs
Hobbs' Fidenza series is based on "flow field algorithm", which allows the artist to create "unpredictable, organic" curves.
Also read: Guy Who Built Internet Is Selling Internet's Source Code As NFT, And You Can Buy It
The most fascinating aspect is perhaps the fact that none of these curves ever overlap, they always run alongside each other. Using probabilistic colour palettes, Hobbs assigned a probability to each colour. 14 palettes were created based on simple probability.
An NFT can represent any original item of value in digital format. It includes paintings, music, videos, images and even video game items.
The NFT market went viral in the first half of 2021, generating trading volume worth $2.5 billion. On their website, Tyler Hobbs refers to Fidenza as their most versatile generative algorithm to date.
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