Fidenzas were the first well-executed and visually-appealing collection of on-chain generative NFTs.
In this light, the asking price for these works makes more sense given their cultural significance for investors in crypto, which has been among the best performing asset classes of the last decade. For a growing subculture of crypto-native users, these rare NFTs serve as a status symbol, akin to a traditional collector owning a Picasso or a Rembrandt. Instead of being displayed in one’s home, they’re displayed prominently in online communities and on social media platforms like Twitter and Discord.
As crypto culture bleeds further into the mainstream, so too is crypto art with celebrities like Jay-Z and Odell Beckham Jr. now prominently displaying their CryptoPunks on social media.
Ascended nft rarity
So while we can paste Maxwell’s work in this article, we don’t own the NFT tied to the work and therefore have nothing to sell.
As it turns out, many people value owning digitally scarce works just as much as others value owning physical ones. While digital ownership doesn’t come with any unique legal protections, it can be programmatically verified, allowing platforms to enforce rules where only the owner can use an image for certain purposes (like in a Twitter profile, for example).
This programmatic recognition of ownership is key to the baseline utility and value behind NFTs.
The rise in popularity of NFT art has in large part been fueled by a sector known as generative art, with the demand for it coming primarily from crypto native investors.
Ascended nft official rarity
When you buy a typical game item, all you’re really getting is the experience of using it. When you buy an in-game item that’s also an NFT, you get an asset with resale value that can be taken with you to other games and experiences.
Add in the ability to receive crypto for winning, and you get an entirely new model for gaming called “play-to-earn.”
Axie Infinity and its 1.8 million users are currently the NFT gaming world’s crown jewel. In Axie Infinity, the Pokemon-like characters needed to play the game are themselves NFTs.
Players receive crypto when they win battles, leading many in emerging markets to turn playing the game into a full-time job. Early collectors of Axie NFTshave seen their characters go from originally selling for $5 to nearly $500 in August.
This method produces digital works of art that have sold for as much as $3.5 million and look like something you’d see at the MOMA.
Crypto culture & NFT art
But why are some pixelated characters or colorful non-overlapping waves selling for millions, while other similar pieces of NFT art sell for significantly less? The answer is tied to the unique culture that has developed around crypto and NFT markets.
CryptoPunks and Fidenzas, for example, each have historical significance for the crypto community. CryptoPunks are credited with helping create the ERC-721 token standard that is the foundation of the entire NFT market.
Total sales for these in-game NFTs recently crossed $2B, making it the highest selling NFT collection of all time.
The real promise of NFT based games, however, comes from the combination of ownership and composability. Composability is an important crypto concept referring to how one protocol is natively interoperable with another — i.e.
a token generated from MakerDAO can be traded on a decentralized exchange like Uniswap. Applied to gaming, this concept means that an in-game item created in one game can be used in a game created by a different developer — e.g. you can take your Axie character with you to a different game altogether.
Projects like Decentraland, Sandbox, Somnium Space, CryptoVoxels, and TCG World are all creating virtual worlds where different gaming experiences can collide.
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On top of that, the purchasers became friends with the artist and Disclosure now regularly performs at their events.
Just as with music, the world of sports and NFTs are also colliding. NBA TopShots, which turns NBA moments (i.e. a Lebron James dunk) into digital trading cards, is already among the top grossing NFT collections.
The company behind TopShots also just announced plans to expand into the NFL. Sorare, which just raised a mammoth $680m Series B, has similarly partnered with international soccer clubs to generate NFTs that represent players.
These NFTs form the basis of a fantasy sports competition in which users are rewarded when their players perform well.
Social tokens can be viewed as the fungible cousins of NFTs.
This race can move quickly. His biggest weapon is to cling to his enemy and use his identity to attack them with his enemy’s weapons. Because this race, which clings to its enemy, uses all its power and by adding its own power, it gains a much greater power.
They can also cling to robots and attack robots with them. Or 5-6 of them can attack the robots at the same time from different angles.
Their weapons are visible for 3-4 seconds before firing so the robots can spot them. When these creatures, which are not easily noticed where they cling to, move, traces resembling waves in the water are formed.
Thus, we understand that they adhere to the moving object and that it is under its control. When they move on their own, they leave traces in the air similar to small water movements.
Snoop Dogg also recently claimed to be a formerly anonymous NFT collector named @CozomoMedici with a $17M NFT art collection.
To recap, the rise of NFT art has been made possible by provable ownership recorded via tokens on blockchains like Ethereum. NFT art has attracted artists from all over the world, leading to an explosion in the variety of art work available. Pieces with cultural significance within the crypto community tend to fetch higher price tags, but we’re already seeing crypto and mainstream culture merge, led by various influencers.
Despite the growth of NFT art markets however, the highest grossing collection of NFTs comes from a different category altogether: gaming. Just as NFTs let people own unique works of digital art, they allow gamers to truly own in-game items.
Generative art is defined as art created via the use of an autonomous system. A prime example of generative art is CryptoPunks, which is also arguably the first significant NFT art collection.
The CryptoPunk collection consists of 10,000 unique characters generated algorithmically through computer code created by a studio called Larva Labs.
They built their program to randomly spit out pixelated characters each with varying traits — different hair, hats, etc. The program also generated three special types: 88 Zombies, 24 apes, and 9 aliens.
After running the algorithm, this randomly generated assortment of characters were linked to Ethereum smart contracts and became traded and valued in part based on their rarity.