Connect with us

CryptoBytes

What are Generative Art NFTs and are They Worth Investing In?

mm

Published

on

VOC, Voice of Crypto, NFT

Abstract art pieces have recently risen to fame in the crypto space. Generative art is undoubtedly huge, with artists selling each art piece for several thousand dollars. But, what exactly are generative arts NFTs? Are they worth their huge sums? Read on to find out.

What are Generative Arts?

Although generative art is a commonly used word in the NFT market, many are oblivious to its meaning. 

Arts that are created via the use of machines are referred to as generative arts. These machines can randomly produce shapes, patterns, and colors while also artistically organizing them into a digital art masterpiece. Additionally, for better understanding, generative arts are made by the collaboration of the artist and the autonomous machine. 

Furthermore, generative artists follow specific rules, codes, and algorithms. These algorithms and rules aid in developing a process that computer programs can use to generate new art pieces for themselves. Therefore, algorithmic art is often used interchangeably for generative art by people in the NFT art space.

Although coming up with generative art may seem like a walk in the park, largely because a machine does the work, this isn’t the case. Creative generative art isn’t predictable or methodical, contrary to what many people believe; rather, it utilizes AI, or Artificial Intelligence. 

Advertisement

With the initial instructions given to the machine by the artists, generative art is created autonomously in conjunction with AI. By this, we mean that although the artist influences the computer program, it has its own generative process that allows it to create unique art pieces. Artists are frequently labeled by the outcome.

Generative art incorporates three elements: geometry, randomness, and algorithms. Randomness allows the computer system to decide the art piece’s outcome independently. On the other hand, geometry aids in providing aesthetically appealing visual effects, while algorithms help create outstanding art. 

What Are Generative Art NFTs?

A generative art NFT is a generative art that’s made via smart contracts and is stored as an NFT. 

In 2021, the sales of NFTs rose to $25 billion, 21,000% more sales than the previous year. Thanks to NFTs, people can conveniently own generative art, allowing artists to use smart contracts to create generative art pieces. In the same vein, art enthusiasts and NFT collectors have begun to be attracted to art pieces powered by AI, potentially leading to a boost in the generative art sector. 

When generative art is minted, it makes the art more unique. By adding codes like transaction ID, gas price, or wallet ID, the generative art NFT can be minted. Here are some high-profile generative art NFTs.

Autoglyphs: The first-ever generative art was established in 2019 by the creators of CryptoKitties, LarvaLabs. It runs on the Ethereum blockchain, with its supply limited to only 512 NFTs, which have all been sold. Nevertheless, it reached an estimated $41 million in sales volume. 

Advertisement

Art blocks: This is another successful generative art NFT that also runs on the Ethereum blockchain. It has a total of more than $994 million in sales volume.

Lost Poets: When Lost Poets launched in September 2021, it achieved $70 million in sales volume. This generative art NFT is undoubtedly Pak’s NFT project with the most depth. Lost Poets is a strategy game and a collection based on NFT.

Should You Invest In Generative Art NFTs?

Generstube art is still in the trial and error phase, and as such, it’s hard to see into its future. However, as we saw with NFTs and Bitcoin, sidelining new technologies isn’t always a great idea as they often have massive potential. Moreover, judging by what generative art NFTs have achieved in total sales volume so far, crypto art is laden with potential. 

Generative art NFT is still budding and, as such, may take a while before it attains the height that traditional artists and other NFT projects have attained. However, this doesn’t refute the fact that we saw NFTs rise to fame in 2021. Therefore, before investing, carry out thorough and extensive research while following market trends. The value of generative art NFTs still dances to the NFT market’s rhythm and crypto prices. 

Advertisement

Newsletter

Trending