What is Art Blocks?

As the realm of digital creative technology continues to expand and offer new innovations in the digital art world, NFTs (non-fungible tokens) have increased in usage and popularity, creating a dynamic marketplace between new sets of digital art sellers and buyers.

Launched in 2020, Art Blocks is an online site that makes it easier for digital artists and potential buyers to connect. The site has quickly become a key player for the creation, buying and selling of digital artwork minted into an NFT. Art Blocks focuses exclusively on selling, generating, and authenticating pieces of digital art, including NFTs. Art Blocks famously facilitated the sale of one piece that sold for $3.3 million worth of the cybercurrency Ethereum.

Those with a background or seeking to pursue a degree in creative technology benefit from becoming familiar with the leading tools and platforms in the creative technology and digital art spaces, and Art Blocks has emerged as a leader in the digital art business.

Understanding How Art Blocks Works

An NFT is a digital asset that represents ownership of an original, digitally created image, photo or audio fil. Each NFT contains a unique identification code that is entered on the blockchain, ensuring the NFT is one-of-a-kind. Unlike cryptocurrencies, which are fungible and can be exchanged on a one-to-one basis, NFTs are indivisible and each one is distinct.

Art Blocks has gained popularity for its role in allowing artists to explore new forms of creativity while collectors can acquire one-of-a-kind digital artworks. They also facilitate the minting of artwork, which refers to the process of creating a new token on a blockchain. Arts Blocks then uses a smart contract on the blockchain that defines the rules and properties of the NFT, such as ownership rights and transferability, establishing a direct connection between the digital asset and its representation as an NFT, and enabling its trade and transfer in the digital marketplace.

The actual minting involves embedding the digital asset's information into the NFT smart contract. This action permanently links the digital asset to a unique token ID on the blockchain, ensuring its authenticity, provenance and ownership. Once minted, the NFT can be owned, bought and sold by collectors on various NFT marketplaces.

The Unique Value Proposition of Art Blocks

Art Blocks features what is known as generative art, which in digital art refers to pieces created using algorithms, producing unique variations each time it is generated. The Art Blocks website quotes the site’s mission: “We unite artists, blockchain technology, and collectors in a destination dedicated to groundbreaking work and remarkable experiences.”

Erick Calderon founded Art Blocks in Houston during the COVID-19 pandemic. The site has performed far beyond his expectations, he told Texas Monthly, with high purchase prices and investor interest. The site has become an example of how digital art can disrupt the traditional art world.

The site has become so successful that Arts Blocks recently acquired Sansa, another online site for the sale of digital assets. Calderon said the “strategic” move is to help “broaden the ways that creators can release within the Art Blocks ecosystem as well as bring collector’s collections home to a more cohesive experience."

In addition to having a better way to connect with buyers, artists also receive a 5% commission if a buyer decides to resell their work for more money. Calderon built that feature into the Art Blocks smart contract on the blockchain.

Tips For Collecting Digital Art on Art Blocks

The first, practical step for those interested in buying NFTs on Art Blocks is to set up a digital wallet to hold cryptocurrency. Once that is done, consider the following steps.

Research artists and projects: Spend time researching the artists and projects available on Art Blocks. Understand their style, previous works and reputation within the NFT community. Look for artists whose work resonates aesthetically and conceptually.

Understand generative art: Familiarize yourself with generative art techniques and how they influence the creation of NFTs on Art Blocks. Each piece is often unique due to algorithmic variations, so understanding the underlying creative process can enhance appreciation.

Join communities: Engage with online communities and forums dedicated to NFTs and generative art. Platforms like Discord and specialized forums often provide insights into upcoming drops, artist interactions and market trends.

Evaluate rarity and scarcity: Consider the rarity and scarcity of the NFTs you're interested in. Some collectors value unique traits, limited editions, or early releases, which can affect both the value and personal satisfaction of owning a piece.

Verify authenticity and ownership: Ensure the authenticity and ownership of the NFT by verifying its smart contract details and transaction history on the blockchain.

Set a budget: Determine a budget for collecting NFTs and stick to it. Prices can vary widely, so it's essential to prioritize pieces that align with financial goals and collection strategy.

Diversify your collection: Explore different styles, artists and projects to diversify your collection. This can provide a well-rounded portfolio while supporting emerging artists and established creators alike.

Long-term perspective: Consider your collection from a long-term perspective. Some NFTs may appreciate in value over time due to artist recognition, rarity or historical significance within the NFT ecosystem.

Art Blocks is expected to continue to hold a significant place of importance in the NFT ecosystem. It’s already played a key role in popularizing generative art within the NFT space and giving artists a platform to experiment with code-driven creativity.

Just as importantly, Art Blocks has fostered a vibrant community of collectors, artists and enthusiasts who appreciate the innovative and dynamic nature of generative digital art. It will continue to influence trends in NFT art and encourage broader adoption of generative art concepts.