How Much Does Minting an NFT Cost?

Bull or bear market, 2020 and 2021 will forever be cemented in NFT history.

Reports have shown that NFTs garnered the most profit ($17.7 billion) in the crypto space in 2021 – the market exploded by over 20,000 percent from the year prior. The total value of transactions jumped from $82.5 million to over $17 billion. 

However, the times are changing– namely, the technology behind NFT platforms and various mechanisms is improving significantly. 

Today, we’re going to explore NFT minting– how much does it cost to mint an NFT today, and how will this be different in years to come? Read along as we explore what “minting” an NFT is and more. 

What Does Minting an NFT Mean?

A common misconception about NFTs is that people often confuse minting NFTs with buying NFTs. There’s a fundamental difference. Minting an NFT means creating something completely new on the blockchain. 

It’s ‌converting a digital file into a digital asset that lives on the blockchain, whether that asset is digital art, music, or collectibles like sports and trading cards. However, it’s not like the blockchain is hosting the files for the NFT itself– that would cause the blockchain to become incredibly bloated and inefficient.

Remember, an NFT is just a token; this token represents the ownership of a specific digital asset. It’s not the screenshot of the Bored Ape Yacht Club that’s valuable; it’s the token. 

Minting an NFT means publishing your unique token on a blockchain to make it purchasable by other people. 

NFTs are minted on a blockchain. Ethereum’s blockchain is very popular for minting NFTs, including Solana, Cardano, Tezos, and more. 

You can buy NFTs on a marketplace like OpenSea– and sometimes, these platforms will also allow creators to mint their NFTs. 

However, many projects will first launch on a third-party site dedicated to the minting of the project; the fees you can expect to pay are usually only those for the network, which can be a princely sum themselves.

How Much Does OpenSea Charge for Minting NFTs?

OpenSea is the most popular NFT marketplace. Primarily for Ethereum-based NFTs, OpenSea announced the addition of Solana NFTs to their marketplace in Q1 2022. 

OpenSea requires users to pay two fees before minting their digital assets on the platform. These minting prices aren’t fixed: they can be higher or lower depending on the function you seek to perform. 

The first fee you’ll pay as a first-time creator is used to initialize your account. As of April 2022, this fee typically costs $70 to $300

The second fee used to grant access to your account costs $10 to $30. 

You can avoid high gas fees if you spot days when gas fees are lower using tools like Etherscan

Then, OpenSea charges 2.5% for first-time sales of your minted NFT– it’s a multi-billion dollar company for a reason. 

How Much Does Rarible Charge for Minting NFTs?

With ‌400,000 NFTs created and 1.6+ million users, Rarible is another of the most popular NFT marketplaces globally. 

Most users choose Rarible over other platforms because it is a multi-chain platform, has easy-to-use tools, a decentralized governance system that’s more advanced than what you’ll get on most platforms, and a flexible royalty management system that allows creators to set up to 50% royalty fee.

Minting on Rarible is straightforward compared to other NFT marketplaces. The platform itself doesn’t charge a minting fee. You have to pay the gas fee for minting on three different blockchains available in the marketplace (Ethereum, Tezos, and Flow).

After paying the gas fees required for minting, Rarible charges a 2.5% fee for every NFT buy and sell transaction.

What Are Gas Wars and How to Avoid Paying High Gas Fees when Minting

If you’re active in the NFT space, “gas wars” are something you may have sweaty nightmares about. Gas, or the computational power needed to verify transactions on a blockchain network, can often cost hundreds, if not thousands, of dollar-worth of Eth.

Since “minting” an NFT to the blockchain is a much more computationally-heavy process, the network charges more than typical transaction fees. 

A gas war is an auction to get front row seats in an upcoming block of transactions to be validated on the Ethereum blockchain. If there is a surge in the number of people waiting for their transactions to get validated, the price gets too high, which triggers a scuffle.

Almost like a bidding war, people pay more so they can get their transactions processed quicker, ‌driving the transaction costs up. Gas wars are the main cause of high transaction fees on the blockchain. They’re prevalent on the Ethereum network, ‌infamous for its performance and scalability setbacks.

To avoid paying high gas fees, ‌learn how to track gas fees. Etherscan’s Gas Now is a handy tool that can help you to minimize gas prices.

How to Mint an NFT for Free on the Blockchain

Popular marketplaces like OpenSea and Rarible allow you to mint NFTs for free on the platform.

Recently, Rarible announced that you could mint for free on the platform (yes, no gas fees). The downside is that your asset goes on the Rarible collection and not your collection. This means Rarible has more control of your digital asset, and also, the buyer pays for your minting fee.

You can also mint for free on OpenSea. The new collection manager launched in December 2020 introduced a lazy minting feature, allowing creators to list NFTs paying no gas fees until they make the first purchase. Since the NFT isn’t transferable on-chain until they purchase, creators can list without paying a dime.

However, this is not applicable for first-time listing. If this is your first time listing on OpenSea, you still have to pay the gas fees needed to initialize your account.

The Polygon network also allows creators to “mint NFTs for free at the speed of light.” All you have to do is connect your Polygon account, upload your digital art, select the Polygon network during the minting process, and you’re good to go.

Final Thoughts: What to Expect for NFT Minting in the Future

Although the NFT market went ballistic in 2021, the 2022 bear market has many reconsidering their sky-high purchases.JPEGs– if not at least the hundreds or thousands of dollars they spent on gas fees to simply purchase the art. 

In this article, we learned what NFT minting is, how to mint your project on popular marketplaces, and avoid paying very high gas fees. 

However, increasingly more creative and consumer-friendly innovations are being built to make the creation and selling of NFT art a much more profitable endeavor. 

Guide to CryptoPunks: Are They “Digital Antiques”

CryptoPunks are collectible ERC-721 tokens hosted on the Ethereum Blockchain and stimulated the “profile picture” NFT movement. CryptoPunks was among the first NFT collections from Larva Labs and laid the groundwork for upcoming NFT projects.

What is a CryptoPunk?

A CryptoPunk is a 24*24 pixel, 8-bit, punky-looking NFT art image. CryptoPunks are algorithmically generated and are unique, unalterable, and have no chance of complete similarity to one another.

The project was officially introduced in June 2017; 10,000 CryptoPunks were created by Larva Labs, and 9,000 CryptoPunks were offered free to claim by early cryptocurrency users.

The remaining 1,000 CryptoPunks, termed DevPunks, are numbered between 1 and 1000. These are rare punks tend to be priced higher than the others. Most CryptoPunks sell between $350,000 and $500,000 while there are some that are being sold for millions.

CryptoPunks are available to be bought and sold on third-party marketplaces such as OpenSea, Rarible, etc. Some punks are also auctioned at these marketplaces. 

Why Buy CryptoPunks

The price of the CryptoPunk collection rose exponentially around Aug 2021. With a floor price starting around under $100 and skyrocketing to millions in April 2022. Many view CryptoPunks as “digital antiques” of sorts, the “storage of value” of which is currently being determined by markets throughout the course of history.

How to Recognize a Punk

Punks are divided into five general categories: 6039 male punks, 3840 female punks, 88 Zombie punks, 24 Apes, and 9 Aliens. The rare avatars are naturally more costly.

Further, these punks can have a combination of 87 attributes. You could buy a Beanie, Choker, Pilot Helmet, Tiara, Buck Teeth, Welding Goggles, Pig Tails, Rosy Cheeks, Cowboy hat punk, etc., depending on the type of hat, glasses, hair, race, or the skin color it has.

There are 4501 punks with any of the three attributes mentioned above, 3560 with two attributes, 1420 with four of these attributes, 333 with just one attribute, 166 with five attributes, 11 with six attributes, and eight punks with no attributes at all.

Does the Punk Background Mean Anything?

Yes, it does!

The punks on the blue background have no bids and are not for sale. Punks with a red background are available for purchase, while punks with purple background are auctionable and have an active bid on them. Punks in the green background are wrapped punks sold on different NFT marketplaces.

You can join the Discord chat for live announcements related to the sale and purchase of CryptoPunks, which also has a bot announcing all sales, offers, and bids in real-time.

Learn a Bit About the Statistics

The total lifetime sales volume for Cryptopunks as of March 2022 is $2 Billion, whereas $75.24 million were spent in February 2022. The lowest price of an available punk as of April 2022 is 68 ETH, or approximately US $236,636.60. The highest sale of CryptoPunk in Feb 2022 was that of an alien punk with a blue hat costing $23.7 million.

A person can buy more than one punk, too; the maximum number of punks owned by a single owner as of date is around 400.

How to Buy a Punk

You can check the profile page of each punk on the Larva Labs website to see details on their attributes. You can check the current market status of the punk to see who owns it, if it is on sale, and the owner’s expected price. If current bids are going on the punk, you can check it from the profile page.

The complete transaction history of the punk can be viewed on this page.

Once you decide on which punk to buy, you can follow the following steps to buy a punk:

  • Download a Web-3 wallet such as Metamask
  • Buy Ether from exchanges such as Coinbase
  • Install the wallet plugin on the Metamask website, and you will find options to bid, sell, and buy punks.

Remember, you should have wrapped versions to sell them on third-party marketplaces. For details on how to wrap your CryptoPunks, you can visit here. There are no fees charged on CryptoPunk transactions except for the gas fees charged on every transaction on the Ethereum Blockchain.

Do You Wish to Create your Own CryptoPunk?

The original collection of CryptoPunks is fixed and cannot be minted. 

However, some take to creating “clone” CryptoPunks through any marketplaces that allow creating your own NFTs. All you need is to have the required amount of Ethereum tokens in your wallet.

However, these “clone” punks are essentially worthless, and provably so since the ownership of the authentic punks can be verified on the blockchain.

About the Team

The project is the brainchild of John Watkinson and Matt Hall, co-founders of a creative technology company called Larva Labs. Larva Labs is also behind other popular Blockchain projects: Meebits, an NFT collection of 3D characters, and Autoglyphs, a generative art form.

Besides these, they are also involved in Web and Mobile technology. The only web project from Larva Labs was done with Google and was called Github Data Visualization using Flutter Web. Flutter is a development framework aimed to change the app development process. 

The mobile projects from the team include:

  • Road Trip, an endless driving game
  • Boo, an android app for face detection and animation
  • AppChat, a chatroom for the Android apps
  • FlowHome, an Android launcher that organizes social network notifications and system notifications creatively on the phone
  • BreathPacer, a breathing trainer app for iPhone with sound and animations
  • Androidify, personalizing the Android logo into self or friends’ avatars, etc. 

Final Thoughts: What’s the Latest on CryptoPunks?

US-based Yuga Labs acquired the intellectual property rights of CryptoPunks and Meebits in March 2022. They plan to give commercial rights to both communities. Until now, punk owners could only reproduce, transmit, distribute, and display their punk images. Now, they might be able to modify and sell third-party products with them.  

Yuga Labs is the creator of another popular NFT collection called Bored Apes Yacht Club (BAYC) and the associated collection Mutant Apes Yacht Club (MAYC), launched in 2021. These collections are unique in that they gave full IP rights to the owners. 

Yuga Labs immediately granted all CryptoPunks holders full commercial rights to their Punks.

Top NFT-Based Trading Card Games (TCGs)

NFT-based games integrate traditional gaming concepts with blockchain technology, non-fungible tokens (NFTs), and other decentralized financial elements. 

Gamers are loving GameFi (the intersection of gaming and NFTs, and even DeFi) for three main reasons: 

  1. True ownership: While in conventional digital games, players can buy in-game assets, those assets don’t actually belong to them. On the other hand, NFT-based games give players complete control over their assets– in-game assets like cards, lands, avatars, or swords are NFTs.
  2. Verifiable rarity and uniqueness: Non-fungibility makes it possible for creators to make 100% unique tokens, as well as programming different rarity levels for the assets. Naturally, some items in games will be scarcer or more useful than others, and their value should reflect that. Since everything happens on the blockchain, it’s easy to verify the scarcity, uniqueness, and authenticity of each asset.
  • Opportunity to earn income while playing: These games implement play-to-earn mechanisms. By participating in games, players can earn cryptocurrencies and in-game items that have real-world value. Many games have their own secondary markets for trading.

NFT-Based trading card games are getting so much attention because they’re a perfect mesh for most any game genre, from role-playing games to fighting games. One of the most popular gaming categories is card trading. 

For many people, training card games, or TCGs, revive childhood memories of collectible card games while at the same time offering a new way of generating revenue.

In play-to-earn NFT-based card trading games, each card is a non-fungible token (NFT), usually in ERC-721 standards. They enable the play-to-earn mechanism using common elements found in GameFi, such as an in-game currency and a marketplace. 

Here are the top NFT-based trading card games. 

Gods Unchained

Gods Unchained is the most popular trading card game in the blockchain universe. It runs on Ethereum and Immutable X. 

Gods Unchained is a free-to-play fantasy-themed turn-based, tactical card game; players must build their decks based on a strategy. 

By playing the game, you can earn common core cards. Those cards can’t be traded on the marketplace; at this point, they are not minted on the blockchain. It’s possible to increase the value of these common cards, by earning “flux”, a resource gained by winning the ranked games.

Gods Unchained has a process called The Forge, in which players who have earned enough flux can merge two identical core cards into one by spending flux. This process creates higher-quality cards, and since the forged cards are minted on the blockchain, they can be sold on the blockchain, sometimes for a hefty profit. 

Splinterlands

Splinterlands game runs on the Hive blockchain. 

You can test the game for free, but to start playing, you need to buy a starter set for $10.You can get new cards by buying packs from the shop or individual items from other players in the marketplace. You can also sell your assets on this marketplace. 

One of the highlights of Splinterlands is its cross-compatibility with multiple blockchains, enabling users to trade their cards on several marketplaces. 

In addition to selling your cards, you can earn in Splinterlands by getting its in-game currency DEC (Dark Energy Crystals). There are a couple of ways to acquire DEC in the game. First, by winning ranked battles, and second by destroying the cards you don’t use anymore. You can use DEC to buy assets from the game’s shop.

Another way to earn on Splinterlands is renting your cards via peakmonsters.

Sorare

Sorare is a fantasy football game built on the Ethereum blockchain. 

You can collect player cards and build teams, and as with real-world trading card games, the real value comes from the most valuable player cards. Depending on the rarity of the card, it can get quite expensive.

The Sorare play-to-earn mechanism enables users to participate in tournaments, where users can earn points and rewards based on their team’s performance.

Dark Country Game

Dark Country is a trading card game on the WAX blockchain with gothic-themed characters like zombies, ghosts, and haunted Indians.

In addition to cards, players can own heroes, items, and lands as NFT assets. Players can stake Dark Country assets on rplanet.io and collect cards on collect.social to gain the platform’s Racoon tokens. 

Dark Country has a weekly forging activity similar to Gods Unchained’s The Forge called Heroes Reforge and Staking. Players need to burn four heroes of the same type in order to receive a new hero with better quality. They can then stake this improved asset to earn rewards.

Dark Country has recently introduced land assets compatible with WAX and Flow blockchains. 

With lands, several new revenue generation options will be possible soon, such as land leasing and staking the platform’s in-game currency Shadow Dime (SDM) on lands.

Final Thoughts: Emerging Exciting New TCG Projects

While some may argue that the game mechanics of most NFT-based games are primitive and “not quite there yet,” TCGs marry the simplicity of a trading card game with the blockchain very well. 

A few more exciting TCG projects to keep an eye on include:

  1. Skyweaver, a free-to-play Ethereum-based game in beta mode. Players have three grades of cards: base, silver, and gold. Base cards can’t be traded, but silver and gold cards can be. You earn silver cards via ranked rewards and conquest, and gold cards via conquest.
  2. Parallel,  a science-fiction-themed card game also based on the Ethereum blockchain. The team built its own NFT drop system. The project is currently raising funds by selling drops, which contain cards. These cards will have utilities once the game development is complete.
  3. Metropolis Origins, is a cyberpunk-themed card game by QXR Studios running on the WAX blockchain. It’s a sequel to game designer Graeme Devine’s adventure game Metropolis. The game released a founder NFT pack that enables owners to play the game in beta mode. 

The evolution of blockchain card games will be one to watch, as more implementations of conventional card games on the blockchain continue to emerge.  With NFTs’ programmable nature, we can expect to see the evolution of more dynamic, and potentially lucrative and competitive, playing card games in the near future. 

The Top Celebrity NFT Owners

With entrepreneurs, rappers, DJs, and professional sports players leading the way, more and more celebrities are joining in the NFT craze than ever.

Some launch their own NFT collections; some collect NFTs from other creators; some directly invest in NFT ventures. Some do all.

This guide will dive into the portfolios of the top celebrity NFT owners who have collected dazzling JPEGs from the most extravagant collections.

Let’s explore: which celebrity has the largest NFT portfolio so far? What projects are most popular? 

To explain, we compiled a celebrity NFT owner list based on DappRadar’s October and November reports.

Gary Vaynerchuk

Entrepreneur Gary Vee has been an NFT ambassador from its early days. Recently, he launched his own Veefriends NFT project that provides the owners three-year access to a multi-day conference called Veecon. Around 74% of his NFT wealth comes from his own collection. He kept 1016 Veefriends NFTs which have approximately $69M in market value.

He’s been collecting NFTs from other collections as well. As of writing, Gary Vee’s NFT portfolio is allegedly worth more than $90M. 

Some attention-grabbing pieces from his portfolio are:

  • 60 CryptoPunks. Cryptopunks is the revolutionary NFT collection launched in 2017 that started the crypto art movement. Cryptopunks collection represents one of the first examples of the non-fungibility concept on Ethereum. The most valuable editions in Vee’s collection are CryptoPunk #2424 and #2140.
  • 7 Bored Ape Yacht Club (BAYC). BAYC is a collection of 10,000 ape NFTs. It’s one of the most exclusive NFT collections. In recent months owning a BAYC NFT has become a status symbol in the crypto world. It serves as a digital identity that provides the owner access to exclusive membership club activities, like the collaborative graffiti board bathroom.
  • Three Meebits. It is another prominent collection by Larva Labs, the studio that made the legendary Cryptopunks.

Snoop Dogg

The famous rapper Snoop Dogg is one of the most influential NFT celebrities. He was an early promoter of Dogecoin; he partnered with the Sandbox Game on new land offerings; he collaborated with Chris Torres to launch the NyanDogg collection.

Last September, he revealed that he is actually the human behind the anonymous Cozomo de’ Medici, a popular NFT collector Twitter account that had launched in August. He said he wanted to separate his NFT business from other activities.

Here are some of the most valuable NFT assets he owns under the pseudonym Cozomo de’ Medici. The entire collection is valued at around $14M.

This is only Cozomo de’ Medici’s collection. We know that Snoop Dogg has also invested in BAYCs. He shared in a tweet that he acquired them through the NFT broker firm Moonpay.

Alexis Ohanian 

Another NFT frontrunner is Reddit co-founder Alexis Ohanian. His NFT collection includes 6 Cryptopunks, 2 BAYCs, 10 Meebits, and many others. The most valuable NFT in the portfolio is Cryptopunk #8115.

Ohanian gifted his wife Serena Williams a look-a-like punk (Cryptopunk #2950). He wore its image as a badge on his collar while visiting the 2021 MET Gala. 

All six punks in Ohanian’s portfolio are black female punks with headbands. The entire Cryptopunks collection has 3,840 female punks.

He also invested in the Cool Cats project with 7 NFTs. Cool Cats is a collection of randomly generated NFTs on the Ethereum blockchain. Owners are free to do anything with them under a non-exclusive license.

In addition, Ohanian minted 13 pairs of NFT sneakers and 4 Daypacks from the 10KFT collection. The 10KFT NFT collection allows NFT owners to create customized sneaker designs featuring their NFTs. But only a few exclusive NFT collections are accepted, such as BAYC, Cool Cats, and CrypToadz.

Steve Aoki

The most precious piece of DJ Steve Aoki’ NFT collection is BAYC #118, followed by Cryptopunk #8705. He has 794 NFTs in total. Other notable items from the collections are:

  • Swaggy Sea Lion from Gary Vee’s Veefriends collection.
  • Three M1 Mutant Serum NFTs, which had been airdropped to all BAYC owners. Its market value is around 9ETH.
  • Cool Cat #3350.
  • 5 CloneX NFTs. CloneX is an NFT collection co-created by the famous Japanese contemporary artist Takashi Murakami and RTFKT. RTFKT is a leading brand that delivers next-gen gaming sneakers and collectibles. It’s been acquired by Nike very recently.

Marshmello

Another celebrity who invested in Cryptopunks, BAYC, and Veefriends collections is DJ Marshmello. His portfolio has 120 NFTs with around $1M market value, including 11 NFTs from the Cryptoadz collection by Gremplin.

The most valuable three NFTs from his collection are:

  • Cryptopunk #8274
  • BAYC #4808
  • BAYC #9231

Post Malone

Among the top NFT celebrity owners, musician Post Malone might be the only one who doesn’t have any Cryptopunks. Instead, he has two BAYCs, #9039 and #961, totally valued at more than $532K. He also invested in the Wolf Game, Swampverse, and Sisters collections.  

Jay-Z

Rapper Jay Z owns the Cryptopunk #6095 and one Portrait and one Sneaker from the RTFKT Cryptopunks project. RTFKT Cryptopunks project functions in a similar vein as the 10KFT NFT collection in that it’s only open to punk owners. 10,000 unique sneakers were created via the corresponding punk from the original Cryptopunks project.

Beeple

The artist Beeple is one of the most valuable crypto art creators today. He made the headlines in 2021 after he sold the Everydays: The First 5000 Days collection for $69M in an auction at Christie’s. 

His NFT portfolio, which consists of works other than his own, isn’t modest either. He gave back to the NFT ecosystem by investing more than $400M in various artists on the Rarible platform. Additionally, he’s some pieces from the Veefriends, Cryptocubes, and Meebits collections.

Mark Cuban

Billionaire entrepreneur Mark Cuban also collected a large number of NFT artworks from the Rarible platform. His NFT portfolio is worth around $467M, with BAYC # 1597 and FEWO Crypto Brick being the most precious pieces. The latter is a collaboration between the RTFKT studios and the well-known NFT artist Fewocious.

Other notable celebrity NFT collectors include the NBA star Stephen Curry and the Rapper Ja Rule. The most valuable asset in Curry’s portfolio is the #7990 BAYC. Ja Rule has the #3512 from the Mutant Ape Yacht Club collection.

Final Thoughts: Celebrities Are Loving NFTs

The influx of multifaceted musicians, entrepreneurs, artists, and professional sports players into the NFT space has been welcomed by open arms by all NFT holders. 

Many NFT-holding celebrities tend to acquire pieces from iconic NFT collections such as the BAYC, Cool Cats, and Crypto Punks, but we’re also seeing many celebrities invest in individual artists’ works. In recent months, owning a BAYC or Punk evolved from being something that just crypto people collected to a status symbol for celebrities and athletes. 

We’re eager to follow the celebrity movement into NFTs and explore what’s next on the horizon. 

What Is Art Blocks? An Exploration into Generative Art

Art Blocks is an Ethereum-based platform that offers distinctive, programmable, and on-demand generative non-fungible tokens (NFT) art to collectors globally. It’s also the first blockchain-based platform to provide on-demand generative art output. It accomplishes this through NFT drops, a process in which a user mints an NFT but has no idea what they’ll get as an end product.

Generative art isn’t an entirely novel concept, but the Art Blocks team largely pioneers its blockchain-based adaptation. Generative art’s influence on the non-fungible token (NFT) industry has been swift, generating substantial interest among creators and collectors alike. 

The project’s series of colorful “Squiggles” generated over $850 million in sales in 2021, making it the world’s fourth-best-selling non-fungible tokens (NFT) project up to date.

The following Art Blocks guide goes over the project, how it works, and what sets it apart from other popular generative art blocks. If you’re new to the NFT space, don’t get thrown off by some of the terms throughout– you’re picking a very exciting place to start! 

What Are Art Blocks and How Does It Work?

Before diving into what Art Blocks is, you should have a good understanding of the power of non-fungible tokens (NFTs). 

An NFT is a blockchain-verified deed of ownership to a single digital asset, such as a video file, picture, artwork, or something entirely different. These tokens representing one-of-a-kind digital collectibles are created and stored on blockchains such as Ethereum. In contrast, the actual image or video file formats are hosted elsewhere to not pack the blockchain with too much data. 

So, what exactly is Art Blocks and where does this project fit into the NFT movement? 

Art Blocks is a platform for curating programmable artworks, which are  saved and traded as NFTs on the Ethereum blockchain. It’s a generative art system that enables collectors to create tokens without knowing exactly what they’ll get beforehand. The artist creates a piece of code that is inserted into the platform and generates random combinations of the variables. The script is kept on the blockchain, and most works are created with p5.js,  a JavaScript framework that supports creative coding.

The Art Blocks platform enables artists to submit an algorithm that creates one-of-a-kind art pieces in a given style. Artists can also establish a mint price and a limit (cap) on the number of pieces in every single collection. If a user likes a certain piece of artwork, they can mint one for themself. 

First, a seed, or random hexadecimal string is created. 

Then, while remaining consistent with the aesthetic of the artwork collection, each element in the seed defines an attribute of the artwork. For example, based on the color property of their randomly generated hexadecimal string, one person could get a red rendition of the artwork, while someone else would get more blue tones. 

The final product might also be a static photograph, a 3D model, or an interactive experience in many formats.

This element of surprise adds to the NFT minting process and ensures that every single collector has a fair chance of minting a unique piece.

To mint a piece generated by Art blocks, users will need to install MetaMask and connect both together. 

The artwork is stored on the Ethereum (ETH) network via standard ERC-721 compliant non-fungible tokens after being generated. This standard enables users to instantaneously access NFTs on marketplace sites like OpenSea, where they may resell their art pieces to other NFT collectors.

Art Blocks receives 10 percent of the mint price as a fee, and the artist keeps the remainder for the original sale. Art Blocks also deducts a 2.5 percent charge from secondary purchases on NFT marketplaces like OpenSea, while artists receive a 5 percent royalty. Artists tend to love this feature since it allows them to receive ongoing royalties from their work, which is unusual in the traditional art world.

The Types of Art Blocks Projects

Art block projects may be divided into three categories: Curated, Playground, and Factory.

Curated:

Art Blocks Curated is the highest level for generative art NFTs and also the Art Blocks product suite’s most meticulously curated offering. 

Collaborators or individual artists submit work, which is then reviewed and approved by the Art Block curation board before going online. These inventive releases by reputable artists tend to demonstrate artistic and technical range interwoven with the artist’s individual creativity. 

Playground: 

The Playground collection is essential for artists who have already had a curated release or drop and wish to showcase their talents even further. Art Blocks doesn’t really vet individual projects, but the artists are well-vetted, so you know they’re of great quality. The term ‘Playground’ refers to the area where artists can explore and express their ideas.

Factory:

Curated projects take about two years to finish due to the huge increase in the number of applicants. As a result, the Art Blocks development team created the Factory area, allowing novice designers to participate in drops. The team still selects and distributes artworks on a regular basis, but they are usually only inspected to verify that they are working and not blatant duplicates of other artworks. 

Artists maintain the responsibility and final say on marketing their own pieces since Art Blocks doesn’t strongly promote these releases as much asides from the platform general brand promotion. So, it is up to the artists to personally promote their works.

A Brief History on Art Blocks

Art Blocks was launched in November 2020 by Erick Calderon, nicknamed Snowfro. 

Snowfro claims to have got the notion for an Art Blocks sort of project after a personal encounter in 2017 when claiming Cryptopunks. Snowfro managed to manipulate the system and carefully acquire the rarest accessible assets at the moment, which were the zombies, due to his technical expertise and understanding of how smart contracts functioned. 

He sought to use generative art to build a system that allowed no one to foresee or alter the precise type of asset they would get. At the same time, Snowfro also wished to encrypt the asset’s properties within the code, believing that this would give each iteration more legitimacy. 

He was intrigued by this idea of provenance combined with the variety of generative output.

The uniqueness of his ideas appears to appeal to the general public. In 2021, its first calendar year, Art Blocks has already exceeded $100 million sales volume from over 9,000 traders around the world.

Its popularity skyrocketed in March 2021. Several things may have led to this exponential expansion, including the publication of the Fidenza collection by famous developer Tyler Hobb, as well as community growth and market interest around other NFT projects like Bored Ape Yacht Club.

Final Thought: What Sets Art Blocks Apart from Other NFT Collectible Projects?

Art Blocks is unique among other NFTs because of its surprise element, and it has attracted some substantial price tags. It has a distinct advantage over other NFTs due to its use of algorithms for generative art. It integrates collectors into the creation process, allowing them to mint a one-of-a-kind interpretation of their preferred artist’s concept.

Art Blocks has become a valuable target for NFT investors, especially as the system gains momentum and the curated collections gather more interest. The platform has a ton of potential for collectors, traders, and artists alike.