Since the NFT wave exploded last year, a new generation of NFT artists has emerged.These artists have deployed a significantly different brand of NFTs called generative art NFTs. So far, these generative NFTs have been highly successful in the NFT market. Despite the recent crypto slump, many NFT marketplaces have been raking millions of dollars from generative NFT sales.
This article will discuss the concept of generative art NFTs and the generative NFT collections you should know.
What are Generative Art NFTs?
Generative art NFTs are randomized assets created through smart contracts. To create a generative NFT, users can input the proportion of details like colours, patterns, and texture. After inputting these details, the algorithm automatically produces an NFT. The unique thing about this brand of NFTs is its randomized nature. Users often have no idea how their NFTs would look until they are at the point of purchase. You can purchase generative NFTs on most NFT marketplaces. Opensea, NiftyGateway, and Brain Drops are some marketplaces that list generative NFTs.
Generative NFT Collections You Should Know
There are numerous generative NFTs currently on the market. Major NFTs include:
- Autoglyphs: This generative NFT collection was developed by Larva Labs, the same founders behind the famous CryptoPunks NFTs. Autoglyphs are modelled according to the ERC-721 NFT standard and are the first on-chain generative NFTs on the Ethereum blockchain network. Notably, a rarity feature was incorporated into Autoglyphs since the collection was released in 2019. This means that only a limited number of Autoglyphs can be minted. In this case, 512 NFTs. This number has been exhausted, so you cannot mint further autoglyphs. However, you can buy existing Autoglyphs on NFT marketplaces.
- Art Blocks: The Art Blocks Collection is one of the most successful generative NFT collections. It is another collection deployed on the Ethereum blockchain. The collection includes unique and incredibly successful pieces like Fidenza and Ringer. Like other generative NFTs, collectors of Art Blocks do not know what their NFTs will look like until the algorithm mints it. As of 2021, the market value of Art Blocks NFTs listed on OpenSea was $841 million.
- 0xDeafBeef: This collection contains six generative audiovisual art pieces. According to the project’s official website, the NFT pieces are inspired by noisy video signals and random rhythms. Notably, the code used to generate these NFTs are on-chain.
- Solvency: Solvency is a generative art collection that contains limited pieces created by actor Ezra Miller. The pieces are limited and stored on the Arweave blockchain. Each piece was also randomly created at the time of minting.
- Degenerate Ape Academy: The Degenerate Ape Academy Collection contains 10,000 generative NFTs stored on the Solana blockchain. One of the NFTs in the collection recently sold for over $1 million.
As generative NFTs become mainstream, more creators will join the wave. If you intend to mint NFTs, factors like cost and resale value should guide your decision.