On Tuesday, Christie’s, a British auction house, announced the sale of Tyler Hobbs’ “Fidenza #724” NFT. The British auction House auctioned off the NFT for £365,400 (approximately $440,000).
Meanwhile, this particular NFT is just one of 999 in a more extensive collection. Christie’s characterized it as a work combining influences from both nature and art history and is presented as creative computer code.
The Idea Of Generative Art
Tyler Hobbs is an artist who also works as a software engineer. He shared his perspective on generative art and NFTs, stating that he believes code will become a fundamental tool for artists due to its immense power.
Generative art represents a fresh approach in the art industry, which involves creating a work partially or entirely using an independent system. Hobbs, in particular, utilizes computer algorithms to create his pieces.
In June 2021, Hobbs utilized random code-generating algorithms to develop the Fidenza collection of 999 NFTs. Christie’s reported that Hobbs based the 999 NFTs on ‘flow fields.’
Flow fields are images that map the velocity and density of a fluid over time and space. Hobbs enabled his computer to randomly choose and implement layers of digital code onto these images, as well as adjust features such as color, turbulence, and scale to achieve the final appearance of the artwork.
Also read:As stated in the report, Hobbs programmed certain code pieces to have less frequent application than others, resulting in each artwork possessing a unique combination of traits one can categorize by rarity. Regarding the collection’s inception, Hobbs remarked that:
“Despite our physical bodies, we spend a significant amount of time in digital worlds. Hence, it is important to create art that would traverse both physical and digital realms.”
NFT Sales And Demand Increase
Fidenza has emerged as one of the year’s most sought-after NFT collections, with OpenSea reporting a current floor price of 69.69 ETH, equivalent to around $115,128.
Besides, Fidenza #280 was listed as the costliest NFT on the OpenSea NFT marketplace, with a staggering price of 1,100 ETH, which amounts to approximately $1.8 million. Meanwhile, Blue Chip NFTs are experiencing a renewed surge in demand and sales.
Prominent collections such as the Otherdeed, Bored Ape Yacht Club (BAYC), and CryptoPunks are beginning to move again as collectors take advantage of the lower Ethereum prices to acquire them. According to on-chain data from CryptoSlam, BAYC continues to be the leading NFT collection in secondary sales, generating $16.3 million in sales over the last week.
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