How to Buy Art Blocks

NFTs were created to be the next step in high-end art collection and digital artwork ownership, and no project has held to this original mission better than Art Blocks.

Created last year, in November of 2020, by artist Erick Calderon, Art Blocks is a group of NFT (non-fungible token) artists who curate collections of algorithmically generated art pieces. These pieces have become remarkably valuable and can be purchased on OpenSea.

Interested in these unique art pieces? Here’s what you need to know about how to buy Art Blocks.

What Are Art Blocks?

Art Blocks, like many of its contemporaries, is an NFT project group that runs on the Ethereum blockchain. It’s generally sold on CryptoSlam, where it’s brought in more than $403 million since its launch in November of 2020, but is also available on OpenSea.

The reason for Art Blocks’ popularity in the crypto community is its unique origin; an Art Blocks NFT is created by artists who write unique algorithms. These algorithms are then released on Ethereum and manipulated by the artist to achieve a desirable composition and style before the code is locked. 

The actual image contained in the NFT is generated from a “seed” script, meaning that each piece of generative artwork is completely unique. These generative art NFTs are sold together in collections on the Art Blocks platform, then again on secondary markets like OpenSea.

There are currently three kinds of Art Blocks curated projects.

• Curated Art Blocks are hand-picked and verified through the Art Blocks team (also called the curation board) to represent the Art Blocks vision as a whole. They are released quarterly.
• Playground Art Blocks are collections created by established artists that show off the artists’ personal styles rather than the team’s style as a whole. Each artist is allowed to have one collection at a time and must wait a month between them.
• Factory Art Blocks are collections created by new artists and approved by the main team before being released on a set schedule.

How To Buy Art Blocks Curated NFTs

To buy Art Blocks, you’ll need Ethereum currency or ETH. You can buy ETH from a variety of exchanges such as Coinbase, Binance, or Kraken. Each one has a slightly different exchange rate and fee percentage, so compare rates and find the most advantageous to get the most ETH for your money.

When you’ve got ETH, you’ll need to open a wallet in which to store it. The best way to do this is to install MetaMask – a browser extension that allows you to store ETH and other cryptocurrencies like Bitcoin – and create an account. It will give you a security phrase to confirm your identity; you’ll want to keep this phrase somewhere safe.

Then, use the Web3 libraries to interact with the plugin. Transfer your ETH into your wallet by selecting “Send” and pasting your Ethereum address (usually found at the top of the exchange page) into the extension.

Once your ETH is transferred, connect your MetaMask extension to OpenSea by simply clicking the MetaMask icon under the wallet tab at the top of the OpenSea homescreen. If you create your wallet on a different browser, you’ll need to import it by following the instructions given.

Finally, you’re ready to actually browse for and buy one-of-a-kind Art Blocks. Search OpenSea for the collection you’re interested in and purchase it, either at auction or outright. Approve the transaction on MetaMask, and the Art Blocks NFT is yours.

Frequently Asked Questions

Here are the answers to some of the most frequently asked questions regarding Art Blocks.

Who Owns the Most Art Blocks?

Though the actual identity of the person buying them is confidential, we do know the wallet address (which is public information) that has purchased the most Art Blocks NFTs recently. 

That address is “0x0F0eAE91990140C560D4156DB4f00c854Dc8F09E,” and the owner of it has bought more than 400 unique NFTs worth almost 4,000 ETH (at current rates, $17,687,360).

Why Are Art Blocks So Expensive?

According to recent data, the cheapest Art Blocks NFT is part of the Art Blocks Factory collection and is worth 0.1 ETH (about $310). Though this is quite expensive, it doesn’t hold a candle to the most expensive Art Blocks piece, which was a Curated piece by founder Erick Calderon (working under the name Chromie Squiggle) that sold for 554.3 ETH, or roughly $2.44 million.

The reason for their extreme expense is a combination of factors. Firstly, there are lots of Art Blocks NFTs on the market, but very few Curated Art Blocks NFTs, causing that branch of the project to be significantly more expensive due to its exclusivity. The tokens also have relatively low minting fees (though the collections have driven up gas prices recently), allowing them to be quickly flipped.

Pairing this with their increasing popularity as an evolution of art in the digital age and you’ve got a high demand, low production cost product that continues to create value after its initial sale.

How Many Art Blocks Are There?

According to the Art Blocks website, there are currently 140 Art Blocks collections on the market, with the number of individual Art Blocks NFTs somewhere in the thousands (though there is no specific number available), with more on the way. The most Art Blocks NFT sold in a single day was on August 21, 2021, topping out at 1,121 NFTs.

Conclusion

Though the sale of Art Blocks has slowed in recent weeks, the value of the pieces has not. They’re unique and interestingly made, which makes them golden in the world of NFTs. 

If you’re interested in purchasing Art Blocks, it’s probably best to act fast. These NFTs are on a steep upward trend with no indication of stopping, so now might be the best and only time you can buy them affordably.

If you don’t see anything you like yet, don’t worry. With more Curated collections to launch soon and new Playground pieces launching regularly, there’s always going to be something new and exciting in the Art Blocks community. Art Blocks is always expanding; you’re sure to eventually find a piece that suits your collection.