23k tez for an NFT: the Most Expensive Collections at fxhash
In June, we were talking about how one can find promising new NFT collections. Today we prepared a review of the best-selling NFTs on Tezos.
Let’s figure out what techniques were used by the authors of the most expensive collections, calculate the sales volume, and draw some conclusions about the tastes of whale collectors.
Multicoloured Cellular Automatons
RGB Elementary Cellular Automaton is a cellular RGB collection by ciphrd. It is a rendering of Stephen Wolfram’s Elementary Cellular Automaton: a program that creates a chaotic structure according to a given rule.
In his work, ciphrd used the following approach:
- choose a random cell size, i.e., the size of the canvas;
- choose three random rules out of 53 choices;
- assign a different color to the cells of each rule: red, blue, or green;
- start the evolution of cells of each color according to their own rule.
The result was a thousand different works, from digital noise to quite ordered fractals.
This is the most expensive collection in the history of fxhash. The trading volume on the secondary market is 392,800 tez ($683,400 at the current exchange rate). Collectors are ready to buy one token for 2.2 thousand tez.
Gardens and Monoliths
Garden, Monoliths is a set of 255 works, which the artist zancan created using his own algorithm “Grass.js”. He composes an image from dozens of simple elements: flowers, grasses, and monoliths. The algorithm superimposes them on top of each other, and the rendering process is visible during the animation.
In February 2022, the tokens were trading around 30-50 tez, but now their price has risen to 23,456 tez for the cheapest NFT. The total resale volume was 379.5 thousand tez ($664.1 thousand).
Later, Zancan released two more collections in a similar style. They were immediately sold out: the trading volume including initial sales was almost 400 thousand tez for A Bugged Forest and 380 thousand tez for (kinder)Garden, Monuments.
The total volume of transactions with these collections amounted to 1.16 million tez, which is almost $2 million at current exchange rates.
It might seem as if the work was done with a brush on canvas, especially since Williamapan’s Twitter has animations of drawings on paper. But there the artist explains that he created the scales with a script and added digital noise to simulate texture. Sometimes the script produced unique things like a dragon head with a blue eye.
On the primary market, the sales amounted to 12.8 thousand tez ($22.1 thousand). However, mythology fans traded the collection on the secondary market for 220 thousand tez ($380.6 thousand). The minimum value of one work at the time of publication is 3.8 thousand tez.
Limits of the Possible
The artists write that they used three “modes” to create the paintings, which is why the tokens are so different from each other.
The collection was traded for a total of 354 thousand tez ($612.4 thousand), with 187.3 thousand tez ($324 thousand) on the secondary market. The minimum price of such NFTs is 1.1 thousand tez.
SMOLSKULL is a collection of 2,000 two-dimensional NFT skulls. Simple in appearance, the collection is not so simple on the inside: the script creates a skull-like shape, adds teeth and eyes with simulated depth. Playing with the size of the skull, eye sockets and mouth makes the images much more varied than other generative pixel art.
The most expensive collections on fxhash differ greatly in appearance, but they share a common trait: generativity. The main tools of the artists were the keyboard and the development environment.
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