The generative art project has seen some massive sales and a lot of attention in the past seven days
When Art Blocks first launched, it became one of the foundational generative art NFT collections. What’s more, it seems to be defying the overall negative trajectory of the crypto market we’re experiencing currently. In the past seven days, Art Blocks collections have attracted 75% more unique active wallets, while transactions for the project went up 64%.
- Art Blocks records a spike in activity with numerous sales over $190,000 in the past seven days
- Chromie Squiggle #133, Incomplete Control #32, and Fidenza #970 are among the most expensive NFT sales in the collection from the past week
- Minters and holders are making a profit on Art Blocks NFTs
- Investors are turning to proven collections in an attempt to boost their earnings as token prices are falling
Art Blocks activity spikes
The crypto market has been in the red for a while now and many fear another crypto winter is ahead of us. Still, not all hope is lost. For example, Art Blocks NFTs have seen remarkable growth and activity spikes over the past week.
The collection attracted a total of 941 traders who initiated over a thousand transactions. This is no small feat for a project that usually attracts the big fish in the space, bringing in thousands in trading volume.
What’s more, Art Blocks NFTs have also recorded some of the top-grossing sales in the space in the past seven days. Chromie Squiggle #133 switched owners for 229 ETH, or over $621,000.
Incomplete Control #32 and Fidenza #970 recorded sales of over $200,000.
A couple more Fidenzas are following closely behind recording sales of over $198,000 each.
This goes to show that Art Blocks is not only picking up the pace in numbers but also in the magnitude of the sales it attracts. These five sales brought in over a million dollars in trading volume.
Are collectors making money from Art Blocks?
An easy way to find out if Art Blocks really manages to defy the odds and churn out profit for owners in a bear market is to track the sales. Let’s take a closer look at some of the top-grossing sales mentioned above.
Chromie Squiggle #133 sold for 229 ETH, or $621,030 at the time of the sale. The seller of the NFT was the one to actually mint it last year, for the price of 0.035 ETH, or about $86 at current ETH prices. You can already see that this transaction resulted in a massive profit considering the minimal initial investment.
Incomplete Control #32 follows much the same pattern. The first owner minted the piece five months ago and bagged in 80 ETH with the sale 2 days ago. Of course, selling a minted NFT does not always guarantee such a big return on investment, but it looks like in the case of Art Blocks NFTs this is not an unimaginable scenario. An important thing to note is that the buyer for both Incomplete Control and Chromie Squiggle is the same. A quick check with the DappRadar Portfolio Tracker shows that their wallet holds a total of 28 Art Blocks NFTs with a total value of over $1.8 million.
Fidenza #970 has a richer trading history. It was first sold for 21 ETH nine months ago, which secured a nice little profit for the minter. However, the person that bought the NFT has now sold it for 76 ETH just a couple of days ago. The return on this investment is over 55 ETH, or about $135,000 with the current ETH prices. That’s quite the win, especially in the current bear market situation.
Holding onto proven collections might be worth it
A quick look into the sales history of the NFTs above reveals a pattern that has been long known to investors in both traditional and crypto markets. Holding might be the best tactic. There are several important points to be taken away from this.
The sellers who managed to reap profits most probably priced their NFTs in accordance with the current market conditions. At the moment, the ETH’s valuation has been on a downward trajectory for some time. Consequently, many savvy investors would up their ETH asking prices in order to cover their expectations when it comes to the dollar value of their investments. This potentially means that if the price of ETH reverts the trend and starts climbing, the seller would gain an even bigger return on their investment.
On the other hand, the bear market makes it easier for buyers to stock up on ETH, as its price is lower right now. Consequently, it might be easier to secure a rarer or more expensive NFT during a bear run. Of course, these relationships are very subjective and investors should research thoroughly before jumping the gun on a big purchase. Still, it is interesting to see how one NFT collection has managed to defeat the bear market trend and bring profits to longtime holders.
If you want to learn more about Art Blocks check out the collection’s official single dapp page. Additionally, you can join DappRadar PRO and get the most up-to-date information on the latest Art Blocks sales and trading volumes. To get the latest NFT news, follow DappRadar on Twitter.