Fidenza NFT Art Outshines Contemporary Artworks with $1M Price Tag

Check out the NFT sales highlights between 15 and 21 May 2023

Last Friday, the Fidenza NFT collection made a splash thanks to a $1 million auction at Sotheby’s, outshining other contemporary artworks. This event highlights the growing prominence of generative art in the NFT space. More importantly, it also signifies a shift in the art market’s perception and recognition of blockchain technology.

At Sotheby’s auction last Friday, the spotlight shone on the collection by bankrupt crypto hedge fund Three Arrows Capital (3AC). This auction was an opportunity for 3AC to recoup some of the lost funds, and it proved to be a success.

The event showcased a selection of rare non-fungible tokens (NFTs) from 3AC’s portfolio, primarily acquired in 2021. The Singapore-based hedge fund filed for bankruptcy in July 2022, making this auction a crucial step towards recovery.

The NFTs in the 3AC collection were acquired at a total cost of $2,067,484 (717 ETH). The proceedings of the auction amounted to an impressive $2,482,850, with Fidenza #725 fetching a staggering $1,016,000. Auctioned NFTs from 3AC also included Dmitri Cherniak’s Ringers #375 ($152,400), Larva Labs’ Autoglyph #187 ($571,500), and CryptoPunk #1326 ($165,100).

Originally launched on 11 June 2021, the Fidenza collection featured 999 unique NFTs, each minted for approximately 0.17 ETH (equivalent to around $400 at that time). The sale of these NFTs gained immediate traction, with the entire collection selling out within 25 minutes—an impressive feat in itself. 

However, little did anyone anticipate that Fidenza would emerge as a prominent contender in the contemporary art realm. In a surprising turn of events during the Sotheby’s auction, Fidenza outshined renowned artworks by famous contemporary artists like Keith Haring and Jean-Michel Basquiat in terms of price. Sold for over 1 million dollars, Fidenza successfully positioned itself alongside the creations of iconic figures such as Andy Warhol and Roy Lichtenstein.

Check out some of the most expensive Fidenza NFTs

• Fidenza #313 – $1.81 million / 1000 ETH – Owner’s Wallet
• Fidenza #77 – $1.72 million / 950 ETH – Owner’s Wallet
• Fidenza #772 – $1.41 million / 777 ETH – Owner’s Wallet
• Fidenza #723 – $1.17 million / 650 ETH – Owner’s Wallet

Traditional art vs. NFT art

Contemporary art is the dominant force in today’s art market, but it often keeps pricing a secret and relies on a select few individuals to determine its value. 

On the contrary, NFT art has its unique appeal by offering transparent pricing and breaking away from the secrecy typically associated with the traditional art industry. Generative art, with its complex algorithms and dynamic compositions, symbolizes the spirit of the blockchain revolution. It represents a visual endorsement of NFT technology itself.

Furthermore, platforms like Art Blocks, specializing in this art format, have introduced innovative royalty distribution mechanisms that enable artists to receive perpetual incomes from their art. 

The Friday Sotheby’s auction has brought increased attention to Art Blocks as well, resulting in a surge in trading volume. The platform witnessed a remarkable upswing, with a daily trading volume of over $200,000 on both Sunday and Saturday. This influx of activity was largely driven by established collections such as Chronicle Squiggles and Fidenza. 

Other noteworthy NFT trends

Yuga Labs revealed HV-MTL and two whales dumped over 300 MAYC

Yuga Labs’ HV-MTL Mech NFTs were revealed on May 17, sparking a wave of mech trading. The news resulted in the collection’s trading volume exceeding $1.88 million on the same day.

Meanwhile, notable activity has been observed in the Blur marketplace, with two prominent NFT whales dumping over 300 MAYC NFTs within the past 24 hours. These transactions generated a substantial trading volume of more than 3,400 ETH.

According to DappRadar, the floor price for MAYC currently stands at $17,220, a decrease of 6.3% within the past 24 hours.

The Rise of Bitcoin Ordinals

Bitcoin’s foray into the NFT space with the introduction of Bitcoin Ordinals marks a significant shift in its cultural landscape. Despite lacking creator royalties, the sales of these unique digital assets have already generated impressive numbers. With over 7.4 million Ordinals minted, they also represent a technical upgrade to traditional NFTs, storing all data directly on-chain. 

This development has given rise to intriguing collections such as Ordinal Punks and TwelveFold. These collections have seen trading volumes, in the past 30 days, of 11.85 BTC and 14.9 BTC respectively. 

While the increased activity has strained the Bitcoin network and led to higher transaction fees, it highlights a growing interest in non-financial applications of Bitcoin.

Check out the list of NFT sales highlights

N.B. Dollar values given are correct at the time of sale.

Every week, DappRadar highlights not only the most expensive NFT sales but also the most interesting in the previous seven days. While huge numbers are sure to capture headlines, it’s also essential to highlight emerging trends and keep the DappRadar community ahead.

• Autoglyphs #376– $282.91k / 155 ETH – Owner’s Wallet
• CryptoPunk #3990 – $281.63k / 155 ETH – Owner’s Wallet
• BAYC #3263 – $181.27k / 100 ETH – Owner’s Wallet
• Fidenza #970– $116.3k / 64.5 ETH – Owner’s Wallet
• MVP #127 – $93.81k / 52 ETH – Owner’s Wallet