Art Blocks empowers Sotheby’s On-Chain Art Program
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- March 21, 2024
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Sotheby’s, the renowned auction house, has made a significant leap forward in the blockchain art industry with the introduction of their new generative art program. This program will now record all of its sales on the Ethereum network, paving the way for a new era in the art world. Here’s everything you need to know about this groundbreaking development.
Known as the on-chain Gen Art Program, Sotheby’s is launching a platform that will record NFT (non-fungible token) sales on the Ethereum network. The program will feature a collection of 500 unique generative artworks created by algorithmic artist Vera Molnár in collaboration with Art Blocks. These artworks integrate letters as abstract forms and demonstrate the exploration of disorders through art.
The head of digital art and NFTs at Sotheby’s, Michael Bouhanna, has revealed that all sales within the Gen Art Program will be conducted using Ethereum (ETH). This move marks a significant milestone as it will be the first time that digital art auctions are held entirely on the blockchain. Moreover, this development follows Sotheby’s transition in May to a fully on-chain metaverse, indicating their dedication to exploring new possibilities in on-chain sales.
The initial auction within the Gen Art Program will utilize the Dutch auction model, starting with high prices and gradually reducing them until a bid is accepted, with the first offer winning the artwork. Sotheby’s aims to introduce new psychologies into the auction process by experimenting with ceiling prices for the artworks in the Molnár sale, setting it at 20 ETH.
The success of previous partnerships with Art Blocks and the increasing demand for NFTs have paved the way for the launch of the Gen Art Program. By focusing on long-form generative art and collaborating with prominent artists, Sotheby’s aims to bring unique sales experiences to the market.
One notable shift observed in the art world is the growing appreciation for generative art itself, overshadowing the focus on the underlying technology. Artists and art enthusiasts now place a higher value on the artistic expression created by algorithms, rather than the technology behind it. This change in perspective aligns with the development of the Gen Art Program.
According to Vera Molnár, this shift in perception is the culmination of years of exploration in utilizing systems and computers to create art. It represents a new avenue for producing unique forms of art through the controlled randomness of machine programming, highlighting the true essence of the algorithm.
With Sotheby’s embracing the Ethereum network for recording NFT sales and their dedication to exploring on-chain options, the art world is witnessing a transformative moment. As the spotlight shifts from the technology to the artistic expression, this revolutionizes the way art is created and appreciated.
Disclaimer: The opinions expressed by NFTevening.com are solely informative and should not be considered investment or financial advice. This article serves as educational material, and it is always advisable to conduct thorough research before making any investment decisions.