99-year old pioneering algorithm artist Vera Molnar has made her first foray into NFTs, achieving an astounding trading volume of 992 ETH in just 7 days. Collaborating with Sotheby’s Gen Art Program, this historic event celebrates Molnar’s lasting influence on art and technology. Furthermore, it is a testament to the strong market appeal for NFT generative art.
Despite cutting half of its NFT-related workforce by July this year, Sotheby’s is not stepping back from the NFT market. On the contrary, the auction house is now showing a stronger commitment by venturing into generative art through its latest blockchain project.
Gen Art Program, Sotheby’s fully on-chain art platform, has selected the esteemed generative artist Vera Molnar as its first featured artist.
Molnar has been experimenting with algorithmic art since the late 1960s. Her NFT collection titled Themes and Variations is celebrated and cherished by both the mainstream and the crypto art communities.
Launched on 26 July, these NFTs have already amassed 992 ETH ($1.85 million) in trading volume.
- What is the Themes and Variations Collection?
- Primary sales saw NFT market slump
- Who has collected Themes and Variations?
- Not all legacy translates to success for artists
- The generative art renaissance
What is the Themes and Variations Collection?
As the first project in Gen Art Program, Vera Molnar’s Themes and Variations is a homage to the digital world that her work has embraced. Teaming up with algorithmic artist Martin Grasser, she has crafted a system that generates 500 unique NFT artworks, experimenting with the typography and formulation of the letters N, F, and T.
Gen Art Program was created in collaboration with Art Blocks, the well-recognized platform dedicated to generative art. The program leverages the Art Blocks Engine, a white-label generative minting infrastructure solution.
It’s worth highlighting that Sotheby’s has taken a historic step by adopting the Dutch auction format for the sale, a first in its 300-year history. The auction for Themes and Variations starts at 20 ETH or $37,000, then gradually descends incrementally.
Primary sales saw NFT market slump
During the auction, one wallet paid 19.84 ETH (around $37,000), after which the price gradually declined to 5 ETH ($9,341) for the second NFT sale. This is not a surprising trend, given the cautious approach of collectors during the bear market.
Notably, most purchases occurred when the price dropped to approximately 1 ETH ($1,860). But impressively, the entire minting process was completed within an hour, highlighting the genuine enthusiasm for Vera Molnar’s art.
The most expensively minted item, Themes and Variations #1, now proudly sits in the wallet of The Sandbox Game.
Despite the minting price dropping to 1 ETH ($1,860), the floor price in the secondary market quickly climbed to 4.43 ETH ($8,276). This rapid rise is a testament to Vera Molnar’s revered status as a living legend and trailblazer in generative art.
Who has collected Themes and Variations?
256 collectors have acquired Themes and Variations, showing a unique holder ratio of 52%. There appears to be a certain concentration among collectors, potentially leading to market price manipulation. Additionally, 15% of the artworks are listed for sale, implying that some early holders may not be genuine art collectors, but rather individuals engaged in NFT flipping.
Further examination reveals the support of renowned generative art collectors and creators, affirming the collection’s value. Some notable collectors include:
- – Founder of Art Blocks – Themes and Variations #26 and 2 more
- Rudya.eth – Co-founder of Wealth Simple – Themes and Variations #456 and 22 more
- PTM Player 1 – Digital art collector – Themes and Variations #280 and 7 more
- Reva – Algorithm artist – Themes and Variations #432 and 2 more
Not all legacy translates to success for artists
The traditional art world acknowledges the potential of NFTs, but not all projects have achieved the same level of success. An example is Jackson Pollock’s NFT project, Beyond The Edge, curated by the late artist’s studio. Initially priced at 0.8 ETH ($1494) per mint, the collection rapidly sold out, but its current trading price has decreased to 0.4 ETH ($747), with only 13 sales in the last 7 days.
In comparison, a single signed and dated print by Jackson Pollock can fetch a price ranging from $75,000 to $100,000. Surprisingly, the total volume traded for Beyond The Edge is a mere 27 ETH, approximately $50,400.
However, for admirers of Jackson Pollock who cannot afford an original or signed print, a verifiable, authentic NFT produced by his studio may carry more value than an image downloaded from the internet.
The generative art renaissance
Among all art on-chain, generative art stands out as the most sought-after art format. The Art Blocks platform alone has witnessed a staggering $1.7 million in 7-day trading volume, with prominent items like Fidenza #287 selling for 80 ETH ($148,130) recently.
Thanks to NFTs, we are witnessing the revival of generative artworks, such as those by Vera Molnar, after more than half a century. NFTs, as an art medium, capture the essence of the latest technological and cultural advancements. As a result, they carve out a distinct and captivating space in the contemporary art world.
