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Art Market Report - May 28
A weekly report on the NFT Art Market, covering 1/1s, generative art, editions and other important news.
OSF had 2 big secondary sales on SuperRare this week. professional degen 4 was collected for 62 ETH. The piece is one of the best representations of crypto crash '22. After selling the piece, the seller lalass then bought another OSF 1/1, rekt city, for 28.8 ETH.
ripcache released Public // Private, a fully on-chain digital artwork stored on the ethereum blockchain linked to a physical screen print on a metal panel. According to the artist in the announcement thread, the only way to acquire the digital artwork initially is by purchasing the physical artwork. However, to gain access to the digital artwork, the collector must scratch away the physical artwork in the area that contains the ethereum private key. For this drop, Transient Labs built a brand new smart contract: Using the 0xsequence method, the artwork is fragmented and deployed as raw bytes on-chain, making sense only when reassembled correctly. This type of mechanism allows for a 3x gain in performance and pushes the boundaries on what onchain art can accomplish.
On May 24, Patrick Amadon launched Doppelgänger, introducing “The Doppelgänger contract” that redefines NFT collectibility with durability and customization. 256 were minted at the price of 1 ETH each.
Designed by Transient Labs and Patrick Amadon, this Ethereum-based contract allows an NFT to point to one of multiple images in an array. The artist decides what is in the array and can add, but never subtract, from that array. The collector/owner of the contract can use the doppelgang function to which only they have access, to change the tokenURI to update the metadata to point to whichever artwork in the array they choose.
This functionality will enable a myriad of applications such as evolving single token artist collections, artist subscriptions, storytelling through multi-work NFTs, functionality for version control / different aspect ratios of digital work, and a solution to mitigate broken link risk, while all being on-chain under the single token. Read the full Whitepaper here.
Like Ben Strauss, the founder of Transient Labs, wrote in a thread: It’s a historical drop built on a revolutionary smart contract… that represents a leap forward in the world of NFTs, combining artistry with technological innovation.
Chromie Squiggle by Snowfro had 441 ETH (+173%) trading volume this week. The floor is currently at 14 ETH (+50%).
Dropped this week, Human Unreadable by Operator had 434 ETH trading volume. The floor is currently at 1.99 ETH.
Gazers by Matt Kane had 147 ETH (+1,129%) trading volume this week. The floor price is currently at 17.98 ETH (+22%). Gazers #187 was collected by BrianScott for 22 ETH. It was previously sold for 8.5 ETH in February 2022.
Anticyclone by William Mapan had 95.13 ETH (+710%) trading volume this week. The floor is currently at 7.1 ETH (+15%). Anticyclone #346 was collected by Bob Loukas for 9.99 ETH. It was previously sold for 2 ETH in April 2022.