The decline of the era of generative art: Art Blocks sales fall, while the market for rare digital art grows — October, 31
The digital art market continues to decline. Market volumes in the Collectibles category have also declined again after a slight increase over the course of last week. However, the NonFungible site, unfortunately, does not take into account some sales taking place at the moment, for example, the auction at Sotheby’s, which will be discussed further on.
Top rated Art — Dmitri Cherniak Self Portrait #1, sold for $2.68 million on October 26 at Sotheby’s.
In general, the Sotheby’s Natively Digital 1.2 auction, which took place from the 18th to the 26th of October, ended very well. For all the time, 1,500 bids were made and total sales amounted to $18.6 million, Forkast News reports.
More variety can be expected in the digital art market in the near future as the Art Blocks collection, which has been at the top of sales for a long time, began to fall in price. At the same time, the market for rare digital art at SuperRare is confidently catching up with the collection of generative art in terms of weekly sales, despite the general decline in the mart market. Generative art collection sales fell by 33% over the week, while SuperRare sales increased by 11%.
Sales are continuing to dwindle on the OpenSea platform. The highest daily sales value over the course of the week stands at $56.31 million (October 24th), according to DappRadar.
The previous week was ripe with important news in the world of NFTs. One such news pertained to the renaming of Facebook to Meta, demonstrating the company’s new focus on metaverses. It was also announced to support NFTs and to facilitate their sale and use in the company’s activities in the future.
Adobe also decided to support NFT technology as the company introduced a Photoshop function that allows users to prepare images in the form of NFTs with the inclusion of data about the created content, which will subsequently be displayed on marketplaces.
The week turned out to be extremely fruitful in terms of various events that have positively affected the mass adoption of NFTs as one of the leading technologies of the 21st century.