As an investor, you might want to invest in art pieces as they enter the crypto-space. Nowadays, you can buy the artwork with your cryptocurrency as a non-fungible token (NFT).
One of the most popular platforms for artistic NFTs is Art Blocks. You can acquire Art Blocks using Ethereum.
Keep reading to learn more about Art Blocks and how you can buy NFTs in general.
What Are Art Blocks?
Art Blocks is an NFT platform founded in Ethereum (ETH). This project creates generative art using the p5.js JavaScript library.
You can make art by uploading an algorithm that generates a unique piece. Then, you can set a mint price on each artwork and limit its reproduction.
If a buyer sees something they want, they can mint one by generating a random hexadecimal string. This string is also known as a seed. The characters in the seed represent part of the artwork while differentiating it in some way.
For example, one user may get a red rose, and another receives the same rose shape with an orange hue. Sometimes the format changes to interactive, static, or 3D.
Minting an Art Blocks NFT gives you the chance to get a rare, unique piece of art. After minting, you will see the artwork on the Ethereum network represented by an ERC-721 token. From there, you can access your artwork on a marketplace platform and sell it to NFT collectors.
The Art Blocks platform takes a 10% commission from the mint cost, letting the artist keep 90% of profits. Art Blocks takes a 2.5% fee for secondary resells, and the artists earn a 5% royalty.
There are three types of Art Blocks:
- Curated Projects
- Artist Playground
- Factory
The Art Blocks Curated Collection features carefully selected projects that represent the platform’s vision. They are released by schedule to help collectors build their collection.
Artists who were in the Art Blocks collection can send their original projects to the Artist Playground. While not curated, artists can sell their unaltered completed pieces.
Art Blocks Factory lets artists launch generative art without waiting for the Curation Board to approve their pieces. They still have to meet some requirements, but they are not as stringent as the Curated Collection.
How to Buy Art Blocks
If you want a unique artistic NFT, consider buying an Art Block.
Buy ETH
Art Blocks are acquired through the Ethereum (ETH) cryptocurrency. If you want ETH, you will need to buy it through an exchange.
You can buy from centralized or decentralized exchanges.
Centralized ones are businesses that let you purchase ETH using standard currencies. The business will have control over your ETH until you send it to your wallet.
Decentralized exchanges (DEXs) offer more control. You buy it peer-to-peer, so you do not have to surrender control to the centralized company.
Lastly, some wallets will let you buy ETH using your payment card or bank transfer. This option has more geographical restrictions than the exchanges.
Some top exchanges for ETH are:
We recommend Coinbase for beginners as many wallets and DEXs require you to have some form of cryptocurrency already. You will need to add a funding method to the exchange website.
Create a Web3 Wallet Using MetaMask
Once you have ETH, you should set up a Web3 (Web 3.0) wallet using MetaMask. These non-custodial wallets let you store your assets without a centralized business, giving you control of your funds.
MetaMask acts as your ETH wallet on your browser. You can store ERC-20 tokens and make transactions from the platform.
To create the wallet, go to the Chrome store and search for “MetaMask.” Add the browser extension and press Get Started. You may have to create an account. Then, click “Create a Wallet.”
From there, you enter a secret backup phrase and follow the instructions to finish setting up your wallet. Please write down your seed phrase or store it in a password manager as you cannot recover the password.
Transfer ETH to Your MetaMask
Login to your exchange account and navigate to the Send ETH page. Click on your browser extension, login to MetaMask, and press the dots above “Buy and Send.”
Select “Copy Address to Clipboard” and enter it in the recipient field on your exchange. Then, type in the amount of cryptocurrency you wish to input into your wallet.
Finish the transaction by pressing continue and confirm the information.
Connect Your MetaMask to OpenSea
OpenSea is a secondary marketplace that can help you buy from the Art Block Curated Collection.
Go to OpenSea.io and click on the sidebar. Select “My wallet” and connect your MetaMask wallet.
You will need to pay an initialization fee. This amount varies based on ETH transaction costs. Buying through a secondary marketplace can save you on the gas fee accrued from the Art Blocks website.
Now, you create a collection on OpenSea.
Buy NFTs
You can browse the OpenSea marketplace to find Art Blocks projects that you like. Once you find one, you click on it and directly purchase or place a bid on the NFT. If you win the bid, you get that mint.
Add it to your cart, agree to OpenSea’s terms, and checkout.
If you want to buy directly from Art Blocks, you can create a mint yourself to sell on OpenSea.
Approve on MetaMask
Once you checkout, MetaMask should pop up automatically and ask you to confirm the purchase. Press “Confirm” and watch your transaction process.
After the processing completes, the NFT is yours. You can view it on your OpenSea profile.
Frequently Asked Questions
Here are some common questions concerning how to buy Art Blocks.
Who Owns the Most Art Blocks?
While no statistic exists about the person with the highest quantity of Art Blocks, the largest sale on Art Blocks is Ringers #879 from Dmitri Cherniak. Three Arrows Capital purchased the piece for 1800 ETH, or $5.8 million.
Three Arrows Capital has also purchased ten items from the Fidenza collection by Tyler Hobbs, where they paid around $1 million for each piece. Tyler Hobbs’ NFT projects have 999 pieces that account for four of the top-selling Art Blocks.
Overall, Three Arrows Capital has one of the largest and most valuable collections of Art Blocks.
Why Are Art Blocks So Expensive?
Art Blocks are original pieces of generative artwork. You can mint a unique copy for yourself or purchase one through a secondary buyer. They pay the artists reasonably well, and they have become more popular recently.
With popularity comes inflated prices. Curated Art Blocks now can cost millions of dollars because demand shows that people will pay that price.
Art sold on the Factory and Playground markets do not cost as much as the Curated Collection, so that you might have better luck purchasing one of these pieces.
How Many Art Blocks Are There?
There are around 99,000 Art Blocks NFTs.
Wrapping Up
Art Blocks are unique generative art pieces that have increased in popularity over the past few months. They have proven profitable for artists and collectors in the crypto-space. If you want to own digital art, consider investing in Art Blocks.