Let’s face it, at the breakneck speed at which the NFT/crypto world moves, this newsletter should be a daily drop so I’ll do my best to pick up the pace and publish more frequently.
The standout piece of recent news was the record-breaking sale of Ringers #109 for 2100 ETH, approximately $6.9m. Ringers is an ArtBlock project from digital artist Dmitri Cherniak (@dmitricherniak) and it’s one of ArtBlock’s most successful franchise. With 1,000 editions minted, Ringers is a algorithm-generated project whereby each “Ringer” is generated by the browser at time of minting and is the direct derivative of the unique transaction hash of that particular mint. The concept wraps around the idea that there is a infinite number of ways to wrap a string around a set of pegs. The algorithm sets out to do just that and the result is the amazing collection that is Ringer. Some of the variables making up the algorithm are: number of pegs, thread wrap orientation, peg sizes, layout etc.
To understand the power of NFTs and blockchain in general, is to understand the dramatic shift in the economics of the marketplace that smart contracts allow. In this case, the windfall from royalties for the artist is life and game-changing. In the traditional art world, once the artwork was created and sold, that was it for the artist, while the real fortunes were made in the secondary market as collectors re-sold among themselves jacking the price up each time. With NFTs, the artist establishes the royalty structure in the smart contract at the time of minting thereby setting up a lifetime of revenue streams and therefore partaking in the success of the work. This changes the whole equation and we’ll see more and more talent migrating towards digital art creation because of this incentive mechanism.
Speaking of ArtBlocks, the platform is hosting its first open house this coming week in Marfa TX in occasion of Judd’s Chinati Foundation weekend.
The event runs Friday to Sunday 10/8-10 making a trip to Marfa almost irresistible at this point. The Chinati Foundation weekend is reason enough to visit, but throw in the ArtBlocks open house and it’s got to be a major deal.
We’re starting to see the proliferation of Blockchain and Web 3.0 referencing in everyday conversations and allover media. Eventually though, Blockchain and crypto will become synonymous with Web 3.0, meaning that when we speak of web we speak of web 3.0 and therefore of the underlying technology powering it, Blockchain. It is undeniable that the era of web 3.0 is already upon us and the great migration towards decentralization well on its way. The future looks more and more end-user friendly, whereby individuals gain greater agency and control, subverting in a way, the status quo. To the dismay of course of centralized, authoritative entities, see China on-going crackdown on crypto.
Manifold, a developer of blockchain products for NFT communities, behind some of the most successful NFT projects like Pak’s Lost Poets, has recently announced the launch of Manifold Studios, a resource for artists and creators to ability to create and execute their own smart contracts. According to Manifold’s release, “You have real ownership and true provenance. Your contract is a verifiable source of truth for your creations. You can mint NFTs and build applications on top of your own branded contract. You are the platform. With the Manifold Studio editor, you can save drafts of future pieces, edit metadata, and prepare everything for the big day when you click "mint". With the Manifold Creator contract, you have real ownership and true provenance. Collectors can rest easy knowing they're purchasing directly from the creator's own platform. Creators have full control of access to their creations. Creators are the platform.”
I think this is a fantastic resource for anyone needing a reputable source for minting and smart contract structuring and execution.