Monica Rizzolli’s “Fragments of an Infinite Field” series sold out in less than an hour.
Individual pieces from the series are now selling for up to $69 on OpenSea.
A generative artist whose work depicts flowers in “potentially infinite fields of foliage” has earned 1,623 ether (about $5.38 million) through sales on the non-fungible token (NFT) platform for art blocks.
Monica Rizzolli’s “Fragments of an Infinite Field” series of 1,024 pieces sold on September 13 through a Dutch auction on the Art Blocks Curated website – with prices starting at $10. The entire set sold out in under an hour.
Transaction data on Etherscan shows that Rizzolli earned 1,623 Ethercoins in three transactions within hours of the auction.
Starting with the initial mint, individual pieces in the series have changed hands for as much as 69 Ether (about $229,000) on OpenSea, the NFT marketplace. The so-called “reserve price” – determined by the lowest-priced piece in the series – is currently about 13.4 British pounds (about $44,500).
Certain highly regarded NFT collectors, such as the pseudonymous Cozomo de’ Medici and JDH, put up hundreds of thousands of dollars to snap up individual pieces from the set.
One Twitter user, citing data from Dune Analytics, noted that Art Blocks had its best single day of secondary market sales in September yesterday, with the majority of those transactions being for Rizzolli pieces.
In this season
The code written by the generating artist can create art within certain styles and parameters, but at random so that the artists themselves cannot accurately predict what their work will look like.
The genre flourished over the summer – largely due to a surge in investment in the NFT space. art Blocks has exploited these market conditions so effectively that it recently had to introduce Dutch-style auctions – in which bidding starts high and then gradually drops until all the pieces are sold – to slow the rate at which new work is sucked off the platform.
In the brief describing the project, Rizzolli says that “the main environmental parameter of the composition is the identification of a season of the year.”
“The season determines the colors of the landscape and defines specific phenomena for each color, such as rain in summer, snow in winter, falling petals in autumn, and pollen in spring. There are several possible variables for flowers, and these can be macro aspects that affect the entire population of the species, or micro aspects that affect each individual of the species differently,” she added.