• NFT platform Art Blocks breaks record with $5.8 million sale

  • A Non-Forgible Token (NFT) artwork sold for about $5.8 million, making it the most expensive transaction in the history of Art Blocks, a popular platform for generating artists.

    Ringers #879, created by artist Dmitri Cherniak and minted on Art Blocks seven months ago, has been purchased for 1,800 ETH (approximately $5.8 million at current prices) through OpenSea’s secondary marketplace trading.

    The buyer is Three Arrows Capital, a cryptocurrency investment firm. The Singapore-based firm has amassed a considerable amount of Art Blocks NFTs this year, including no less than 10 items from generative artist Tyler Hobbs’ “Fidenza” series – it paid 320 Ether (slightly more than $1 million) for each item. But this latest purchase is the most Three Arrows Capital has ever spent on an NFT.

    Shortly after the purchase, Cherniak sent out a tweet.’ Good day for the JPEG factory’. Three Arrows Capital’s CEO, Sue Chu, also tweeted about the acquisition.

    The deal is the largest amount spent on an Art Blocks piece to date, with the previous record being 1,000 Ether (or roughly $2.6 million). It’s also more than three times the previous highest price paid for a single piece in the Ringers series – £500 (or $1.6 million).

    The revived NFTs

    The deal comes amid a resurgent market for NFTs. Interest in the digital collectibles market waned after a brief boom in early 2021, but as The Block’s data dashboard shows, trading volume and activity bounced back to all-time highs over the summer.

    Art Blocks has been taking full advantage of this, currently outpacing all other collectibles in terms of seven-day trading volume. CEO Erick Calderon recently took action and introduced measures to slow down the rate at which speculators are snapping up art from the platform.

    “Every time we release something now it feels like this drop because it just sells out instantly,” he said in a recent interview.” That’s not what we’re aiming for. It’s kind of crazy.”

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