Christie’s Auctions Digital Art Piece for $440,000
Renowned auction house Christie’s recently sold another digital and physical artwork from NFT for a hefty price tag of nearly $450,000.
On February 28, Christie’s announced the auction of Tyler Hobbs’ “Fidenza #724” for a realized £365,400 (approx. $440,000).
The piece is part of a wider collection of 999 NFTs. Christie’s described it as “channeling inspiration from art history and nature into innovative computer code.”
Tyler Hobbs is a software engineer as well as an artist. Speaking about generative art and NFTs, he said:
“I see code becoming a standard tool for artists. It’s just far too powerful to ignore.”
Generative art is a new paradigm in the art world that is created in whole or in part using an autonomous system. Hobbs uses computer algorithms to generate his work.
The Fidenza Collection and the Popularity of Algorithm Art
Hobbs created the Fidenza collection using random code-generating algorithms in June 2021. He created 999 NFTs for the project, which is “based around the concept of ‘flow fields’: images that map the density and velocity of a fluid over space and time,” Christie’s reported.
The artist let his computer randomly select and apply layers of digital code to these images. Furthermore, it was allowed to change elements such as colour, scale and turbulence and to choose the final appearance of the work.
“Because he programmed some pieces of code to use themselves less often than others, each work’s ultimate combination of characteristics can be ranked by rarity,” the report noted.
On the creation of the collection, Hobbs commented:
“Although we have physical bodies, we spend a lot of time in digital worlds, and to explore this reality, art must span both.”
Fidenza became one of the year’s most popular NFT collections. According to OpenSea, the floor price for NFTs from the pool is currently 69.69 ETH, or approximately $115,128.
The most expensive listed on the NFT market is Fidenza #280 for a whopping 1100 ETH (around $1.8 million).
Blue Chip NFT Comeback
Blue Chip NFTs are starting to see a resurgence in sales and demand. Leading collections like Bored Ape Yacht Club, Otherdeed and CryptoPunks are starting to shift again as collectors load up on cheaper Ethereum.
According to CryptoSlam, BAYC remains the most popular secondary sale NFT pool with $16.3 million sold over the past week.
On February 28, Yuga Labs launched a Bitcoin Ordinal-based collection called TwelveFold.
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Disclaimer
BeInCrypto has reached out to the company or person involved in the story for an official statement on the latest development, but has yet to hear back.
