Cornering The Market #58 - Jan 05, 2024
Art is becoming culture, Steamboat Willie pump and more | Cornering The Market #58
Welcome to your generative art review!
For more context and images of beautiful art check out our weekly Youtube video of the episode (also below) and follow us on Twitter.
But definitely read on because this newsletter has exclusive stories and art!
Sentiment Check
Sentiment continues to be mixed as excitement around the major coins, new alts, new protocols, and everything in between continues, except art NFTs are not currently "in" at the moment (certainly not by the speculative capital). Still, positivity spreads and with the BTC ETF seemingly on the horizon we still feel good long term, and in the meantime we're picking up deals as people look for liquidity
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Market Overview
ETH gen art - The rotation into crypto art has not yet happened, but we are confident that these culturally relevant objects will happen. We saw 7 Fidenza sales (highlighted by a sweep of 6 by one wallet who also got an Autoglyph), we're seeing solid movement in Gazers and Meridian as well, and even a 55 ETH sale on a Skull of Luci! Essentially some more liquidity in the high end than before.
Tezos, Solana, and Ordinals art - It continues to be slow art wise across all chains, especially on Tezos where the most secondary volume we've seen is 0.5E on founder Ciphrds newest project and 12.5k XTZ on RGB his first project. Ordinals art continues to sell but gen art is lacking, as is the case with Solana, but we have it on good authority both are coming soon...
Chromie Squiggle update - The Chrime Squiggle 7 day volume is trending lower along with the floor price. Sales have crept into the low 8E and a few dipping into the 7's.
Friendship Bracelet (FB) update - FB have been dipping with the rest of the market now down to a 0.068E floor (vs. 0.074 last check in) with 182 weekly sales resulting in 21.3E in volume (vs. 57 and 6E last check in). Overall they are mirroring the WETHing and lowering of prices we're seeing across the board. Yet liquidity still remains here in one of the more unique collections
Release Recaps
Immaterial by Bjorn Stahl - One of the few releases in a while got to a resting mint price of 0.08 and as of this writing (1/4) it has not fully minted out. This feels like a sign of the times where people are simply putting all their "risk capital" elsewhere and solid art isn't getting the full attention that we'd like to see
swarm_ by Ripcache - Ripcache had a stealth 1/1/64 mint on Ordinals for 0.16 BTC (~3 ETH) that has boomed to a 0.26 BTC floor, one of the highest of a 1/1/x collection on Ordinals. Big takeaway is the appetite for risk is quite high on Ordinals
Generative art news
Gordon Goner buys more art - The BAYC founder grabbed an ACK Warothy that was inspired by BAYC. He also tweeted that he feels more accepted by web3 art than he did by trad art, which resonates with Astam and is part of why we're so bullish on this movement and genre
Steamboat Willie mint surprises - At the stroke of midnight on Jan 1 a collection featuring an image of Steamboat Willie, Disney's first character, was sold for basically $0 right as the image went CC0. It rocketed up to over a 0.3E floor now settling down to 0.06E, but goes to show you the power of CC0 (and degens to some extent). This was a straight snapshot of the image, so it will be interesting to see how more artists choose to honor works that enter the public domain - hopefully we see some awesome gen art!
Great art, great prices - beautiful art for ~$500 or less
Factura by Mathias Isaken - Slightly above our limit (tho a WETH gets it done), this is one of my favorite collections because I think it's just gen art done fantastically well. Currently 0.32 ETH floor price
Sol 365 - 365 piece collection that created an interesting dynamic around collecting. Date and geographical city data coded into each piece, and they are beautiful. Only 0.33 ETH right now.
Exciting upcoming drops
Avante Art's William Mapan release - They have only started to tease this so we don't have a lot of details other than it looks perhaps like a new release? We're looking forward to details. Hopefully if they run a raffle it will be transparent this time!
Singular art's first Ordinals gen art release - We don't know too much yet, but the Ordinals generative art platform is going to release their first project soon. All we know is it's a Bitcoin native gen artist, we're excited to see what it looks like!
Artists to highlight
Pawel Dudko - An up and coming Ordinals artist who has recently released on exchange.art, we're fans of his dynamic art with brilliant colors and lighting
Cory Haber - Cory is prioneering the integration of algorithmic art and physicals. This is opitimized by the BM drop Apophenies. A machine uses acrylic to paint on canvas and has revolutionized this by utilizing a z-axis and allowing for use of the painting material. Cory is truly ahead of his time.
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