Cornering The Market - June 9, 2023

Even more new Squiggles, marketing awaiting the Goose, and more | Cornering The Market #36

Jun 09, 2023

Welcome to your weekly generative art review!

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Sentiment Check

Sentiment remains neutral but has undercurrents of optimism. It really feels like the end is near and the participants who remain are not leaving. Let’s see how things play out after the big auction next week highlighted by the Goose Ringer.

Market Overview

ETH gen art - The market has some big buys, highlighted by Fidenza 545, a beautiful small scale (only 1% of the outputs) selling for 625 ETH, over $1m! Other high end collections are moving, signifying to us that the market is loosening up starting with blue chips (as is oft the case)
Tezos gen art - Volume is extremely low on the tezos side. P optimistically hopes this is in anticipation of a capitulation that marks the lows of the market, but time will tell
Chromie Squiggle update - Squiggles had a lower than normal volume week, but were still steadily moving. Mostly WETH bids taken, but the floor is holding at 10.9 (compared to 11.3 last week) and overall sentiment is steady
Friendship Bracelet (FB) update - FB saw an uptick in volume with 207 sales accounting for 37 ETH in volume (vs. 147 and 27 ETH last week). Floor price slightly down ticked to 0.134 vs. 0.14, fairly boring as the market lulls

Release Recaps

Interwoven by Emily Xie - Bravo, simply Bravo. This collection is a reminder that fantastic art can transcend a bear market. It’s stunning, low supply at 100 pieces, widely distributed, and varied. We think it ages well.
Maschine by Harm van del Dorpel - In collaboration with Fingerprints DAO and Mercedes Benz, this 1000 piece collection minted ~0.24 with a dutch auction mechanism that ends the supply at the resting price, which seemed to get a lot of sales near the bottom and hit the cap. It seems the price will drop with over 24% listed and it already being below mint at 0.2 - it’s a reminder that a big brand has to really dig into web3 marketing to have a successful launch
Neural Sediments by Eko33 - The latest Artblocks Curated minted higher than expected at 0.94, likely due to the prior Curated minting at a similar price. That one had more demand though, whilst this has over 45% listed and a floor price now below 0.5 - flippers are unfortunately being punished again.

Generative art news

17 new Chromie Squiggles were minted, none more beautiful or rare than the hyper rainbow shown above. Snowfro generously gave these away to supporters of him, and we love to see the kindness and the new mints.
A group of folks got together to create the Goose DAO to buy the Goose Ringer at auction next week at Sotheby’s. It seems they didn’t raise the money, but they were aiming for $6.9m, somewhat setting a price for the much anticipated release
Highlight.xyz is a new open launch platform on Ethereum, meaning no curation board has to approve a collection launch. It’s already native on L2s Polygon, Arbitrum, and Optimism, and has a great UX, one to check out

Great art, great prices - beautiful art for ~$500 or less

Rooted #3 preview — Rooted 3 by MJ Lindow

Rooted by MJ Lindow | 210 XTZ floor for unbelievable art
Invisible Realm I by 1962 | many mints available for 0.1 ETH, very cool photo / AI art
Tesseract by Studio Yorktown | an OG favorite sitting at a 230 XTZ floor
Koripo by Rich Poole | beautiful gmstudio release from a prolific artist at a 0.15 ETH floor
Asemica by Emily Edelman, Dima Ofman, and Andrew Badr | a beautiful and thought provoking Artblocks Curated release sitting at a 0.2 ETH floor

Exciting upcoming drops

Funktor by Erik Swahn part of Verse’s Generative Architecture

Verse's generative architecture exhibition | Starting June 14th, many fantastic artists in this exhibition
Overload by Shvemblder | July 24th on Artblocks (Presents) - the prolific artist is back, and the art looks great
Dendro by Vebjorn Isaken | Aug 21st on Artblocks (Presents) - we’re big fans of his prior release Strata, and this one looks even better
Flourish by Sterling Crispin | Aug 30th on Artblocks (Presents) - it looks so crisp, pun intended, can’t wait to see all the outputs

Artists to highlight

Robert Hodgin - the two time Artblocks Curated artist somehow remains under the radar. We love his recent collection Solar Transits
Andreas Gysin - fantastic artist who has amazing art with motion, he has upcoming solo exhibition with his artistic partner Sidi Vanetti

Art To Watch

Ori by James Merrill - beautiful art and we see James teasing some fantastic work online, we’re excited to see what that looks like and think this collection has found a nice floor so it could be primed to move

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