Cornering The Market - May 12, 2023
Bright Moments art reveals, BRC20s, Memecoins to buy art, and more | Cornering The Market #33
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Sentiment Check
We feel like a broken record, but the market hasn’t shifted much. Memecoins got a bunch of attention and some folks turned those into art, but for the most part volume is low and people are waiting for signs of life. It does feel like whomever has left the gen art market is out, so it’s the core believers waiting it out. We’ll be here with you!
Market Overview
ETH gen art - This week Meridian by Matt DesLauriers, LIWA by Roope Rainisto, and a few others saw runs. QQL by Tyler Hobbs and Dandelion also had good movement, although the floor has fallen to 4 ETH (for what it’s worth P remains skeptical on the long term future of this collection).
Tezos gen art - Tezos volume continues to be low. We won’t belabor the point, the silver lining is collectors are identifying which art is likely to boom when the bull market returns
Chromie Squiggle update - Squiggle volume bounced to more normal levels with 23 sales resulting in 222.5 ETH in volume, and the floor price maintained at 9.24 (vs. 9). Squiggles are the blue chips of blue chips in gen art it seems.
Friendship Bracelet (FB) update - FB had a big drop in volume, reflective of the broader gen art market, down to 68 sales and 11 ETH in volume. Floor price remained steady at 0.123 ETH and total listings dropped to 2,400 (6.2%), indicative of thinning floors across the board.
Release Recaps
Bright Moments revealed the art across their 10 generative artists and 10 AI artists in their Tokyo release. There was a lot of fantastic art and it appeared from Twitter many good vibes for those there. We love the community, and were particularly drawn to Zancan’s Kumono Shingou and Kevin Abosch’s CIVICs (more details below)
The other release we wanted to bring up is Deafbeef’s Noumenons and Chronophotographs, which continue to see liquidity and attention. It’s a whole essay to explain the project, but our interview with Deafbeef details the fantastic work. We see this as one of the cheapest entries into a brilliant project from a god-level artist, and think these will get diamond handed quickly.
Generative art news
LG Art Labs is making a push into ETH digital art and their first exhibition “Among the Sky” for Frieze NYC by fantastic IRL and web3 3D digital artist SixNFive (aka Ezequiel Pini) who’s latest SR works sold for 40 ETH. Check out our sponsored convo with LG Art Labs on their push into web3 with their TVs-turned-frames and the big $$ they are putting into supporting artists.
Also enter our giveaway for a free edition (0.3 ETH) of the first of 3 artworks for the exhibition called “Outside” - the image above doesn’t give the video with beautiful music justice, so definitely check out the tweet!
Squiggle mints are going for auction!! The news dropped after we recorded our podcast, so it pays to pay attention to our newsletter =). Tue 5/23 at 12pm EST on Vertical Crypto Art. There will be 10 auctioned off, so even if you don’t buy keep an eye out for some rare mints!
BRC20s are the newest fad on Bitcoin, representing an evolution on top of ordinals that is allowing folks to create editions of coins or NFTs. Right now they are only being used for Memecoins (with Ordi being the original, check out Unisat’s marketplace to see prices), but new tech from our friends at generative.xyz is allowing for smart contracts on Bitcoin and we think art could be coming out next - something to keep an eye on. We’ll dive deeper into this for our premium subscribers.
Opensea has announced they will accept $PEPE for NFTs. We hope this will lead to some memecoin gains rotating into art. Perhaps this can kick off a focus on assets with intrinsic value =)
Great art, great prices - beautiful art for ~$500 or less
Memory Module by Elsif | 40 XTZ floor, beautiful art with animation
Fushi No Reality by Samsy | still minting at 0.09 ETH, beautiful art that is resonating with collectors
Unfinished by Rudxane | 330 XTZ floor, beautiful work by a top artist
Act of Emotion by Kelly Milligan | 0.33 ETH floor on this fantastic Artblocks Curated collection
Eclipse.art genesis collections | The first open generative art platform has 6 fantastic genesis collections still minting from 0.05 to 0.1 ETH
Exciting upcoming drops
Marcel Schwittlick’s next released called Composition 86 is coming out on Foundation May 24th for 0.2 ETH which will include a fantastic physical. If you haven’t seen his tweets about the amazing machines he’s created in his workshop to make physicals you have to check it out, they are truly next level.
Atmosphere by Cory Haber | launching on Verse May 15th with mint passes being auctioned to the highest bidders. Nice to see a non-dutch auction, which we think is better for down markets
Memories of Digital Data by Kazuhiro Tanimoto | the next Artblocks curated releases today 1pm EST, we’re intrigued to see how it does in this market and if it will sell out at the resting price of 0.14 ETH
Quadrature by Darien Brito (next GMDAO release) | The 300 piece collection is more than art, it’s a whole generative system. We love the concept as explained on their Twitter and are excited to see the works and exact pricing.
Artists to highlight
SixNFive - mentioned above in the Gen Art New section, you HAVE to look at his works. They are so serene, often videos with beautiful music, and just take you a tranquil space. It’s no surprise his works are diamond handed by elite collectors with very few for sale and a recent > $200k Sotheby’s sale (oh and he works with top brands like Microsoft and Nike)
Cory Haber - we love his new release Atmosphere mentioend above above and SOL - 365. This talented artist is under the radar likely because he hasn’t released on Artblocks yet, but you good reader are in the know =)
Kevin Abosch - the OG AI artist has released the incredible post photo AI collection CIVICs. You need to have him on your radar.
Kjetil Golid - the OG generative artist’s recent release Orbifold warrants a reminder to not forget him and his seminal collection Archetype
Art To Watch
Kumono Shingu by Zancan - so beautiful, this is the clear winner from Bright Moments Tokyo and Zancan has proven he can evolve his style with new shapes and fantastic color combinations. We will be watching these closely.
Strands of Solitude by William Mapan - We mentioned Anticyclone before, but SOS hasn’t gotten a lot of love lately, which we think is a mistake by the market. Now at a 2 ETH floor keep an eye on these.
CIVICs by Kevin Abosch - The top of the Bright Moments AI mint, at first glance they may seem homogenous but looking through the outputs they are quite unique and all chilling in their scenes of angry crowds, mirroring modern times that feel to have a lot of strife
Organic Matr by Zancan - These are a bit under the radar as they need to be purchased via ArtMatr and are physicals first. 6 have sold but there are more hanging around with beautiful physicals that are machine made with charcoal (we have an interview with Artmatr coming out soon that details this more)
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