• The Ethereum Stored Algo NFT sells for $10,000

  • This Wednesday, an NFT that can be generated from data stored on the Ethereum blockchain sold for 2 eth.

    That’s only the most recent addition to the Kohi Kintsugi collection, which saw its most valuable piece sell for 4 eth in September.

    What distinguishes it from NFTs, which hash to IPFS, is that the art itself is on the blockchain and can even be rendered with a modified ethereum client.

    “The instructions for rendering the artwork are stored on the blockchain, which is the main innovation in this platform and genesis work.”

    This means that “the image itself is reproducible for as long as Ethereum exists,” according to the project.

    Art Blocks also stores the source code for generating art on the blockchain, but it must be rendered using other popular generative art tools, such as p5js.

    “Because Kohi does not want to rely on p5js in the future, our contracts amount to ‘this is the artwork,'” the project says.

    As it exists natively on the blockchain, this is effectively blockchain art. Other projects can easily incorporate the algo part and modify or build on top of it to create some synergy in art in the style of defi platforms that are typically integrated.

    The same is true for their other project, City Lights, which is depicted in the featured image above, with the two projects handling 1,086 eth in total trading volumes worth $4.5 million.

    Suggesting that there is some demand for these NFTs, though it is possible that it is mostly speculative demand because they are relatively new inventions, and it remains to be seen how natively digital art will develop.

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