Looking back on the NFT markets since the end of white-hot 2021, however, there was a cause for excitement: generative art as a medium for creating art NFTs has been on the rise, and artist Tyler Hobbs has been a force in keeping this NFT art form relevant. Generative art utilizes an algorithm to randomly create a piece of digital art. Each artist carefully crafts the code behind their work, and the beauty is in seeing what visual effects are unleashed. The rise of NFTs has prompted generative artists to put their work on-chain.
Read more: Presenting CoinDesk's Most Influential 2022
In September, Hobbs sold mint passes for his generative art collection QQL, raising $17 million before anyone knew what the minted piece would look like. According to data from NFT marketplace OpenSea, the collection currently has a 111 ETH trading volume, or $135,138, with a floor price of 15 ETH, or $18,262.
QQL wasn’t Hobbs’ first large success with generative art NFTs. In October 2021, he released Fidenza, a generative art collection, which, according to OpenSea, has amassed a 54,253 ETH, or $66,050,857, in trading volume and has a current floor price of 95 ETH, or $115,659.
Of course, that was when NFTs were the hottest thing in crypto and the art market in general. What makes Hobbs’ work exciting is that despite the NFT market slump since the beginning of 2022, buyers are still flocking to his work. In September, one wallet purchased eight Fidenzas, nearly $900,000 of Hobbes’ work.
“Projects like Fidenza and QQL are really new works that couldn't have happened prior to the blockchain and prior to NFTs,” Hobbs told CoinDesk. “NFT's have been fantastic for digital media, but there happens to be, you know, this real synchronicity with generative artwork that has allowed them to really flourish together.”
While Hobbs released Fidenza during the NFT hype of 2021 and QQL in the chilling crypto winter of 2022, both collections’ performance data illustrates how his generative art transcends market conditions, and may continue to set the pace in the future.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.
Learn more about Consensus 2023, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.