The 100 Proof show, which covers everything digital art and NFTs seems to changing their format slightly. First of all the name now reflects that the content covered which I think is a clever move. As hosts we have Sam, Eli & Amanda as well as special guest Roger Dickerman, the founder of Artifex.
NFT Weekly Market Overview
Sam starts things off by providing a concise summary of the digital art market’s performance this week. The past month has seen a steady increase in transaction volumes for four weeks straight, although he notes that much of the volume was driven by sales into bids on Blur. The discussion also highlighted a positive trend in both Ethereum (ETH) and Profile Picture (PFP) prices, with the trend appearing even stronger when valued in U.S. dollars.
Despite the market’s overall strength, Art Blocks experienced a decline due to low volume, with only one Fidenza sale in October and a decrease in the Chromie Squiggle floor price. Nevertheless, there were significant sales in the art segment, with a Ringers sale at 50ETH, Skulls of Lucy reaching a new high at 75ETH, and “The Whisper,” a Memories of Chilean piece, selling for 13 ETH.
Some other things to point out:
Yatreda’s work The End of Innocence fetched 22 ETH at auction, and she successfully sold three out of 12 pieces for 10 ETH each.
SnowPepen emerged as a major theme, with its largest sale being an upper left Fuzzy for 8.1 ETH.
Algo Bro by X-Copy was released, with an initial price of 2 ETH per piece and a current floor price of 10 ETH.
X-Copy’s Remnants, as part of the SuperRare Genesis pass, is commanding a floor price of 8 ETH.
Lastly, Matt Kane’s innovative approach to conceptual performance art was discussed, where acquiring one of his premium pieces requires donating a contractual obligations NFT, which has a floor price of 5.5 ETH, to the Museum of Crypto Art.
In the next segment of the show, the panel discussed the allure and dynamics of the digital art market, particularly focusing on a SnowPepen, X-Copy, SuperRare and Matt Kain.
A couple of reasons for SnowPepen‘s appeal were highlighted. Firstly, there’s a large demand for Snowfro pieces in general, which creates a scenario where a sudden demand on this collection can lead to a supply shock, potentially driving up prices due to scarcity. Secondly, the collaboration with Jack Butcher was mentioned as a significant draw.
Out of 80 SnowPepen, 27 have already been resold on the secondary market for a total of 120ETH combined, indicating a robust 30% resale rate and suggesting a strong market interest.
Lastly, it’s great to see Snowfro collaborate, not only with major organizations like MOMA but also with purely Web3 teams, emphasizing the platform’s significant impact on the digital art space.
The discussion then pivots to the X-Copy drop and the broader implications of celebrity and artist endorsements in the digital art space.
Roger contributed his perspective on the valuation of Algo Bro. He highlighted the significance of the algorithm used and the premium associated with the edition count of the pieces. He also noted the added value of having the first-ever fully on-chain X-Copy artwork, speculating that the value might stabilize around the 8ETH range. The conversation then shifted to the topic of Remnants. In an interview with NFT Now, he had shed light on how Remnants are curated outputs, suggesting that the market is still in the process of comprehending their value.
Eli chimed in, highlighting X-Copy’s approach to caring for existing collectors ahead of a larger release. This approach was seen as part of a larger dialogue about the SuperRare pass and the responsibilities of artists to create unique pieces for their collectors.
The panel then reflected on the conclusion of the first season of the Rare Pass and SuperRare’s enduring support for artists since 2018. It was emphasized that long-term relationships with artists are crucial in the digital art space, and the Rare Pass has been a unique and successful initiative.
While acknowledging some controversy surrounding it, Roger commended SuperRare for its success in the first season, emphasizing the benefits it brought to both artists and collectors.
Proof’s Fall-Winter Exhibition Series
There’s some exciting developments at Proof, including a collaboration with five accomplished artists for their Fall-Winter exhibition series. The featured artists were identified as Helena Sarin, Herbert W. Franke, Other World, Summer Wagner, and Craig Mullins. Helena Sarin’s collection was highlighted for its combination of physical ceramic components alongside NFTs, with the exhibition set to commence on November 15th.
Watch the whole show here:
A digital magazine curating remarkable digital art content, putting the spotlight on artists and content creators that deserve more recognition.