Marking a foray into the realm of digital art ownership, Christie's auction house launched its first collection of on-chain generative art pieces. "SOURCE (On NFTs)," created by crypto art pioneer Robert Alice, features 400 unique works.
The collection leverages generative art, a process where an algorithm produces the artwork based on a set of instructions from the artist. This method imbues each piece with a distinct character while maintaining a connection to Alice's artistic vision.
Inspired by abstract color field paintings, "SOURCE (On NFTs)" reimagines this artistic tradition within the digital sphere. The collection draws its essence from the RGB color spectrum, the building blocks of digital imagery. This approach is a deliberate homage to the unique qualities of the digital art medium.
The auction, which coincided with the release of "On NFTs," a comprehensive exploration of the history of NFTs co-edited by Alice, offered the chance to own a piece of this groundbreaking artistic movement. "On NFTs" serves as a landmark publication, chronicling the evolution of NFTs from their inception to their current status in the art world.
A unique aspect of the "SOURCE (On NFTs)" auction was the pricing strategy. The starting price for each piece was set at 5 ETH, a type of cryptocurrency used on the Ethereum blockchain network. Employing a Dutch auction format, the price of unsold works gradually decreased over a two-hour period until reaching a minimum reserve price of 0.3 ETH. This method aimed to spark a dynamic bidding process while ensuring accessibility to a wider range of collectors.
Christie's entry into the on-chain generative art market signifies a growing recognition of the artistic merit and cultural significance of NFTs. The "SOURCE (On NFTs)" collection, coupled with the publication of "On NFTs," represents a significant step in legitimizing NFTs as a serious art form. With this initiative, Christie's positions itself at the forefront of this evolving art movement, catering to a new generation of art enthusiasts and collectors.