- Art Blocks artists donated $23.5 million to charity in August.
- Rich Lord’s Geometry Runners raised the most money, donating over $3.4 million.
- As new generative art continues to command higher and prices, the amount donated to charities will also increase.
Artists on the NFT platform Art Blocks have raised an estimated $23.5 million for charity in August alone, putting the total funds raised through the project at over $26 million.
Art Blocks Artists Donate
Demand for on-chain art is blowing up, and charities are reaping the benefits.
NFTs on the Art Blocks platform have collectively raised $23.5 million for charity over the past month. In comparison, all Art Blocks projects released in the three months prior only raised $2.3 million.
A total of 25 artists launched NFTs on the platform in August. Before each project goes live, Art Blocks and the artist agree on what percentage of the funds raised will be donated to charity. For most projects, artists donate between 10 and 25% of the total sales of the art.
Curated project Geometry Runners, which launched Aug. 27, took the top spot, donating over $3.4 million. The project’s artist, Rich Lord, split the money between the Information Technology & Innovation Foundation and the Coalition for Rainforest Nations.
Art Blocks projects are currently released through a Dutch auction format, where the price to mint starts high and drops every 5 minutes until all pieces are sold. However, Geometry Runners sold out of all 1000 NFTs at the starting price of 5 ETH, with gas prices soaring as collectors scrambled to mint pieces from the highly-anticipated collection.
Other projects to raise large amounts for charity in August include Trossets by Anna Carreras and Beatboxes by Zeblocks.
Since its launch in November last year, Art Blocks has become one of the premier destinations for NFT art collectors. Early projects such as Chromie Squiggle and Ringers could be minted for 0.08 ETH at launch but can now sell for millions of dollars on the secondary market.
Art Blocks has since increased the cost to mint pieces, with some projects now starting their Dutch auctions at an eye-watering 15 ETH. While such high starting bids might price out many potential buyers, the result is a lot more money gets donated to charity, as was the case with Geometry Runners.
Disclaimer: At the time of writing this feature, the author owned BTC, ETH, and several other cryptocurrencies.
The information on or accessed through this website is obtained from independent sources we believe to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness, or accuracy of any information on or accessed through this website. Decentral Media, Inc. is not an investment advisor. We do not give personalized investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may become outdated, or it may be or become incomplete or inaccurate. We may, but are not obligated to, update any outdated, incomplete, or inaccurate information.
You should never make an investment decision on an ICO, IEO, or other investment based on the information on this website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, IEO, or other investment. We do not accept compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities.
See full terms and conditions.
Source: Read Full Article