THIS NEWSLETTER IS SPONSORED BY |  |  | What goes into creating collectible NFT sets like Bored Apes? |  | Call them what you will — combinatorial art, a "random item lottery," or a bubble poised to burst.
Collectible sets of character-based NFTs, a genre exemplified by the Bored Ape Yacht Club — a set of 10,000 images of disinterested cartoon apes, each with a unique set of characteristics — have exploded in popularity this year. The Bored Apes themselves have seen nearly $500 million in sales since April when they were first minted.
With NFT sales reaching historic highs in recent months, many other projects have cropped up with a similar mix of hand-drawn art and computerized randomization to try to cash in on the boom.
From the outside, the newer projects may seem like copycat cash grabs — and some of them may be. But high-quality combinatorial NFT collectible sets aren't easy to create, and making them requires both technical and artistic skill.
The Block spoke with the creators of three generative NFT collections to learn about the process — which typically involves drawing the images, creating the randomization algorithm, drawing up the smart contract for minting and refining the artwork into thousands of unique pieces. | | |  | Joint Congressional committee to hold 'demystifying crypto' hearing next week | The hearing, entitled "Demystifying Crypto: Digital Assets and the Role of Government," will take place in the Cannon House Office Building in Washington, D.C. at 2:30 p.m. EST. The Joint Economic Committee's YouTube channel will also stream the hearing online. | Sotheby's to hold real-time bids in ETH for Banksy art auction | The auction, dubbed "The Now," will occur on November 18 and consist of Banksy's Trolley Hunters and Love in the Air artworks. "The Now" auction appears to be the first time the 277-year-old art house will prioritize crypto as payment over fiat currency. | Russian lawmakers prep legislation and form working group to address growing bitcoin mining industry | On November 11, Vyacheslav Volodin, the chairman of the State Duma, directed his deputy, Aleksei Gordeyev, to create an inter-committee working group on cryptocurrency, to be headed by Andrey Lugavoy, who had initially pushed the issue before today's plenary session. | | | THIS NEWSLETTER IS BROUGHT TO YOU BY | Get Up to $3,000 in Bonuses
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| | | Axie Infinity still dominates weekly gaming NFT trading volume. The Block's Data Dashboard shows that the game saw $184 million in volume during the final week of October. | | | Pixlr Genesis, a NFT-based movement to build the world's largest decentralized art museum on the metaverse
By Pixlr Genesis Pixlr, one of the world's most popular design and photo editing ecosystems, now introduces Pixlr Genesis, a revolutionary movement to build a 100% decentralized art museum on the metaverse to rival the Louvre, MoMa and National Gallery. | | | You are receiving this e-mail because you are subscribed to The Block's free newsletter. If someone shared this newsletter with you, you can easily subscribe to receive it in your inbox here. If you're looking for even more content, we have a separate newsletter for The Block Research, which you can sign-up for here. | | | | |
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