NFT Factories: How randomly generated NFTs, 10,000 per collection, have taken over crypto art

  • Have you considered creating and selling an NFT? Well, if you hope to compete with the big boys, so to speak, you’ll need to know how to scale your art in collections of upwards of 10,000 NFTs. Yes, that’s right, 10,000 NFTs! If you make 1 NFT a day, it would take only 27 years!
  • Don’t worry, though, computers will do the work for you!
  • The most successful NFTs today–CryptoPunks, Art Blocks, Bored Ape Yacht Club, Meebits, and VeeFriends–all rely on randomly generated art that creates thousands of NFTs, typically by randomly changing some features on a simple character, such as a person or animal. (For an explanation, see our blog on Pudgy Penguins.)
  • These successful mass producers of NFTs can be likened to virtual factories or crypto factories that harness the power of computers and algorithmic programs to generate the art contained in thousands of NFTs. NFTs are mass produced by computer programs.
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  • An exception to this approach is SuperRare, an aptly named site. Instead of the NFT factory, SuperRare often features artists’ works in single editions (not 10,000 NFT collections). But SuperRare itself appears to be rare among the top revenue generating NFT platforms or producers.
  • Of course, on a macro level, it will be hard, if not impossible, for the single-edition business model to compete with the NFT factories. NonFungible’s list of the Top Volume Producers of NFTs indicates a clear edge to the NFT factories.
  • How will this trend affect individual artists? It will probably make it difficult for an individual artist to compete with the NFT factories. Instead, we can expect individual or solo artists either becoming NFT factories or joining them.