Today's Art Blocks Presents "JPEG" Surges 200% in Early Trading
The Art Blocks Presents project that was minted today, "JPEG" by Jan Robert Leegte, is up more than 200 percent in early trading.
The project minted out its 275 NFT supply near the 0.38 ETH mark and currently sits at 1.15 ETH for a near 3x gain.
JPEG was the first official mint in the new Art Blocks category called "Presents," which combined the previous Factory and Playground categories.
The Rothko-like generative art project draws inspiration from the concept of JPEG compression. "Compression always leaves a trace, which has become the lens through which the network sees the world of uploaded images," says Leegte, in the project description. "JPEG tries to create an image programatically fully expressing that signature compression."
The artist goes on to note how the project outputs are generated live at the time of viewing, and the viewer "can literally drag the JPEG out from the browser window."
Art Blocks has some major tailwinds right now, based on some recent success of their Pace Gallery collabs ("Contractions" ran from a 0.8 ETH mint on Friday to 7.5 ETH+ over the weekend), new collectors trying to build entire sets, and some upcoming features at Art Basel. And now JPEG has added to those tailwinds here today...