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It is always refreshing to see bygone NFT collections announce new releases. Such is the case with the Art Blocks NFTs which have been revitalized after their latest launch. The collection previously gained a lot of attention back in August 2021 when its sales hit an ATH of $69 million.
The Art Blocks collection is now making waves once again. The collection is currently ranked third on the daily volume charts with over $2.4 million in sales. The uptick came in following huge demand for the Art Blocks NFTs with a 311% increase in a 24-hour window.
The collection has been gaining headlines for being above the BAYC and MAYC collections, albeit for a short while. The Art Blocks NFTs are also ranked sixth on the 30-day charts after its recent performance. The collection noted a surge of 151% over the period, with the sales volume rising up to $19.8 million.
Source: Crypto Slam
We can see several reasons for the recent uptick on the charts. Art Blocks released a new limited collection called the “Running Moon” which has been minted entirely. The official website claims that the collection “depicts the nuanced interaction between clouds and moonlight”. It goes on to say that Running Moon is a “search for harmony.”
Art Blocks also claims that 25% of the profits (above resting price) will be donated to support women and non-binary technologists.
Another reason can be the overall recovery of the crypto-markets in July. The NFT markets have also seen sustainable recovery in recent days. This recovery has allowed new NFT collections to thrive thanks to growing demand across the market. Charitable donations have also attracted new demand for Art Blocks NFTs.
Art Blocks NFTs’ latest chart highlights an unprecedented hike in the collection. However, the question remains if it can sustain the sales and attempt to grow in a recovering market.
Collections such as Sorare have also resurfaced in similar conditions and are managing respectable sales right now. The onus is now on Art Blocks to answer these questions.
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Kanav is a journalist at AMBCrypto. He has a Masters in Media and International Conflict and is interested in areas of digital society, crypto developments in the political sphere and the socio-cultural impact of a crypto-society.
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