The whole NFT space is supposedly familiar with generative art. But there is a generative art pioneer project right on the Ethereum network, and it’s Autoglyphs. Created via a script on a smart contract, Autoglyphs NFTs are incredibly valuable. The generative works of this collection will forever remain in the records of the smart contract, and thus in the history of the blockchain. The value of this collection is evidenced by the fact that Autoglyph #463 was sold for 460 ETH on September 1, 2021. And the breakthrough nature of the technology makes this project historically significant in the NFT space.
Autoglyphs Official Links
- Official site https://www.larvalabs.com/autoglyphs
What is Autoglyphs?
Autoglyphs is a collection of 512 NFTs that resides on the Ethereum network and has the ERC-721 token standard. It belongs to the category of generative art.
One of the most interesting features of the collection is the NFT minting. In May 2019, the collection generator launched, and each user could create a token on behalf of their wallet for a fee of 0.2 ETH (about $35 at the time). The NFT generation fee went as charity to 350.org 350.org. After the 512th NFTs was minted, the generator shut down for good.
Moreover, each NFT was created using code that ran on the Ethereum blockchain. So this is the first collection in the NFT space that was entirely created on the blockchain. Autoglyphs is inside the smart contract itself, where there are records of its creation.
The Autoglyphs NFTs are a highly optimized generative algorithm that could create an infinite amount of artwork.
Autoglyphs in numbers
- A total of 512 tokens in the collection.
- In May 2019, the collection generator was launched, and the minting price was 0.2 ETH.
- The total volume of secondary sales exceeded 20.8k ETH (more than $34M according to the official website).
- The floor price is a crazy 345 ETH (around $559k).
- Average sales range from 150 ETH to 400 ETH, but it is worth noting that sales are extremely rare due to limited supply and high cost of assets.
- The most expensive #463 was sold on September 1, 2021 for 460 ETH ($1.8 million at the time of sale).
- A total of 152 unique holders (30%).
- Only about 1 NFT is listed for sale (out of 512) at a price of 345 ETH. This shows that almost all holders see a great investment long-term perspective in the project.
Data (including exchange rates) are given at the time of publication (March 13, 2023)
Who created Autoglyphs?
The creator of the collection is Larva Labs which released the CryptoPunks collection earlier in 2017, and it also went down in the history of the NFT world as one of the first and most expensive NFT projects. The company is also the creator of another top NFT collection, Meebits. In addition, Larva Labs develops software for Android and iOS.
The founders of the company are Canadian software developers:
- John Watkinson @pents90. He is a graduate of Columbia University in New York City. He is also a part-time creative director at Google.
- Matt Hall @matthall2000. Creative Technologist at Larva Labs. Like his partner, he is also an employee of Google Creative Labs.
Why do Autoglyphs cost so much?
There are several reasons for the high cost of the Autoglyphs collection:
- Creation method. This is the first collection to be created entirely on the blockchain, and the minting generator was stopped at the 512th NFT.
- Being a pioneer of generative on-chain art, Autoglyphs are highly appreciated among collectors. The smart contract contains records of the creation of the NFT, which gives it a value as confirmation of the first on-chain art.
This story which took place in 2019 will always be kept on the Ethereum network as confirmation that generative art can be created not only through years of work by an artist, but also by a user who voluntarily donated 0.2 ETH for his own reasons and was rewarded with a valuable work of art such as Autoglyphs.
The idea behind this unusual distribution of Autoglyphs lies in autonomy. The developers wanted to make the whole process completely open and run entirely on the blockchain. No graphic editors, no complicated software to generate NFT elements.
We have no complaints about CryptoPunks, but there was a feeling that there was an opportunity to go further. With Autoglyphs, we asked ourselves: “Can we make all of this completely autonomous, completely open and running on the blockchain?” Here’s what co-founder John Watkinson said about collection
As a result of many experiments with different generators, Autoglyphs NFTs turned out quite beautiful, though using simple symbols. In fact, these works pay tribute to the pioneers of generative art Ken Knowlton and Michael Noll.
The project has no roadmap, as the Autoglyphs collection is entirely a work of generative art with one application, that is, the perpetuation of generative art in the blockchain via on-chain.
Autoglyphs does not have an ecosystem, as it is a collection without a community benefit application.
How much do Autoglyphs cost?
The public sale of the collection took place in May 2019 at 0.2 ETH. After the generator shutdown, the collection began trading on secondary markets. To illustrate the price dynamics, we made a slice of the average price for 1 NFT:
- In September 2019: 1 ETH;
- In February 2020: 2.5 ETH;
- In October 2020: 9 ETH;
- In February 2021: 44 ETH;
- In August 2021: 327 ETH;
- In January 2022: 142 ETH;
- In October 2022: 235 ETH;
- In February 2023: 250 ETH.
At the moment (March 13, 2023) the floor price is 345 ETH. On average, the latest sales range from 150 to 400 ETH. And the total volume of secondary sales amounted to more than 20.8k ETH. When analyzing the price, it is worth bearing in mind that sales are sporadic due to the limited supply and the extreme high cost of assets.
The Most Expensive NFT Autoglyphs Sales
The most expensive sales are led by the following NFTs from the Autoglyphs collection:
- #463 was sold on September 1, 2021 for 460 ETH ($1.8 million at the time of sale),
- #403 was sold on September 1, 2021 for 449 ETH ($1.5 million at the time of sale),
- #486 was sold on September 1, 2021 for 444 ETH ($1.7 million at the time of sale),
- #336 was sold on September 15, 2021 for 385 ETH ($1.4 million at the time of sale).
Where to buy Autoglyphs?
Autoglyphs is currently only available on the secondary market, such as the NFT marketplace OpenSea.
How to buy Autoglyphs?
- Remember that initially you need to connect your crypto wallet with self-storage to the marketplace of your choice.
- Next, find the official collection using the search bar on the marketplace.
- Analyze and choose the NFT you want to buy; click on it and then on the “Buy” button.
- Or you can bet on the token you like. Make sure you leave enough ETH for gas or transaction fees. If the seller approves your bid, the deal goes through.
Should you invest in Autoglyphs?
There are pretty good reasons to be positive about the Autoglyphs collection and invest in it. But to do so, you will have to shell out a large sum of money, since the floor price of the collection is currently at 345 ETH.
- Autoglyphs is the first generative art entirely created and hosted on the Ethereum network. The smart contract will always display a record of NFT creation;
- A valuable work of art that is supported by a community of collectors;
- Autoglyphs is an iconic collection of generative on-chain art.
- Floor price of the collection is only growing, although sales of NFT Autoglyphs are rare.
It should be noted that investing in this collection is a long-term decision for several years. Sales of the NFT collection are low, so you should place an order at a price that is reasonable with the expectation that someone will agree to sell their Autoglyphs at the posted offer.
Opinion of NFTmetria
Autoglyphs is a generative art pioneer collection created entirely on the Ethereum network. The collection is a cult of generative art, and can be said to represent the Ethereum blockchain itself. Autoglyphs works contain rather simple and uncomplicated symbols, but all together they create a magnificent creation of generative art. Over time, the value of this collection will only increase.