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Generative NFTs Largely Avoided the Market Mayhem of This Year

Generative NFTs have not faced the market pressures that affected other NFT collections over the course of 2022, according to a new report from The Block Research. 

Art Blocks is an NFT platform for works made by computers, algorithms and randomization. It first made waves in August of 2021 when it sold a piece for $5.8 million to Three Arrows Capital, the now bankrupt crypto hedge fund. 

While generative NFT projects like Art Blocks weathered the 2022 crypto storm, they pulled in fractions of what more popular NFT projects saw. Art Blocks brought in $17.8 million in peak weekly sales on May 1, when Bored Ape Yacht Club saw $134.3 million in weekly sales, The Block's Data Dashboard shows.

(by MK Manoylov)

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