Art Blocks is at the forefront of the generative art scene, leveraging blockchain technology to unite artists, collectors, and digital art enthusiasts on a single platform. This integration not only fosters creativity but also ensures a seamless acquisition process for collectors. In a significant development, Art Blocks has recently incorporated Sansa, a digital art marketplace acquired in early 2024, into its operations. Sansa specializes in the curation and sale of digital art, providing a secure and supportive environment for artists and galleries. This acquisition enhances Art Blocks' ability to present a holistic view of all minted artworks, from high-profile launches to collaborations and independent artist projects.
Enhanced Art Acquisition Through Sansa
Sansa operates as a tailored marketplace for generative art, offering users the opportunity to explore and acquire pieces from leading artists and galleries. With the integration into Art Blocks, Sansa now presents an expansive catalog of works, including those minted through Art Blocks’ collaborations and independent initiatives. This merger not only broadens the scope of available art but also reinforces Art Blocks' commitment to advancing generative art expression.
The Dynamics of Art Blocks Auctions
Art Blocks employs a Reserve Auction system for artwork sales, where a minimum price is set by the seller. The auction begins once this reserve is met with an initial bid and lasts for 24 hours. If a bid is placed in the final 15 minutes, the auction extends by an additional 15 minutes. During this period, the artwork and bid are held within the auction contract, ensuring a secure transaction. Following the auction, a settlement process is conducted to distribute the funds and artwork appropriately among all parties involved.
Leveraging Zora's Marketplace for Auction Integrity
The auction system at Art Blocks is powered by Zora's open-source marketplace version 3, utilizing the original Zora contracts. This setup guarantees transparency and fairness in the auction process, allowing bidders to participate directly through the asset's auction page. Bidders are required to place bids that are at least 10% higher than the previous bid, ensuring a competitive environment. Artists benefit significantly from this model, receiving 100% of the royalties as determined by the royalty registry at the time of auction settlement.
Streamlined Experience and Fee Structure on Sansa
In an effort to enhance user experience, Art Blocks has removed all marketplace fees on Sansa, effective until further notice. This adjustment applies to all content, whether generated through Art Blocks or other platforms. However, starting January 31, 2024, all sales of Art Blocks-generated content on Sansa will incur a standard platform fee of 2.5%, in addition to any applicable artist royalties.
Navigating Auctions on Art Blocks
Participating in an Art Blocks auction involves a straightforward process where prospective bidders can visit the auction page, place their bids, and follow the settlement instructions once they win. The platform ensures that all auctions adhere to a clear set of rules, including time extensions and bid increments, to maintain fairness and transparency. Winning bidders can easily settle their auctions through their wallet page, where they can also manage and view their auction activities, including created and won auctions.
Art Blocks, through strategic acquisitions like Sansa and the adoption of robust auction systems, continues to lead the charge in transforming the generative art landscape, providing a comprehensive and engaging platform for artists and collectors alike.
