Art Blocks NFTs Raised $23.5M For Charity in August
Money from the generative art pieces is going to good causes.
- Art Blocks artists donated $23.5 million to charity in August.
- Rich Lord's Geometry Runners raised the most money, donating over $3.4 million.
- As new generative art continues to command higher and prices, the amount donated to charities will also increase.
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Artists on the NFT platform Art Blocks have raised an estimated $23.5 million for charity in August alone, putting the total funds raised through the project at over $26 million.
Art Blocks Artists Donate
Demand for on-chain art is blowing up, and charities are reaping the benefits.
NFTs on the Art Blocks platform have collectively raised $23.5 million for charity over the past month. In comparison, all Art Blocks projects released in the three months prior only raised $2.3 million.
A total of 25 artists launched NFTs on the platform in August. Before each project goes live, Art Blocks and the artist agree on what percentage of the funds raised will be donated to charity. For most projects, artists donate between 10 and 25% of the total sales of the art.
Curated project Geometry Runners, which launched Aug. 27, took the top spot, donating over $3.4 million. The project’s artist, Rich Lord, split the money between the Information Technology & Innovation Foundation and the Coalition for Rainforest Nations.
Art Blocks projects are currently released through a Dutch auction format, where the price to mint starts high and drops every 5 minutes until all pieces are sold. However, Geometry Runners sold out of all 1000 NFTs at the starting price of 5 ETH, with gas prices soaring as collectors scrambled to mint pieces from the highly-anticipated collection.
Since its launch in November last year, Art Blocks has become one of the premier destinations for NFT art collectors. Early projects such as Chromie Squiggle and Ringers could be minted for 0.08 ETH at launch but can now sell for millions of dollars on the secondary market.
Art Blocks has since increased the cost to mint pieces, with some projects now starting their Dutch auctions at an eye-watering 15 ETH. While such high starting bids might price out many potential buyers, the result is a lot more money gets donated to charity, as was the case with Geometry Runners.
Disclaimer: At the time of writing this feature, the author owned BTC, ETH, and several other cryptocurrencies.