Jack Butcher, the artist responsible for the Checks NFT collection that gained significant attention earlier this year, is back with a new spin on the project. Called Checks Elements, this generative art collection showcases both physical and digital components, set to be displayed and auctioned at Christie’s soon. The collection incorporates motifs of earth, fire, water, and air into 152 generative art pieces, each featuring Twitter checkmarks and coming with an NFT designed by Butcher.
The decision to feature Twitter checkmarks in Checks Elements stems from Elon Musk‘s move to charge users for the previously free verification symbol. The collection is divided into six tiers, with each tier showcasing a different level of rarity. Three of the Alpha Element pieces – Earth, Air, and Water – will be auctioned at Christie’s New York, while the remaining 149 pieces will be available in an online auction. A portion of the auction proceeds will go to St. Jude’s Research Hospital.
Similar to the original Checks project, Checks Elements builds upon gamified elements that reward existing collectors of Butcher’s work. Owners of previous Visualize Value projects will receive specialized “Infinity Check” NFTs depending on their participation in the Checks Elements auction tiers. While the future utility of these Infinity Check NFTs remains uncertain, the original Checks project’s success can be attributed to the concept of NFTs unlocking more access and utility over time.
The Checks NFTs, initially minted for around $8 in January, reached a staggering valuation of over $4,000 in ETH. One NFT sold for 52 ETH, equivalent to roughly $84,000 in early February. Furthermore, the project has generated nearly $55 million worth of trading volume to date. Despite the current floor price dropping to 0.37 ETH (approximately $670), the blend of gamified mechanics and the ever-evolving nature of the NFT market has helped maintain its significant appeal.
However, it’s essential to approach such projects with a hint of skepticism, considering the rapidly fluctuating valuations and unpredictable future utility. While the Checks Elements collection showcases the ongoing evolution of digital art and generative design, it’s necessary for enthusiasts to carefully evaluate the potential risks and returns within this dynamic industry.
Source: Decrypt
