Narrative is everything in the NFT space, and you’d be hard-pressed to find a stronger macro narrative over the past year than the rise of generative AI.
In January 2023, OpenAI’s ChatGPT set a new record as the fastest consumer software to reach 100 million users a scant two months after launch. The subsequent rise of powerful generative AI tools like Midjourney and DALL-E helped democratize access and birth a new generation of AI-collaborative artists, some of whom have found success in web3.
Does this mean the AI art market is primed for a bull run next cycle? I’ve been pretty vocal about my belief that we’ll likely see a boom that eclipses the run we saw in February 2023, when the success of Roope Rainisto’s BrainDrops collection, “Life in West America,” sent the sector’s prices parabolic.
At the time, the floors of BrainDrops’ first three “Day One” collections — Gene Kogan’s “Brain Loops,” Pindar van Arman’s “podGANs,” and Claire Silver’s “Genesis” — rose more than 200 percent. As demand exploded for early on-chain AI artwork, Silver’s “Pieces” 1/1 work sold for 52.69 ETH ($88,917), while first-movers like van Arman and DeepBlack saw their own collections rise between 300 and 500 percent.
Which collections will benefit from the next AI art run? BrainDrops is close to a sure bet. Founded by Stability AI investor Justin Trimble, Punk2153, and Kogan in November 2021, the project often draws comparisons to Art Blocks due to its quality curation and solid collector base. Featuring marquee artists, notable collections, and limited supply sizes, BrainDrops has all the ingredients for staying power and value accrual as AI art aims to follow generative art’s trajectory in market growth.
For this debut edition of “Bargain vs. Bluechip,” I’m going to take a closer look at two of BrainDrops’ “Day One” collections through an investment lens — Kogan’s perennially undervalued “Brain Loops” and Silver’s unimpeachable “Genesis.”
Bargain: “Brain Loops” By Gene Kogan
I’m honored to be sharing the stage with @ClaireSilver12 and @VanArman on the genesis drop at @braindrops_art. Working on a big new collection… pic.twitter.com/u9ENo7tmN8
— Gene Kogan (@genekogan) November 4, 2021
The Collection: “Brain Loops” By Gene Kogan
Floor Price: 0.3 ETH ($1,049)
The Case for Bargain: Despite the name of Claire’s collection, “Brain Loops” is actually the genesis project of BrainDrops — released by a founder, no less. Extending the Art Blocks analogy, this is the closest you’ll get to Snowfro’s “Chromie Squiggle” in the BrainDrops catalog. Funny enough, while Squiggles have become emblematic of Art Blocks and are often mistaken as the genesis Curated project, that distinction belongs to Jeff Davis’ “Construction Token” — Squiggles were actually minted third after DCA’s misnomered “Genesis.”
“Extending the Art Blocks analogy, this is the closest you’ll get to Snowfro’s ‘Chromie Squiggle’ in the BrainDrops catalog.”
In any case, as history tends to smile upon both genesis and founder-led projects, “Brain Loops” is positioned to age well. Comprised of 1,000 AI-generated looping videos created with a text-to-image machine learning model, the collection playfully explores different styles ranging from baroque and art nouveau to cubism and cyberpunk with a vintage feel that promises to date it in all the right ways. Kogan remains an active builder at the intersection of AI and web3, launching the open-source AI art platform Eden and the autonomous artist project Abraham. However, he has only minted a handful of works other than “Brain Loops,” so it stands as the best way to gain exposure to his artistry.
One week to go… A sample from my upcoming @braindrops_art collection.https://t.co/wZ2fVphf0N pic.twitter.com/RXnIyRzLFq
— Gene Kogan (@genekogan) November 8, 2021
Originally minted for 0.1 ETH, “Brain Loops” peaked above 2 ETH in early March 2023 before falling back to earth. While its floor price of 0.3 ETH still looks attractive despite being up nearly 3x in ETH value from mint, many collectors have been finding success with WETH bids in the 0.25 range — one lucky bidder even found paydirt recently for 0.13. Since holders of all three “Day One” projects are given pre-mint access to BrainDrops drops, market incentives will favor “Brain Loops” as the most affordable entry point to the trifecta. As the most affordable “Day One” project, “Brain Loops” looks to be a hot commodity in the next cycle for those who are priced out of “podGANs” and “Genesis.”
Blue-Chip: “Genesis” By Claire Silver
The Collection: “Genesis” By Claire Silver
Floor Price: 3.85 ETH ($13,464)
The Case for Blue-Chip: Active in the AI art scene since 2018, Claire Silver has emerged as one of the most successful AI-collaborative artists in web3. Featured in the Los Angeles County Museum of Art’s permanent collection, the anonymous creator has sold work at leading auction houses like Christie’s and Sotheby’s and collaborated with the likes of Gucci. She has sold multiple 1/1 works for over 52 ETH and sold out her digital fashion drop “corpo | real,” in January, marking her second release on BrainDrops.
“‘Genesis’ pairs Silver’s signature elegance with a rawness that helps distinguish it from today’s ubiquitous outputs with crisp detail by default.”
However, “Genesis” is where it all began. While Silver minted several early 2021 works on Rarible prior, her BrainDrops debut marked her first proper collection, and it will always enjoy that provenance. Just as Art Blocks blue-chip collections “Fidenza” and “Ringers” helped catapult Tyler Hobbs and Dmitri Cherniak, respectively, to generative art stardom, “Genesis” could be viewed in a comparable light for Silver.
Ranging from dark to ethereal imagery, the 500-piece collection pairs Silver’s signature elegance with a rawness that helps distinguish it from today’s ubiquitous outputs with crisp detail by default. Her “Genesis” works feel like artifacts from a bygone era when AI artwork was not nearly so simple to make or share.
During 2023’s AI art boom, “Genesis” peaked above a 22 ETH floor — by far the highest of any Brain Drops collection. While many projects have returned to their pre-run prices, “Genesis” found a new price floor and will likely never return to its prior levels — indicating the degree to which Silver is perceived as a long-term leader in the sector. As Silver’s career continues to develop, I wouldn’t be surprised to see “Genesis” set a new all-time high in the upcoming cycle and continue to solidify its standing as a blue-chip AI art collection in the years to come.
Bottomline
Looking to increase your exposure to the AI art movement? You can’t go wrong with BrainDrops, particularly its venerated “Day One” collections.
Kogan’s “Brain Loops” seems undervalued as a low-risk play with significant upside given its provenance and market track record. For those able to take a bigger swing, Silver’s “Genesis” promises exponential rewards down the road.
Ultimately, the value thesis for both lies in the continuing importance of AI in our everyday lives and AI artwork’s growth within the overall art market. If this past year is any indication, that’s a bet worth taking.
Editor’s note: At the time of publication, the author holds one “Brain Loops” NFT.
The post Bargain vs. Blue-Chip: Gene Kogan’s “Brain Loops” & Claire Silver’s “Genesis” appeared first on nft now.