Art Blocks experienced a significant surge in sales this week, with several collections selling for over $100,000. The surge was initiated by the sale of Fidenza #725 at Sotheby's on May 19, which sold for $1,016,000, almost five times higher than estimates.
This sale signaled to NFT collectors that there is still demand for blue-chip NFTs even in a bear market, leading to increased sales in several Art Blocks collections.
However, the low liquidity and small collection sizes of Art Blocks can create wild price swings, making it difficult to determine whether it is a good time to buy. Nonetheless, this week's price action has been a welcome change of pace for NFT collectors.