A Brief dive into Wrapture Series by Dmitri Cherniak.
Let me tell you a story of one of the most profund collections on the Artblocks Currated Series.
Known for his Ringers Collection, Dmitri Cherniak is a Canadian born aritst specializing in the generative on-chain art. With his work dating back to 2014 he is one of the pioneers of the generative art space.
As stated above Dmirti Cherniak is known for his Ringers Collection, which consists of 1000 NFT’s and utilize different formats of strings and shapes. The collection, originally published by the Artblocks Currated currently has a Floor price of 55 ETH with less than 4% listed on the market.
Dmitri Cherniak is also responsible for “The Eternal Pump” collection which represents numerous circle based shapes made with the GSLS and JS.
Today I wanted to higlight one of the interactive collections made by Dmitri which captured my attention ever-since I found out about it through Proof Collective and Crypto Twitter.
The collection I am talking about is “The Wrapture”. Only consisting of currently 50 pieces in total it’s one of the most scarce collections in the Artblocks Currated Series.
This is not the typical generative art collection. Wrapture Concept is faily simple but on the other hand amazing at the same time.
The rules state:
As long as no one trades, sells, or lists their edition for sale in the next year, no additional editions will be made available for minting. However, if one collector breaks the rules, the remainder of the 666 editions will be opened up to the public for minting. If no one breaks the rules for one year, the edition will be capped and collectors will be free to “move” the art with no repercussions.
This concept is immensly fun to see unfold, project was created in late 2021 (December) and we still have few months to reach it’s final form. Currently there are no Wraptures listed for sale with 70% of unique owners holding the Wrapture Art.
This take explores the interaction model of the artist with it’s collectors. If remained of 660 editions are put onto the public market the collection will lose on it’s scarcity, meaning that the floor prices and the values of the collection will spiral on the downward path since there are more editions available to the broader audience.
One thing to note here. Recently on the Proof Collective Podcast there was a point mentioned that Starry Night Capital is one of the holders of the Wrapture Collection. Now, if you are unfamiliar with the SN Capital they were a subsidiary of Three Arrows Capital which filled for bancrupcy couple of months ago. SN Capital is the divison responsible for NFT Investments and the vault contains some of the best 1 / 1 art series and Artblocks Currated pieces known to be created.
There is still a lot of discussion about what will happen and when to the Vault of Starry Night Capital but if transfered / put on auction before the end of the year the Wrapture Collection will automatically mint the remainder of 666 editions on the open market.
This is one of the interesting things I have seen unfold in the NFT space, especially considering the ability for one collector to influence the entire editions of the artists itself.
There are few more months left to see what happens and now collectors and foundation which ownes the rest of SN Capital Assets are entering the game of time.
