The Perfect NFT is a performative art installation which considers blockchains as a medium for artistic expression. It elevates distributed ledger technology from a distribution channel to commentary and critique of the absurdity in the NFT space. In place of a classic auction, a novel minting experience is used to allow organic price discovery of individual pieces in the collection. It’s a generative artwork shaped by its participants, forever living on the blockchain.
Shaped by participants
To start, there are 512 untouched pieces. The composition of every piece is derived from its respective number between 0 and 511 as a binary value. For instance, the number 456 translates to the binary value 111001000. Where there’s a 1 in the binary value, an empty circle is placed on the canvas following a grid, making every piece unique.
With every round, the buyer’s fingerprint will be placed in an unfilled circle on the canvas. If there are no empty spaces, the fingerprint of the oldest buyer will be removed to make space for the new one.
Fingerprints are uniquely generated from the buyer’s wallet address using a generative algorithm. The distribution of fingerprint types is defined by real-world statistics, making some fingerprints more common than others.
The Temporal Bidding Declarations, the NFTs, and the source code to generate everything, including fonts, live fully on-chain – they aren’t “links to JPGs” but articles for constructing themself. The Perfect NFT uses the Venster Metadata Standard to store all the code on the blockchain efficiently.
The sale happens in sequential rounds. The starting price for all 512 NFTs is 8 ADA. With every round, the price is increased by the percentage of NFTs sold in the previous round. So if in round 1, all NFTs are sold, the price for round 2 will be 16 ADA. If in round 2, only 50% of the NFTs are sold, the price for round 3 will be 24 ADA.
If an NFT is bought in a round, the previous owner receives a Temporal Bidding Declaration as proof of participation. They will also get 90% of the proceeds from the sale, with the other 10% going to the artists. For example, if they bought the NFT for 8 ADA and sold it for 16 ADA, they would receive 14.4 ADA with 1.6 ADA in royalties paid to the artists.
Every round stays open for five days or until all NFTs in the round are sold. Whichever comes first. If an NFT is not bought in a round, it will be minted and sent to the last owner’s wallet. After minting, it will no longer be available in the next round. The project ends when all NFTs have been minted.
Project Page | Twitter | Started: 25/02/2023