The world of non-fungible tokens (NFTs) has seen a recent cooling down, but excitement was reignited with the much-anticipated NFT drop by Christie’s INC. Known for its on-chain auction platform dedicated to exceptional digital art, Christie’s 3.0 has partnered with MoonPay to bring forth an exciting NFT collection by Jack Butcher.
Titled “Checks Elements,” this collection showcases the artistic talent of Jack Butcher, a renowned digital artist, designer, and the founder of Visualise Value. Butcher’s work is characterised by a minimalist aesthetic that aims to extract clarity from complex concepts.
The inspiration for Checks Elements comes from Butcher’s earlier successful open edition NFT collection called “Checks.” This collection drew attention by incorporating designs based on the Twitter verification symbol, which had gained prominence due to Elon Musk’s decision to limit checkmarks to paying customers. The tagline of the Checks collection humorously stated, “This artwork may or may not be notable.”
Checks Elements takes this concept further by integrating the motifs of earth, fire, water, and air into 152 generative art pieces. Each artwork in the series will be accompanied by an NFT, designed by Butcher himself, and a hand-finished 30″ x 42″ monoprint of the same design crafted by master printmaker Jean Milant.
The collection is divided into six tiers, each representing a different level of rarity. The first tier, called “Alpha,” consists of four pieces, one for each element. Three of these Alpha Elements—Earth, Air, and Water—will be up for auction at Christie’s New York. The remaining 149 pieces, including Alpha Element Fire, will be available for online auction starting on May 24. A portion of the proceeds from the auction will be donated to St. Jude’s Research Hospital.
Similar to Butcher’s original Checks project, Checks Elements incorporates gamified elements that benefit collectors who have previously purchased works from Butcher and his creative agency, Visualize Value. Owners of Checks, as well as Opepen and VV 1/1’s—two other Visualize Value projects—will receive specialized “Infinity Check” NFTs for each Checks Elements auction tier they participate in. The specific utility of this series is yet to be revealed.
The success of the Checks project in February relied on the model of NFTs generating more NFTs, with each new release promising additional utility and access at a later date. Being an open edition project, an unlimited number of NFTs could be minted within a specific timeframe. Recently, open edition NFT projects have embraced gamified collection mechanics to encourage users to acquire as many NFTs as possible to unlock future perks.
Initially minted for approximately $8 in January, Checks NFTs experienced a staggering surge in value, with prices reaching over $4,000 in ETH. Notably, one NFT sold for 52 ETH, equivalent to around $84,000, in early February. The project has accumulated a trading volume of nearly $55 million to date. Over time, Butcher has allowed holders to exchange multiple editions for rarer renditions, leading the original editions to stabilise at a floor price of 0.37 ETH, approximately $670 at the time of writing.
The Christie’s INC partnership with MoonPay for the release of Jack Butcher’s Checks Elements collection has generated significant anticipation within the NFT community. With the integration of physical and digital components, along with gamified elements, this collection is poised to attract both seasoned NFT enthusiasts and newcomers alike. As the auction commences, the art world eagerly awaits the outcome, and the impact it may have on.
