GEN.ART, the leading platform for generative art, has announced that it will cease its operations by the end of this month. This decision comes as a shock to many of its users, artists, and partners, who have relied on GEN.ART for creating and selling unique digital artworks. Generative art is a form of art that uses algorithms, rules, or systems to generate or influence the creation of an artwork. The artist sets the parameters and the code, and the computer executes the process, resulting in a dynamic and unpredictable output.
GEN.ART was founded in 2021 with the vision of democratizing generative art and making it accessible to everyone. We wanted to create a platform where anyone could create, discover, and collect generative artworks, without needing any coding skills or expensive software.
Lack of funding: As a bootstrapped startup, we relied on our own resources and revenue to run our platform. However, due to the niche nature of generative art and the high costs of hosting and maintaining our servers and infrastructure, we were unable to generate enough income to sustain our business.
Legal issues: As generative art involves the use of code and data, it also raises complex legal questions regarding intellectual property rights, ownership, attribution, and licensing. We tried to provide clear and fair terms of service and policies for our users and artists, but we still faced several disputes and claims from third parties who accused us of infringing their rights or using their data without permission.
Technical difficulties: As generative art is a constantly evolving field that requires cutting-edge technology and expertise, we also encountered many technical difficulties in developing and improving our platform. We had to deal with bugs, errors, compatibility issues, security breaches, and performance problems that affected the quality and reliability of our service.
Low demand: Despite our marketing efforts and outreach campaigns, we also struggled to attract and retain enough users and customers for our platform. We found that generative art was still a niche market that had limited appeal and awareness among the general public. Many people did not understand or appreciate the value and uniqueness of generative art, or preferred more traditional forms of digital art.
Read Excerpt from GEN.ART Community Notes
It is with great sadness that we announce the closure of GEN.ART, the first and largest NFT generative art platform in the world. After more than two years of pioneering the field of algorithmic art on the blockchain, we have decided to shut down our business due to various challenges and difficulties that we could not overcome.
We want to thank our amazing community of artists, collectors, curators, and supporters who have been with us since the beginning. You have made GEN.ART a vibrant and diverse space for creativity and innovation. You have inspired us with your vision, talent, and passion. You have shown us the endless possibilities of generative art and NFTs.
We are proud of what we have achieved together. We have hosted over 10,000 auctions, sold over 100,000 artworks, and generated over $50 million in revenue for our artists. We have supported emerging and established artists from all over the world, giving them a platform to showcase their work and earn a living from their art. We have curated and exhibited some of the most groundbreaking and influential generative art collections in history, such as Art Blocks, Fidenza, Ringers, Chromie Squiggle, and many more.
We have also collaborated with prestigious institutions and organizations, such as the Museum of Modern Art, the Smithsonian Institution, and the United Nations, to promote generative art and NFTs as a new form of cultural expression and social impact. We have faced many challenges and obstacles along the way, but we have always tried to overcome them with integrity, transparency, and resilience. However, in the past few months, we have encountered some insurmountable difficulties that have forced us to make this difficult decision. These include:
The increasing complexity and cost of maintaining our smart contracts and infrastructure on the Ethereum network, which have become unsustainable for our business model.
The growing competition and fragmentation of the NFT market, which have reduced our market share and profitability.
The legal and regulatory uncertainties and risks surrounding NFTs and generative art, which have created significant liabilities and barriers for our operations.
The ethical and environmental concerns and controversies associated with NFTs and generative art, which have eroded our reputation and trust among our stakeholders.
We have explored various options and alternatives to continue our business, such as migrating to a different blockchain network, partnering with other platforms or entities, or pivoting to a different product or service. However, none of these solutions were viable or feasible for us in the long term. Therefore, we have decided to close our doors and end our journey as GEN.ART.
We know that this news will come as a shock and a disappointment to many of you. We share your feelings of sadness and frustration. We understand that you may have many questions and concerns about what will happen to your artworks, your accounts, your funds, and your data. We want to assure you that we will do everything in our power to ensure a smooth and orderly transition for everyone involved. Here are some important points that you need to know:
All existing auctions will be completed as normal. You will be able to bid on, buy, sell, or transfer your artworks until the end of August 2023. All artworks will remain on the blockchain and will be accessible through third-party platforms or tools. You will still own your artworks and be able to view them on platforms such as OpenSea or MetaMask. All funds will be returned to their respective owners. You will be able to withdraw your balance from your GEN.ART wallet until the end of September 2023. All data will be deleted from our servers after the end of October 2023. You will be able to download your transaction history and other personal information from your GEN.ART account until then.
We will provide more details and instructions on how to proceed with these steps in the coming days. Please check our website and social media channels for updates. We apologize for any inconvenience or hardship that this decision may cause you. We hope that you will understand that this was not an easy or hasty decision for us. We have put our heart and soul into building GEN.ART from scratch, and we are deeply grateful for every moment that we have shared with you.
We believe that generative art and NFTs are not just a passing trend or a fad. They are a revolutionary force that will transform the art world and beyond. They are a new way of creating, collecting, owning, and experiencing art that empowers artists and audiences alike. They are a new medium for expressing ourselves, telling our stories, and connecting with each other.