Last year the NFT scene took off in style, mainly on Ethereum. Now the art scene on other blockchains is really catching on, probably driven by cheaper fees, and the emergence of some really good artists whose work can sell for a few dollars and quickly surge in value.

Today we’re going to look at FX Hash, a generative art platform on the Tezos blockchain that in recent weeks has even surpassed the trading volume of OpenSea. FX Hash is gaining a strong foothold in the NFT scene and has become one of the best places to buy NFTs, even in this market.

First of all, to use the Tezos network you’ve going to need to install a wallet. One of the downsides to Tezos is that it isn’t supported by Metamask and neither can it be used on mobile devices, however, Temple wallet works really well, and there is a mobile app in development.

You can download and install Temple wallet here. Once you have it installed, you’ll need to send some Tezos to your wallet. The easiest way to do this is through a centralized exchange. The Tezos network has very low gas fees, usually just a cent or two, and withdrawals to the network should be cheap and take about ten minutes at the most.

On the FX Hash website itself, we need to check out a few key areas. The first is the ‘incoming’ feed which shows us which works are going to be released and when. We’ll be trying to spot some diamonds in the rough here.

Key information to look out for is the time until the art becomes available to mint, the edition size, and the artist. Being ready on time is becoming critical on FX Hash; as with any other NFT artwork, popular pieces have begun to sell out in seconds, so we need to be ready.

The next thing to consider is the edition size. Most generative works on FX Hash are not yet being produced in large edition sizes, such as 10,000, as they often are elsewhere. One reason for this is that most artists don’t have the marketing power. This is great though: we can buy or mint early pieces of work by artists that later make it big. I have seen this happen numerous times with Tezos artists.

An ideal edition size on FX Hash is probably in the region of 512 pieces up to the low thousands at the most. We ideally want to find smaller sizes where possible so that the art remains scarce and more valuable in the future. As an example, have a look at this artist, Yazid, whose mint sizes tend to be small but are becoming increasingly valuable.

Use FX Hash’s dashboards to see all an artist’s sales activity.

More established artists such as Ryan Bell of the PROOF collective that released the Moonbirds drop on Ethereum also have collections on FX Hash, and their work is significantly cheaper than it is on Ethereum, yet just as valuable. Bell’s works are gradually growing in size, he seems to be resisting the temptation to mint in very large numbers, which is great because it will keep the work scarce and valuable.

In terms of spotting upcoming artists like these, the trick is often to look at their artist pages, like the ones I linked to above. Look to see how many collections they have released, and of those collections how many have sold out. A good indicator of growing value is also to see if the edition sizes and prices are also increasing, whilst still selling out. Where this happens, we’re probably onto a winner.

Check edition sizes and sales to build a picture of demand for an artist.

The next piece of information we want to begin checking is the floor price of their work in relation to the mint price. I’ll stick with one of Yazid’s pieces to show you this. The collection named (kinder) Garden, Monuments is typical of a kind of ‘botanical’ style of generative art that has achieved some popularity. Have a look at it here.

These pieces initially minted for just a few XTZ, but now have a floor price of 2.4k XTZ. This is an artist we need to watch and try and grab future works from. You might choose to hold on to the work for the future or put it on sale straight after minting. There are prominent collectors entering the Tezos space looking to buy pieces for long-term holds, so you will have buyers.

There was a huge opportunity to sell (kinder) Garden, Monuments in its first week.

One action we will need to take when trying to identify future artists that make it big is to check their presence on social media. Viewing an artist’s Twitter account will reveal the scale of their following and usually is the place that they will advertise their upcoming works, allowing us to be ready. Follow artists if you like their work, and they fulfill the above criteria, you’ve definitely increased your chances of getting in early.

Overall, you should now be able to use FX Hash to spot potential artists that are worth collecting from. FX Hash is one of the few places where there is quick and easy money to be made in a market that feels uncomfortably risky. Thanks to the low prices and huge upside, the risk to reward is surprisingly favorable.

I hope you enjoyed exploring this exciting opportunity.

Until next time