The World of Expensive NFTs
With sales topping $ 300 million in February only , these NFTs are becoming increasingly popular across emerging platforms.
The NFT space is expanding as well-known celebrities release their own NFTs. Because they see a potential for profit, crypto-focused companies are also jumping on board. Consequently, there has been an increase in the number of companies that have been formed solely to produce NFTs.
NFTs are stored on the blockchain, so they’re transparent, secure, and tamper-proof. You can use NFTs to buy and sell anything you can imagine, and there’s no limit to the potential uses for this innovative new technology.
A total of $ 2 billion worth of transactions took place in NFT marketplaces between the beginning of January and the end of March 2021. Today, there are many large NFT marketplaces, making it difficult to estimate how much money has been exchanged. The general public’s interest in NFTs is growing, which is helping to drive up total sales.
Celebrities, such as musicians and athletes, can make a fortune selling NFTs because of their enormous fan bases. As a result, this is a factor to keep in mind when evaluating NFT investments. Social media sensation Logan Paul earned $ 5 million in one day selling NFTs .
Background of the Art of NFTs
The first NFTs were created in 2013, when the first blockchain-based digital property marketplace, BitShares, launched the world’s first decentralized stablecoin, BitUSD. Since then, the use and popularity of NFTs has soared. Nowadays, there are dozens of NFT platforms across the globe, and NFTs are becoming one of the most popular ways to store value and trade assets.
Unlike traditional currencies, which are regulated by governments and banks, NFTs are autonomous and decentralized. This makes them a more secure way to store value and trade assets.
NFTs aren’t just for investors anymore. Retailers and other businesses are starting to use NFTs to store customer data and track inventory. In fact, several major brands have already announced plans to use NFTs for marketing purposes. For example, Nike is using NEO to create Nike CryptoKites, which allow consumers to collect sneakers without ever having to leave their home.
What are the most expensive NFTs ever soldon the market today? Starting with the ten most costly NFTs, we’ll explain why they’re so expensive.
10 Most Expensive NFTs Ever Sold
In this video, Jelvis talks about some of the most expensive NFT ever sold.
Forever Rose NFT
On Valentine’s Day of 2018, Kevin Abosch sold a digital artwork of a rose for $ 1 million, but no one in the Artnet News office knew what to make of the press release announcing the sale. There was no such thing as NFT even among the early adopters of crypto art! Today, it appears that the sale was a sign of things to come.
For Kevin Abosch, this black-and-red rose is one of his most expensive works. He didn’t even bother to sketch the rose on the paper. He simply took a picture of it, and the dirt on it makes it authentic. The digitally re-created artwork appeared vibrant and lifelike.
Abosch previously sold a photo of a potato for $ 1 million.When it comes to making money, this guy has a real knack for it. Ten collectors purchased Forever Rose, and each received a ROSE token in return. It is claimed that the money raised will go to a children’s media foundation.
The Merge NFT
When it comes to NFTs, The Merge is more of a collection of disparate pieces than a cohesive work of digital art.The Merge was produced by the well-known artist Pak. One of the most pricey artworks ever, sold as an NFT sold for $ 91.8 million on the NFT marketplace Nifty Gateway .
For the first time, The Merge is not owned by a single person. Due to the fact that it was sold in mass quantities, this is why. There was an initial cost of US $ 575, and the value grew by US $ 25 every six hours until the sale ended, for each “mass .” Collectors had acquired 266,445 masses by the time the sale ended on the 4th of December ..
Coin For the Ferryman NFT
An NFT by XCopy, dubbed “A Coin for the Ferryman,” was made. According to a November 2021 Ethereum sale date, the artwork was sold at a price of $ 6 million.
For a short time, the piece had been owned by 0xclipse, who had purchased it in 2018 for only about $ 139. XCopy recently sold an NFT for nearly $ 4 million.
Companies like Twitter, Inc. (NYSE: TWTR), which owns and operates a social networking platform, are helping to raise NFTs’ profile in the digital world.
If you’re a long-term investor in NFTs, you’ll want to keep an eye on Twitter’s stock (NYSE: TWTR). Similarly to Visa, Nike, and eBay, it’s an important company to watch.
The CryptoPunks #7523 NFT
NFT series CryptoPunk has more than 10,000 collectible characters, making it one of the most well-known. The CryptoPunks, one of Ethereum’s initial examples of NFTs, have been purchased by other users and are now exclusively available for sale in the marketplace.There are only two of these in existence and they both sold for $ 11.75 million. This raises the intriguing question of how much the two rarest pieces will fetch.
Everydays NFT
For $ 69 million at auction, Beeple (actual name Mike Winkelmann) purchased Everydays: The First 5000 Days, the most pricey NFT ever purchased by a single individual . In less than an hour, the value had climbed from $ 100 to more than $ 1 million, before being purchased by MetaKovan, the founder of Metapurse, an NFT investment firm.
CryptoPunks #5822 NFT
For a long time, NFT tokens like CryptoPunks have been in high demand. The “CryptoPunks” NFT project was completed in 2017. Founded by Matt Hall and John Watkinson, Larva Labs is one of Canada’s most acclaimed studios.
Both the tokens ‘inventors and the tokens’ collectors refer to them as “punks.” First-run NFT characters are tried to seek collectibles in the same way trading cards would be.Each CryptoPunk is unique due to the fact that no two “punks” are the same.
8000 ETH, the equivalent of $ 23.7 million at the time of the sale, bought CryptoPunk # 5822. This is the best price ever paid for a CryptoPunk token.
Punk # 5822 is claimed to have been purchased by Chain CEO Deepak Thapliyal, who tweeted a picture of it. The artwork can be a static image, an interactive component, or a 3D image. It depicts a series of loops circling many pins in an immobile state. On a white background, black is the dominant color.
A white background, a neutral wrap orientation, a loop, or an Art Blocks creation are all uncommon. Only 0.3 percent of these tokens are red.
For the premium bid ever paid for an Art Block, the NFT was sold in October 2021 for USD 6.9 million.
Ocean Front NFT
Even though Beeple’s Ocean Front is one of the most expensive NFT works, it’s far more than that: It serves as a stark reminder of the calamity that climate change will bring if it is allowed to go unchecked.
As part of a series called “Everydays,” Beeple made this painting. Trailers and containers are stacked high on a floating platform in the midst of the ocean.At the top of the futuristic man-made towers, it can be observed growing mushrooms beneath a tree.
In March 2021, Tron Foundation CEO Justin Sun, the founder and founder of Nifty Gateway, paid USD 6 million for the Ocean Front. Beeple himself announced the winning bid on Twitter.
Human One NFT
November saw “Human One” take third place in the list of the top four NFTs, with a price tag of $ 17.99. As a life-size 3D sculpture NFT, the “Human One” shows an individual dressed in a silver-colored spacesuit, but the artist can change it at will. Since “Human One” is Beeple’s life work, he promises to keep it fresh and evolving.During Christie’s 21st Century Evening Sale, the auction of “Human One” brought in $ 28,985,000.
With the help of four separate video screens, the “kinetic video sculpture” has been dubbed a lifelike sculpture.Christie’s ranks Beeple as one of the world’s best living artists
Replicator NFT
Mad Dog Jones was be the wealthiest living Canadian artist by April 2021. How? By auctioning off his Replicator NFT for $ 4.1 million at Phillips. The photo shows a typical photocopier that you’d find in any office. It appears to be in a rather cramped apartment. In addition to the drafting table, stock ticker, and nighttime view of an expansive city, there’s a cat on the floor.
The photocopier is shown in action in a video version, which is accompanied by synthesizer tones from the 1980s. It doesn’t get any better than this.
This replicator NFT generates new NFTs automatically every 28 days. In accordance with Mad Dog Jones, Replicator should generate 180 to 220 distinct NFTs, each of which can be kept or sold at the discretion of the machine’s owner.“
Clock by Pak NFT
The second-highest price ever paid for an NFT was a project by artist Pak, which earned $ 52.7 million for Julian Assange’s legal defense. In a statement to Wired, AssangeDAO – a blockchain-based activist group – purchased the work, which includes a digital counter that tracks the number of days Assange has got a life sentence. Pak offered his sales price to the Wau Holland Stiftung Moral Courage Project to help cover Julian Assange’s legal bills.
The second XCopy work was titled Right-click and Save As Guy to mock individuals who believe NFTs are worthless since they can be duplicated and uploaded.
In keeping with XCopy’s usual style, the artwork features a lot of dystopian and death-related motifs. Hoodie-wearing, sunglasses-wearing mumbling figure adorns the cover. CryptoKitties was the first blockchain game where users could own and breed virtual cats using cryptocurrency. The game has no leaderboards, no cut-throat competition and players can’t win anything.
Conclusion
This sale of NFTs marked a new phase in the art market and paved the way for more creative uses of blockchain technology. The current growth in crypto collectible projects, suggests that it is evolving towards a distinct form of NFT initiative focused on code-generated art, which aims to develop communities of followers, purchasers, and investors.
It does demonstrate that art can be securely and reliably stored and traded on a blockchain network and the future of NFTs looks really bright.