Nonfungible Tokens, or NFTs for short, are becoming increasingly expensive, reaching millions of dollars. When an NFT earns more than $69 million or when a tweet earns $2.9 million, it isn’t simply a fantasy.
NFTs gained popularity in the media in 2021 after a piece by digital artist Beeple, also known as Mike Winkelmann, sold for an astounding $69 million. Many of the other NFT sales that followed this one were in the millions of dollars.
Because of the ongoing controversy around NFTs, celebrities, including Paris Hilton, Lindsay Lohan, Eminem, Grimes, and many more have joined on board.
Also read: What is NFT?
In 2022, investors, creators, and collectors are showing an interest in NFTs. Here, in this article we will explore the top 7 most expensive NFTs ever sold:
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7 MOST EXPENSIVE NFTs
Below is the list of 7 most expensive NFTs of all time:
1. TPUNK (10.5 MILLION)
Now that we are aware of the reasons why alien punks are so expensive, we can also understand why investors are showing interest in TPunks due to their rarity. In the world of Tron, they are known as CryptoPunks. TPunks NFTs are often not extremely lucrative.
However, TPunk #3442, a work that is quite reminiscent of the Joker, brought in $10.5 million at auction last year despite this fact. It was bought by Justin Sun, a well-known cryptocurrency investor and Tron co-founder.
But he gave the token to the APENFT market rather than keeping it.
2. ALIEN CRYPTO PUNK (11.75 MILLION)
Since alien cryptopunks are so uncommon in the cryptocurrency market, Alien CryptoPunk #7523 is now the sixth most expensive NFT ever sold. His distinctive headwear consists of a knit cap (419 punks possess one), a medical mask, and an earring (2459 punks own one).
Larva Labs only produced nine punks who are aliens, including him (175 punks have this). Shalom Meckenzie, who holds the largest stake in DraftKings, purchased “Covid Alien,” also known as CryptoPunk #7523.
3. CRYPTO PUNK (23.7 MILLION)
The top most popular tokens are, without a doubt, the CryptoPunks, which routinely trade for record-breaking values. Some NFT setups have attracted cult-like devotion. Larva Labs introduced the concept in 2017, drawing inspiration from early electronic music pioneers like Daft Punk, cyberpunk, and the London punk movement.
#5822, the highest ranking CryptoPunk on the list, is the most costly (and ranks sixth on the list of most valued NFTs). Only 9 of the 10,000 CryptoPunks made still exist, making it one of the series’ rarest alien editions.
The token was sold for roughly $23.7 million in February of this year, and there seems to be a reasonable explanation for the high price. One of 333 total, this token also comes with a bandana. Chain’s CEO, Deepak Thapliyal, bought the NFT. We may presume that it will remain one of the most costly NFTs available, given how hard it is to get.
4. HUMAN ONE (28.9 MILLION)
Back on our list is Beeple, who has a history of churning out NFTs in the millions, including HUMAN ONE. This nonfungible token fetched an incredible $28.9 million at a Christie’s auction last year. It is simple to understand why the auctioneer referred to the work as a “triumphant follow-up to the artist’s iconic EVERYDAYS: The First 5000 Days”.
The kinetic video sculpture HUMAN ONE, which is accompanied by a dynamic NFT called HUMAN ONE, shows the first picture of a person ever born in the metaverse. The mixed-media piece of art shows what appears to be an astronaut moving endlessly across constantly-changing landscapes projected on its four walls.
Additionally, HUMAN ONE has a special smart contract that enables Beeple to control the supplied material from a distance. In contrast to prior NTFs, HUMAN ONE is a continuous work of digital art. Hence its high price point is appropriate.
5. CLOCK (52.7 MILLION)
The third most expensive NFT ever sold separates apart from the other tokens on this list since it was created in support of a nonprofit organization.
The “Clock” nonfungible token, created by Wikileaks founder Julian Assange and Pak, shows a digital counter of the total number of days Assange has been imprisoned at London’s Belmarsh Prison, where he is currently being held in anticipation of his extradition to the US on a number of espionage-related charges.
It was sold at auction in February 2022 for the equivalent of $52.7 million to AssangeDAO, a decentralized organization (DAO) founded to crowdfund the sale and supported by over 10.000 Assange fans. To generate money for Assange’s legal defense was its main objective.
6. THE FIRST 5000 DAYS (69.3 MILLION)
Last year, the NFT art scene utterly wrecked it, setting several records. Market growth peaked in March 2021 with the sale of “Everydays: The First 5000 Days,” a collage of 5000 pictures created by digital artist Mike “Beeple” Winkelmann over the period of more than thirteen years.
The owner of the Metapurse NFT project is Singapore-based cryptocurrency investor Vignesh Sundaresan, also known as MetaKovan.
7. THE MERGE (91.8 MILLION)
In fact, the amazing $91.8 million price tag on the most expensive NFT in history was paid in December of the previous year. The Merge was created by well-known digital artist Pak, whose works have brought in over $350 million.
28,983 persons contributed a total of 312,000 shares, which came to a little under $92 million (each of which is an NFT). Given that each of these gadgets had a $575 initial purchase price that increased by $25 every six hours, it is very astonishing. Ultimately Pak became the most valuable living artist after selling the Merge for $91 million, which defeated Jeff Koon’s Rabbit in 1986.
IS NFT ART WORTH BUYING?
Yes, Digital content producers and artists have a stunningly unique potential to get money from their work using blockchain technology and nonfungible tokens (NFTs).
The amazing thing about NFT art is that since it is created on the blockchain, it may exist without the aid of an art gallery, shop, or museum. Even without a business or a sizable social media following, he may be prosperous. The artist is entitled to compensation, frequently in the form of royalties that range from 5 to 10%, when his work is sold again on the secondary market, and his copyrights are protected.
The second-largest cryptocurrency, according to the market cap, is Ethereum, which has a market value of over $420 billion. Any piece of digital art that is now being sold for 1 ETH, which is currently worth around $3,500 USD at the time this article was published, may appreciate in value if 1 ETH eventually rises to $10,000 USD. (As it is, for instance, when purchasing stock.) NFT art can be viewed as a short-term or long-term investment.
WHAT MAKES NFT ART EXPENSIVE?
For certain digital commodities, substantial financial outlays have been made. For instance, the very first tweet was sold in 2021 for almost $3 million. However, why would someone put that much cash into an NFT?
The great majority of NFTs are, first and foremost, inexpensive. To put it another way, we don’t learn about them until a record is sold. The same is true of tangible art. Only after someone pays millions for a piece of art by a well-known artist like Picasso are the works that sold for far less made public.
The buyer could believe it to be extremely significant or enticing, in which case they would be fine to pay a higher price for it. Businessman Sina Estavi, who purchased the first tweet, tweeted about it and stated, “This is not just a tweet! In the future, I believe people will recognize this tweet’s actual worth, much as they did with the Mona Lisa.
One of the top most well-known works of art in the entire world is Leonardo da Vinci’s Mona Lisa, a painting from the Renaissance period. Millions of visitors come to Paris’ Louvre museum each year to appreciate it.
The “purchasing the first tweet” status problem is unique and noteworthy historically. There can be only one person who can lay claim to have sent the world’s very first tweet.
As a result of the purported bubble that economists discuss, NFTs may become very expensive. We argue that a market is in a bubble when speculators buy goods with the specific intent of selling them shortly at a higher price. As a result, the price is increased.
The introduction to new technologies has led to a lot of bubbles. Several investors arrive with their money after learning about the new technology’s exorbitant price or about famous persons who have already acquired it.
They buy the items without fully understanding them since their main concern is the possible profit from reselling them. NFTs, according to some, are to blame for this.
This is not intended to imply that NFTs are worthless but rather to highlight the fact that some of the buyers are more focused on turning a profit than building a certain brand.
In the future, NFTs may be displayed in this virtual space, similar to how the artwork would be organized in a physical house. It’s even conceivable that some of them may transform into recognizable avatars that their owners could use to interact with locals.
The company that created the fabled collection known as the Bored Ape Yacht Club also controls Otherside; thus, there may one day be a way for avatar replicas of these apes and other NFTs to roam the Otherwise metaverse.
WHAT MAKES AN NFT SUCCESFUL
The creators or founders of an NFT project may be the most important consideration, even if there is no specific order to this list.
2. ACTUAL ARTWORK
Perhaps the most arbitrary element on this list is the actual content of the NFT. But it’s important to understand and consider the forms of art that will appeal to a broad audience.
Even if you might like a certain piece of art, it’s important to consider whether or not others will feel the same way or whether the piece is simply too specialized for widespread appeal.
For instance, a lot of people believe that every ape at the Bored Ape Yacht Club is attractive. The white backdrop and no monkey combine for an excellent social network profile.
For an NFT project, it’s critical to take the community into account, but it’s as critical to avoid becoming sucked in.
It is something that can be quickly recognized. To achieve this, seek an NFT project on social media and associated groups on Telegram or Discord.
4. EVIDENCE OF STATUS
As the world gradually moves towards the metaverse, people’s decisions to purchase NFTs will be affected by their highly visible online ownership and flexibility.
Designer items are so popular because people have a natural desire for lovely things. People indulge in tremendous financial expenditures as a result of flexing.
5. PARTNERSHIP WITH OTHER NFT COLLECTIONS OR BRANDS
The partnership is more of a wild guess as it isn’t in the roadmap, but it is definitely something to think of before investing in an NFT line.
Think about as many factors as you can before investing in improving your chances of success.
A collection will benefit greatly from working with a well-known organization or even an individual since the initiative will get greater attention.
One well-known example is the collaboration between Bored Ape Yacht Club and Adidas. The NFT would unquestionably be a fantastic investment if you could foresee such a relationship.
WHAT TYPE OF NFTs SELLS THE MOST?
The most popular NFT is artistic. Because of this, art also has the greatest sales of any NFT. Artists now have a tremendous chance to sell their best works online, exactly as if they were real works of art, thanks to the invention of NFTs.
Many of the most expensive NFTs now on the market are works of art. According to Luno, “EVERYDAY’S: THE FIRST 5000 DAYS” by well-known artist Beeple is the most costly NFT ever sold. This sculpture cost an incredible $69 million. The billionaires’ bank accounts are being wiped out by other incredibly expensive NFTs.
The NFT spectrum also places a high value on music. Since it is produced and delivered on records, cassettes, CDs, and digitally, music has long been a fungible good. DJs and artists are suddenly making millions of dollars in a matter of hours by selling their works as NFTs, though.
3. VIDEO GAMES
Another component of the NFT sector is video games. Games aren’t usually available as NFTs from companies. They will instead advertise in-game extras like skins, characters, and other things.
Unlike NFT assets, which can only be purchased by one person, DLC assets may presently be purchased by players in millions of copies. The NFT market offers the limited edition DLC in addition to the usual DLC that developers can provide.
CAN NFTs BE DESTROYED?
The most common way to destroy an NFT is to simply delete the file from the computer. However, there are other options as well. The asset will be permanently removed from the blockchain by doing this. Another way to get rid of an NFT is to “burn” it. The thing is thereby rendered useless and severely damaged. Burning an NFT will totally and forever destroy it.
Finding a solution to this issue is challenging since there are several ways to destroy an NFT. By breaking into the smart contract that controls the asset and altering the rules such that it can no longer be used, an NFT may be destroyed.
You can eliminate an NFT by wiping off the blockchain where it is stored. This is possible if the asset is kept on a public blockchain by launching a 51% attack on the blockchain and altering its history. Removing the private keys that govern access to an item on a private blockchain allows for its deletion.
Finally, if the data that stores NFTs is lost, the NFTs themselves may be destroyed.
One method is to remove the file containing the data for the token. However, the token won’t be lost forever if it is kept on a blockchain. Anyone with the information required to access the blockchain can retrieve the token.
Hacking the system that has the data for the token is another approach to destroying an NFT. The token will be deleted if the hacker is successful in altering or erasing the data. However, this is a difficult technique that necessitates a high level of technical competence.
Not to mention, physically destroying the device or storage medium that has the token’s contents is the most secure way to dispose of an NFT.
IS IT HARD TO SELL NFT
Yes, marketing an NFT could be difficult if you don’t already have a consumer base. Like with anything else, you need to find your customers as soon as possible since they won’t just come because you posted your goods on a website or marketplace.
It’s probable that a lot of people think it’s easy to sell an NFT because media outlets frequently highlight the top sales. However, it is true that NFT artwork and memorabilia are widely available. Undoubtedly, there are presently more NFT artists than NFT collectors.
First off, investing in NFTs is a misnomer because NFTs aren’t really an asset class on their own. NFTs employ blockchain technology to digitally reflect ownership, making them more like a car’s title than the physical automobile itself.
Just as you wouldn’t buy a car for the paper title that comes with it, it is not a smart idea to acquire an asset just because it has been tokenized into an NFT. This does not imply that buying tokenized assets is always a bad idea.
You might wish to buy a certain asset if you find one you like and have the cash to do so. If the asset’s ownership is tokenized, you may probably make use of the added advantages that come with NFTs. But be careful to also understand the risks related to investing in NFT.