Non-fungible tokens, commonly known as NFTs, have recently seen tremendous popularity. The crypto group’s eagerness to invest in these properties has seen their prices skyrocket, with the most significant popular NFTs selling for tens of millions. However, many NFTs on NFT apps or marketplaces are sold at low prices, but some trade briskly in the millions.
If you’re wondering who would devote millions of dollars to NFTs, everyone invests in NFTs, from collectors to people looking for ways to make higher returns. These investments are impacting the role of NFT crypto apps in the creator economy, empowering millions of creators to make millions from their work.
This, in turn, intensifies the development of NFT applications. Companies looking to enter the Web 3 world are looking for the best development companies in the NFT market to help them deliver personalized hyper-experiences to users.
Why are NFTs valuable?
Most people ask how much NFT costs or why NFTs cost so much. Well, the value of an NFT comes from its uniqueness and is defined by market supply and demand. When constructed as a physical asset representation, it is generally easier to value an NFT. NFTs solitary exist on-chain in the digital world. Each NFT has a different rarity, and each collection has another offer. But, an NFT depends on its creators, its value in play-to-win games, or the community and market segment.
There are several successful cases of NFT projects, but even more projects have not experienced significant growth. Make sure you “do your investigation” beforehand investing in NFTs, and don’t use the money you can’t afford to lose. Most persons new to the NFT buzz have questions such as B. How much does it cost to do an NFT? On average, the price of minting a standard NFT can range from $1 to $1000 and differs from trading an NFT. You can also find popular NFT wallets that may charge you for opening an account. However, most NFT folders are free to download, and you can start your NFT journey immediately.
The 5 Most Expensive NFTs
We compared NFTs sold on different marketplaces and auction platforms to create a list of the most expensive cryptocurrency NFTs ever sold. Underneath is the list of the top five most respected NFTs ranked by price in US dollars at the time of sale.
1. LarvaLabs “CryptoPunk #9998”: $529.7 million
LarvaLabs CryptoPunk included 10,000 unique punks in the famous collection and was created before the ERC-721 standard. However, this sale of CryptoPunk#9998 is considered “void” as the owner bought the punk with the credit and repaid the credit in one deal. Yet, it is the most expensive NFT ever sold. The NFT project experienced something of a “wash trade” that took place on the Ethereum blockchain. A white-haired, green-eyed pixel figure named CryptoPunk 9998 has sold for more than $500 million (US$529.7 million).
However, the sale was seen as a “wash sale” as the Ethereum blockchain shows the money from NFT trading ended up right where it started. The transactions were carried out in October 2021. LarvaLabs has taken the responsibility to remove such notifications in the future because although the offer is strictly valid, no one can bid as ETH is offered and released in a solitary deal.
2. Pak’s “The Merge”: $91.8 million
The Merge, the second most exclusive NFT ever sold, is a successful NFT project shaped by an anonymous artist, Pak. This NFT was designed to allow members to purchase small pieces of the Pak piece, starting at $575. Every six hours, the value of each piece increases by $25, providing an advance purchase incentive. The NFT project was sold in December 2021 for $91.8 million to a collective of 28,983 buyers. In total, more than 300,000 individual units of this NFT have been sold, totalling $91.8 million.
The Merge is a dynamic on-chain NFT with a unique token mechanism baptized “merge.” it has the highest retail value by a living artist for a single network in a public auction. The imageries in this NFT collection are circles of different sizes representing different crowds. Each explanation can only have one NFT in this collection. So if you own one NFT and buy another, two NFTs will merge into one, and the circle will get more prominent with the added mass.
3. Beeple’s “Everyday: The First 5000 Days”: $69.3 million
Here’s one of the hottest NFTs, created by digital artist Mike “Beeple” Winkelmann, known as Everyday: The First 5000 Days, sold for $69.3 million at Christie’s inaugural digital art auction in March 2021, marking the first time that an auction house was selling a purely digital art NFT. Beeple has posted an image every day since 2007, and Everyday: The first 5,000 days is an intricate collage of more than 5,000 images shared over the past 13 years. The image represents the advancement of technology, its art over time, and society’s obsession and fear of technology.
4. Pak “Watch”: $52.7 million
Not all NFT sales go directly to the artist, and many NFTs are sold for charitable causes such as B. the Pak “Watch.” This fourth-best NFT was sold in February 2022 for $52.7 million, or 16,953 ETH. The creators of this NFT are Pak and Julian Assange, the founder of WikiLeaks, and NFT counts down the number of days Assange was imprisoned. More than 10,000 AssangeDAO employees bought the NFT.
The artists not only created “Clock” but also allowed anyone to create their own NFTs. You can tokenize a censored message at any price or for free, and the message will be converted into an image showing the crossed-out letters, so it’s considered censored. Proceeds from this series of NFTs will go to freedom-loving organizations of Pak and Assange’s choice.
5. Beeple’s “Human One”: $28.9 million
Digital art by individual artists like Beeple is gaining popularity, and surprisingly, Human One, the famous NFT project, was her first physical artwork, auctioning at Christie’s in November 2021 for $28.9 million. The dystopian futurist “Human One” is one of the most valuable NFTs, featuring moving 3D sculptures with four digital screens that show endless videos of an astronaut’s journey through locations at different times of the day.
The hybrid artwork shows Beeple’s artistic ambitions beyond the digital realm. The NFT comes in a physical box, which many find confusing, but the cryptographically signed file still exists, making it unique and the most valuable NFT.
I hope you enjoyed the list of the most expensive NFTs shared above. Investing in collectables is nothing new, but applications for NFT embossing are growing in popularity, and NFT sales are constantly breaking new records. In the future, when NFTs mature, we are expected to witness over 100 million crypto artworks sold. But how high the bar for NFT prices is can only be judged over time as more and more people shape it.