NFTs, or non-fungible tokens, are unique digital objects which are created through blockchain technology to ensure originality. They have exploded as a new form of art which has drawn major interest and money.
An NFT can be a painting, image, video, an audio snippet, a collectable video game item, a GIF, or just about anything else digital.
Artists have moved across to designing these items as well tech-creatives and celebrities have endorsed and become part of a new style of collectors’ items.
We have seen art sold as a Jpeg for millions of dollars, something which would have been so far from imagination not so long ago. It wasn’t till 2015 that NFTs first emerged, and it wasn’t until 2021 that their mainstream appeal really took off with more and more people looking to buy NFTs online.
Some of the biggest selling NFTs to date go into the millions of dollars.
The most expensive NFT to ever be purchased for $91.8 million. The record was broken when almost 30,000 collectors purchased a share of the NFT created by Pak, a prominent NFT artist.
The NFT itself is a picture of three white masses of different sizes on a black background. The masses grew as collectors bought a share in the NFT through a times purchase with starting price of $575 increasing every six hours by $25.
Although it reached such a high total, it is contested as to whether it should be considered the most expensive NFT ever due to the funds being raised from 30,000 collectors rather than one person.
The First 5000 Days
Beeple is one of the most famous NFT artists in the world and created this NFT with 5000 previous NFTs he had created for his Everyday series.
It sold for an incredible $69 million in 2021 at the Christies Auction House to a Singapore based programmer called Vignesh Sundaresan. He had made the majority of his fortune in the crypto market and is the founder of the Metapurse NFT project.
Sundaresan has placed the item in an online gallery in the metaverse which can be accessed via a web browser for people to enjoy.
Pak has two of the top three highest earning NFTs to date. It was developed by Pak and Julian Assange to help with the WikiLeaks founders’ legal fees.
The NFT is simply a clock with depictions of the number of days sine Assange has been imprisoned. It sold for $56 million, bought by over 10,000 supporters, each of whom own a share of the NFT.
Another from Beeple, making the top four selling NFTs being created by two artists. In 2021, Human One sold for $28.9 million again at Christies Auction house.
The NFT is a digital/physical hybrid piece which changes overtime. Although Beeple no longer owns the artwork, he retains access to it and updates its constantly. Human One depicts an astronaut walking through the different backgrounds, which is what Beeple updates over time.
In the CryptoPunk series, #5822 is the most expensive ever to be sold and ranks the fifth highest fee paid to date, selling for a huge $23 million. This NFT sold in February 2022 went for almost double the price of the next highest item in the CryptoPunk collection.
The CryptoPunk series depicts a different skin and clothing on a character, with different designs at types of clothing being rarer than others.
#5822 is part of the alien skin, which is the rarest type, with only 0.09% of all CryptoPunks having this. It also only has one attribute, a bandana, which only 5% of the collection share. This made it one of the most sought after NFTs and the fifth highest in sales price to date.
The second most expensive CryptoPunk ever sold is also the sixth highest NFT sold, selling for $11.75 million. It has since received large bids from collectors including famous NFT collector Pranksy, though these bids have been withdrawn before the owner could accept.
It does highlight how much people covert the CryptoPunk range. This one is another alien skin, coming with an earring, red woolly hat and a medical mask. Each of these items are rare, except the earing which is in 25% of the collection, which makes it more desirable for its uniqueness.
The uniqueness of an NFT is where the value comes from, and creators and artists are becoming far more recognised in mainstream communities.
For those taking their first steps into the world of NFTs, you’ll need to stock up on your cryptocurrency and head over to one of the many online marketplaces. These sites, like OpenSea, give collectors the chance to browse available NFTs and find the ones that most appeal.
Finding the next popular trend before the masses can go on to make you a fortune. NFTs are still relatively new and the industry still has the potential to expand even further.
Disclaimer: Any information written in this press release or sponsored post does not constitute investment advice. Thecoinrepublic.com does not, and will not endorse any information on any company or individual on this page. Readers are encouraged to make their own research and make any actions based on their own findings and not from any content written in this press release or sponsored post. Thecoinrepublic.com is and will not be responsible for any damage or loss caused directly or indirectly by the use of any content, product, or service mentioned in this press release or sponsored post.