Here Are Some Of The Most Expensive NFTs In The World
A handful of NFTs value is running well into the millions these days, but why are so many people willing to pay a pretty penny for a cryptographic? NFTs have become more of a mainstream trend with the increased popularity surrounding the cryptocurrency market these days. According to Investopedia, the main principle of an NFT is that it’s a bit of code that exists on the blockchain and is non-fungible, meaning it can’t be traded at parity.
Art collections are being sold upward to the tune of millions of dollars as digital jpegs. The Verge offers a simple explanation for this, describing them as a type of trading card. As we’ve seen with other popular collectible trading cards, the rarest ones attract the most attention.
Prices for the most wanted NFTs have climbed considerably since 2020. However, new records for NFT values are being established on a regular basis, with the most costly ones reaching incredible highs.
Collections like Bored Ape Yacht Club and CryptoPunks have become some of the most coveted pieces everyone wants to get their hands on.
While the market rises or takes a dip, like we’ve seen recently, this doesn’t take away from the booming effect the demand for NFTs has on the NFT marketplace.
Top 5 Most Expensive NFTs
You probably wouldn’t have believed what you heard if someone had told you five years ago that digital artwork would be selling for over $100 million. Let’s take a look at the most expensive NFTs ever sold. The prices mentioned with the work are based on the time of the sale.
1. Pak’s “The Merge: $91.8 million
Sold to a group of 28,983 buyers, Pak’s “The Merge” went for $91.8 million, marking as the most expensive work of art ever sold while the artist was still alive. With this NFT auction set up allowing users to purchase portions of Pak’s sculpture for $575 each, they were able to hit this impressive price point. Pak’s increased popularity has undoubtedly boosted the worth of his works.
2. Beeple’s Everydays: The First 5000 Days: $69 million
Everydays: The First 5000 Days now stands as the second-most expensive NFT ever sold. “Everydays” sold at Christie’s first-ever digital art auction, marking the first time a major auction house has sold a purely digital NFT.
Beeple has posted an image online every day since 2007, and this NFT is a collage of over 5000 images Beeple has created and shared over the last 13 years, representing the progression of his art and technology through time.
3. Pak’s “Clock”: $52.7 million
Created by Pak and Julian Assange, the artwork shows the number of days Assange has been imprisoned on this NFT.
4. Beeple’s “HUMAN ONE” — $28.9 million
The HUMAN ONE is a dynamic NFT sold for over $28 million. The piece is displayed in a motion video sculpture: four screens on a constant loop acting as a “powerful canvas.”
5.Larva Labs’ “CryptoPunk #5822”: $23.58 million
As one of nine Alien punks, and the only one with the Bandana, this piece sits as the most expensive CryptoPunk of all time.
What Makes a NFT Valuable?
With the same going for physical art, the factors that can predict an NFTs worth is accessibility, consumer interest, creator ethos, ownership history, and utility.
It’s difficult to pinpoint the exact value of an NFT when values fluctuate by the second on NFT marketplace platform like FTX, so it’s a high-risk investment.
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