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NFTs first emerged on the market in 2015, prompting the first indications of Web 3.0. While NFTs were around for a long time, this time, they’ve been able to gain prominence in 2021. NFT stands for Non-Fungible Token. They are basically tokens – typically art, which can be purchased and sold through exchanges and then kept within the Blockchain.
We’ll look at the 7 most expensive NFTs and we will also discuss a brand new high-growth NFT that we believe could bring great returns to first-time investors to come in the coming years.
With the huge increase in importance, it’s not uncommon to find NFTs that sell for thousands and even billions of dollars. The main reason is the hype and community around the project.
The majority of projects begin with the creation of a community through platforms like Facebook and Discord before offering investors the chance to buy a small number of tokens. If projects are able to draw huge attention and interest, the fundamental market forces of demand and supply occur, and the price increases in line. Projects that are able to succeed in this manner typically see massive profits on investments and generate massive sums of money from investors who were early.
Now let’s find out the most expensive NFTs ever sold.
The highest-priced NFT to ever go under the hammer was the work of Pak’s ‘The Merge. The $91.8m price tag set a new record for an artwork that was sold to the public by an artist who was alive. The NFT was offered on Nifty Gateway to 28893 buyers who bought 312,686 mass units (which were all single NFTs). The initial price for these units was $575 which was increased by $25 every 6 hours.
The NFT comprises three huge white masses(dots) against a black background. The more mass buyers accumulate the greater their number will become. The NFT comes with an inherent scarcity mechanism that guarantees that the supply of tokens diminishes with time. Each Merge token that is transferred is merged with the token from the wallet of the recipient and results in a larger value and one token. It is possible that in time, this will produce just one final amount.
The First 5000 Days is another one of Beeples highest-grossing NFT projects. It’s a collage of 5000 NFTs Beeples designed to accompany his everyday series. It was sold for a staggering $69million (42.329 ETH) in 2021 at Christies Auction house.
The NFT was transferred to Singapore-based programmer Vignesh Sundaresan. He has earned most of his income through investing in the crypto market. In addition, he is the creator of the Metapurse NFT project and is known more under his pseudonym online MetaKovan. This is the highest-priced NFT ever sold to an investor who is an individual.
The art is currently displayed in an online gallery located in the metaverse. The gallery can be accessed through any web browser, in case you’d like to see it!
The third-highest priced NFT that has ever been sold, it comes with an unusual source. It was designed to raise money to help Julian Assange’s defense following his controversial imprisonment in May of 2019. Assange is currently imprisoned under charges of espionage by authorities from the US Government, mainly through his involvement with the website which he co-founded, WikiLeaks. The NFT is just an indicator of the days since Assange was imprisoned.
The price of $56 million was raked in by more than 10,000 supporters who each have shares in the NFT. The entire amount was donated to Wau Holland Foundation which assists in Assange’s defense.
The person who created NFT is an unidentified artist known as Pak. The privacy of the artist – who is not willing to reveal their identity during interviews – matches the purpose it’s fundraising for. This has led many of his followers to think twice about the controversy surrounding Assange as well as freedom of information and access.
Human One is a digital and physical hybrid work of art created by Beeple. It was auctioned off for an astonishing $28.9 million when auctioned as part of the Christie’s 21st Century Evening Sale on the 9th of November, 2021.
The most interesting aspect of the NFT is that the artwork evolves over time. Although the artwork isn’t the property of Beeple the artist, he has the ability to access it remotely and can update it continuously. The NFT shows an astronaut walking on various backgrounds, which are, as previously mentioned, changing over time.
People have explained that the idea for the work originated from experiments that incorporated various TV’s into various shapes and patterns. The result is unique and has resulted in some of the costliest NFTs in the past!
CryptoPunk #5822 was the costliest CryptoPunk ever to be sold, earning an astounding $23 million in price. There has also been a huge auction and listing for the NFT. There have been numerous bids in excess of 1,000 ETH (~$3m) all through the duration of the token’s existence. However, they have all been rejected by the owner. Additionally, the owner 0xDeepak has listed it for sale at tens of thousands of ETHS several times. But none of these offers have been realized. Several days ago, the ownership was transferred of this NFT to an unidentified wallet named 7DDFFB and has not been listed since.
The collection is only 2%. the collection is characterized by one feature that makes it extremely uncommon. Furthermore, the bandana is one that only 5% of the collection has. In addition, #5822 is one of Alien skin which, as has been stated numerous times is the rarest skin (0.09% chance). A large number of rare features have caused the crazy cost for this CryptoPunk.
CryptoPunk #7523 is the 2nd highest priced CryptoPunk NFT that has ever been sold. It was sold for $11.75m! In addition, 4 months back, one wallet made a bid of 20400 ETH for the item that we estimate to amount to roughly $65m dollars. The bid, however, was rejected prior to it being accepted. Other interesting auctions included an 800ETH offer by the famous NFT collector Pranksy that was about $1.5m. The bid was also canceled, however. The huge amounts of bids demonstrate the importance of CryptoPunk.
In examining the NFT’s rarity It has a range of distinctive characteristics. It is, for one, an element of the Alien sub-collection, and just 0.09 percent of other CryptoPunks have this attribute. It comes with three attributes that 24% of the collection and also an earring, which is 25% of the collection. Some of the rarer attributes include an embroidered cap that only 4% of the collection possesses as well as the medical mask, which only 2% of the collection has. The number of unique attributes illustrates the rarity of NFT.
The seventh-highest priced NFT that was ever auctioned off is included in the CryptoPunk collection. #4156 was purchased four months earlier for 2500 Ethereum equivalent to $10.26m at the time. In contrast to the two previous CryptoPunks, we’ve reviewed 4156 has been sold several times over the course of its history. In the last year, it was sold for 650 ETH however the seller may be kicking them for selling it at this price. Prior to that auction, it was bought at 3.29 ETH over 4 years back, only about a month after the coin was created.
In analyzing the rarity characteristics of NFT it is easy to understand the reason why this CryptoPunk has gotten such a huge value. Its features include the Bandana as well as an Ape skin. Only 5% of the skins are wearing a bandana, while 0.24% have Ape Skin. This means that it the Ape attribute is the second most rare skin after that of the Alien skin. It also has one attribute, which only two percent of the collection contains. In the sense of theory, the case, this NFT is not as rare as its counterparts in the alien world. However, once the value gets to an amount, it appears the investors would be more concerned with what the artwork looks like instead of its uniqueness.
In overall all, the NFT market has been growing rapidly pace since the year. In this piece, we take an in-depth look at some that are among the highest-priced selling NFTs available. CryptoPunks was the top choice and is possibly the most anticipated project ever. Additionally, musicians Pak and Beeple appeared numerous times in our top seven list, which demonstrates their prominence in the business.