If there is anything that has sparked both excitement and skepticism at the same time, it is the NFTs.
Non-fungible tokens have taken the art world by storm this year.
From mind-bending digital landscapes to groundbreaking gaming experiences, these tokens have ruled the digital world.
In the article below, we will delve into the top 10 most expensive NFTs of the year with their latest dates.
But before learning about the top 10 NFTs, let’s understand what non-fungible tokens are and why they are so important and famous.
What are NFTs?
Leaving the technicality at bay, try understanding this in a simpler language.
Let us go by an example before delving into the definition.
Imagine yourself having a unique trading card.
This trading card is one-of-a-kind in the world. Imagine your master card being signed by your favorite personality or having the most unique feature that is not present in any other card.
Now, instead of a physical card, imagine it as a digital one. This is what NFT is.
NFT stands for “non-fungible token.”. The word non-fungible signifies that NFT is a special and irreplaceable digital token that is nothing like money, where every rupee is the same as another.
A token means it’s similar to a digital certificate of ownership stored on a special kind of online record called a blockchain.
You can think of it as a certificate of ownership for that digital item. It proves you own it, and everyone can see it on the blockchain.
It is like copying a Leonardo da Vinci painting but not owning the real one. An NFT is like owning a special digital certificate that says you own the original digital artwork, even though anyone can see a copy.
NFTs can be:
1. Digital art such as paintings, music, videos, etc.
2. in-game items such as special weapons, characters, or virtual land.
3. Collectibles, including unique digital trading cards or figurines.
4. NFTs are used to represent ownership of real-world objects like concert tickets.
Why are people buying NFTs?
It is digital, which means it is unreal. So why would someone pay millions for an NFT? Many of you would not believe how much people pay for these things. Buying NFTs is like collecting any other valuable item. There are a few reasons listed below:
- Collectible value: A few NFTs are limited edition or have unique features. This makes them highly sought-after by collectors.
- Supporting artists: NFTs can be a way to support artists directly. Many creators and sellers like buying their work.
- Investment potential: Some people believe that the value of NFTs will go up over time, just like traditional art or collectables. This is why they prefer buying them at lower prices.
Top 10 Most Expensive NFTs:
This list is not just an astronomical price tag; it is a testament to the boundless potential of non-fungible tokens.
1. Pak’s “The Merge” was bought for $91.8 million on December 2, 2021 (latest price: March 23, 2023): This digital artwork is a dynamic NFT that continuously merges and unmerges two black squares. It was bought by a whopping 30,000 collectors. This makes it the first and only NFT to have multiple owners on this list.
Larva Labs NFT has been sold for $529.77 million. There are 10,000 unique cryptopunks in this collection. It was created before the ERC-721 standard. However, this sale was considered invalid. The owner of the punk bought the punk from himself using a loan. Then the loan was repaid in the same transaction ($532,414,877.01) in October 2021. However, it was not a valid transaction. Thus, the actual highest-paid NFT remains Pak’s ‘The Merge’
2. Beeple’s “Everydays: The First 5000 Days,” bought for $69.3 million on March 25, 2021: This is a collage of 5,000 digital images created by Beeple. This NFT is a testament to his artistic dedication and the power of Non-Fungible Tokens. It was purchased by Vignesh Sundaresan, who is the CEO of Metapurse. This is one of the most iconic NFTs ever sold in this market.
3. “Clock” by FEWOCiOUS, bought by Deepak Chopra for $52.8 million on February 5, 2022: This NFT features a countdown clock that is to expire in 100 years. It was created by FEWOCiOUS, a 19-year-old digital artist. It was purchased by Deepak Chopra, who happens to be a renowned author and speaker. The clock was possessed by Julian Assange and Pak.
4. Bes “HUMAN ONE” bought for $28.985 million on November 9, 2021: It is a hybrid physical and digital sculpture featuring a humanoid astronaut exploring a digital landscape. This NFT was bought by Metapurse. This purchase is considered one of Beeple’s most ambitious and thought-provoking works.
5. CryptoPunk #5822 sold for $23.7 million on February 12, 2022: This NFT features a pixelated avatar. It is one of the 10,000 unique cryptopunks created by Larva Labs. Its ape-like features and beanie hat are the reason for it being one of the most sought-after CryptoPunks in the collection.
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6. CryptoPunk #7523 was bought for $11.75 million on June 12, 2022. This CryptoPunk is the only one with an alien mask and beanie hat. This feature makes it extremely rare and valuable in the entire collection. This NFT was purchased by Sillytuna, who is a well-known crypto investor and collector.
7. TPunk #3442 sold for $10.5 million on January 10, 2023: This NFT TPunk happens to be one of the 10,000 derivatives of CryptoPunks. It was created by LarvaLabs. Its Joker-inspired features make it highly desirable and rare among collectors.
8. CryptoPunk #4156 sold for $10.26 million on August 9, 2022. This CryptoPunk is another rare and valuable member of the collection, featuring a beanie hat and gold chain. It was purchased by an anonymous collector known as ‘Pranksy’. It was also bid for $2.3 million on October 12, 2023, as per the latest data.
9. CryptoPunk #5577 sold on May 12, 2022, for $7.7 million. This punk stands out with his bright green beanie and wide eyes, making him a recognizable figure in the NFT world.
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10. CryptoPunk #3100 was sold on August 6, 2022, for $7.58 million. Rounding out the top 10 is another beanie-clad CryptoPunk, further solidifying the collection’s dominance in the high-end NFT market.
NFTs That Created Buzz:
Ringers #109 by Dmitri Cherniak sold for $7.17 million on March 11, 2022. This is a generative art piece that is part of Cherniak’s popular Ringers collection. There are 1,000 items in the Ringers collection, with a total trade volume of 25.8K ETH, which was valued at $72,860,748 at the time of writing
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Beeple’s “Crossroad” sold for $6.6 million on March 23, 2021. This animated NFT features a crossroads at which Donald Trump (former US President) takes two possible paths. One leads to heaven, and the other leads to hell. This NFT is a political commentary, while its artistic merit was a reason for it becoming a popular choice among collectors.
Non Fungible tokens (NFTs) market is still young and evolving. Hence, it is important to be careful before buying them. One needs to complete their research, learn about the risks, and invest only what can be afforded to be lost. Think of it as a new way to own and experience digital things, with both potential benefits and risks. The top 10 most expensive NFTs are pushing the boundaries of what is possible in this realm. This leaves one eager to see what the future of this ever-evolving digital world holds.
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FAQs:
According to Nifty Gateway, the latest floor price of Iris (by artists FVCKRENDER and Victor Mosquera) stands at a staggering $69 billion.
The latest price of Practice Just Practice is $6.9 billion as of now.
In 2021, an NFT by digital artist Beeple, or Mike Winkelmann, sold for a whopping $69 million, bringing the eyes of the world to this market.
The Merge was sold for a whopping 91.8 million dollars in 2021. It is the most expensive NFT sold till date.
