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Non-fungible tokens (NFTs) are one-of-a-kind cryptocurrency assets that are commonly utilized to symbolize crypto art as well as digital collectibles. The rise of NFTs increased the shortage of digital assets while increasing value for both artists and buyers.
In this post, we’ll examine some of the most expensive NFTs ever sold, including Beeple’s Everydays: The First 5000 Days ($69.3 million) and a slew of CryptoPunks that led the listing with exorbitant asking prices.
What is an NFT?
A non-fungible token (NFT) is a blockchain token that represents a unique asset, such as music, a document, a work of art, or even real estate. Because each NFT is a unique digital asset with a unique identifier, they are not fungible.
Even though two NFTs appear to be identical, they are still not replaceable. While one BTC is equivalent to and traded against another, an NFT is not. That is why NFT technology is employed on the blockchain to generate proof of validity and ownership. NFTs can be whole digital assets, such as metaverse land and play-to-earn gaming items, or they can be tokenized representations of real-world assets.
What Makes NFTs Valuable?
The value of an NFT is determined by the market demand and supply. When an NFT is developed as a replica of a physical asset, it is usually simpler to analyze. However, most NFTs exist solely on-chain (in the digital realm).
Each NFT collection has a unique supply, and each NFT unit has a specific rarity. However, there are various more elements that can influence the value of an NFT. Limited series NFTs, for example, with specialized use cases, are more valuable. The founding team, as well as the creators and network, can have an influence on the need for NFTs.
In other words, an NFT’s value could be connected to who invented it, it’s worth in simply community or play-to-earn games, and stock prices. There have been numerous successful NFT projects, yet there have also been numerous failures. Before buying and selling NFTs, make sure to DYOR and don’t utilize the money you cannot risk losing.
10 Most Expensive NFTs Ever Sold
As of September 2022, below are the 10 most expensive NFTs ever sold. The prices listed below are for the time of sale.
1. Everydays: The first 5000 days ($69.3 million)
Everydays: The First 5000 Days is a digital art created by Beeple, an American graphic designer. This NFT was bought by NFT investor Metakovan through an auction sale at Christie’s in February 2021 for $69.3 million.
This NFT is a montage of Beeple’s 5,000 previous works. Beeple has been submitting a new photograph to his Instagram profile each day for thirteen years, beginning in 2007. His “everyday” art pieces are frequently set within post-apocalyptic landscapes and usually reference current events or pop culture. This NFT collage is a representation of Beeple’s evolution as a digital artist.
2. Clock ($52.7 million)
Clock symbolizes a dynamic timer that measures the number of days Julian Assange, Wikileaks’ founder, has been imprisoned. Assange is embroiled in a highly contentious case. He faces deportation from Britain to the United States on several espionage counts and up to 175 years in prison.
To help Assange pay his legal fees, the NFT was created by digital artist Pak and Assange himself. In February 2022, it was auctioned off for 16,953 ETH to AssangeDAO, a decentralized organization (DAO) formed to crowdfund the NFT sale. Apart from the ETH used to purchase Clock, AssangeDAO still has 17,422 ETH generated to buy the NFT.
3. HUMAN ONE ($28.9 million)
HUMAN ONE is Beeple’s first physical artwork and another record-breaking NFT. In November 2021, it was auctioned off at Christie’s for $28.9 million.
HUMAN ONE is a three-dimensional moving sculpture with four digital screens. It shows an infinite movie of an astronaut traveling through different locations at different times of the day. Beeple’s artistic goals extend beyond the digital sphere, as evidenced by the hybrid artwork.
4. CryptoPunk #5822 ($23.7 million)
These pixelated CryptoPunks, as one of the first well-known NFT projects, are still among the most expensive NFTs ever sold. CryptoPunk #5822 was sold for 8,000 ETH to the CEO of a blockchain technology company in February 2022. It is from the rarest extraterrestrial edition, of which only 9 exist in the entire NFT collection. It’s even more distinctive because it’s one of only 333 with a bandana.
5. CryptoPunk #7523 ($11.75 million)
The third most valued NFT is from the CryptoPunk family as well. Prior to the sale of #5822, the most costly CryptoPunk ever sold was #7523.
During the COVID pandemic in June 2021, Sotheby’s auctioned off CryptoPunk #7523 for $11.75 million. It’s not only part of the extremely rare alien edition, but it’s also the only mask-wearing alien, which the buyer liked about this particular CryptoPunk.
6. TPunk #3442 ($10.5 million)
With their recognizable pixelated faces and various rarity and features, some perceive TPunks as Tron’s version of CryptoPunks. This joker-face TPunk #3442 is one of the most unusual. In August 2021, it was sold to Tron CEO Justin Sun for 120 million TRX. This was the most expensive NFT ever sold on the Tron blockchain. Sun, on the other hand, abandoned the TPunk. After purchasing it, he promptly donated it to APENFT.
7. CryptoPunk #4156 ($10.26 million)
Yes, another CryptoPunk among the priciest NFTs. CryptoPunk #4156 is a blue bandana-wearing monkey. Its former owner was someone going by the alias “Punk 4156,” who paid $1.25 million for the NFT in February 2021. However, in December of the same year, he sold the NFT for $10.26 million.
8. CryptoPunk #5577 ($7.7 million)
#8 is another ape-like CryptoPunk, this time wearing a cowboy hat. CryptoPunk #5577 was sold for 2,501 ETH in February 2022. Although not proved, many believe the buyer was Robert Leshner, CEO of Compound Finance, who tweeted a “Yeehaw” following the deal.
9. CryptoPunk #3100 ($7.58 million)
CryptoPunk #3100, which sold for $7.58 million in March 2021, is also among the nine rare alien punks and wears a headband. This Punk is currently announced for 35,000 ETH as of May 2022. If it ever sells, this will be the largest NFT sale in CryptoPunks history.
10. CryptoPunk #7804 ($7.57 million)
The sixth CryptoPunk on this list is CryptoPunk #7804. It’s an alien with a pipe, a great headdress, and sunglasses. The CEO of the designer software company Figma termed #7804 the “digital Mona Lisa.” In March 2021, the NFT was acquired for $7.57 million.
Without a doubt, NFTs are gaining popularity and setting new sales records on a regular basis. While the majority of NFTs are just collector artworks, a growing percentage of NFTs are being made with a range of use cases. As NFTs evolve, we should expect to see additional utility and adoptions beyond digital collectibles, as well as perhaps larger sales.
