RĂŠsumĂŠ
Non-fungible tokens (NFTs) are unique crypto assets typically used to represent crypto art and digital collectibles. The rise of NFTs has created scarcity for digital items and generated a lot of value for creators and investors.
In this article, we'll take a look at some of the most expensive NFTs ever sold, like Everydays: The First 5000 Days ($69.3 million), from Beeple, and several CryptoPunks that topped the list with very high prices. students.
Introduction
NFTs have seen exponential growth in 2021, with thousands of investors flocking to collect digital arts in different forms. Some NFT sales have even generated record prices. What are NFTs and why are they valuable?
What is an NFT?
A non-fungible token (NFT) is a token issued on a blockchain to represent a unique asset, which could be a document, a work of art, music or even real estate. NFTs are not fungible because each one is a unique digital asset with a unique identifier.
Even if two NFTs look very similar, they are not interchangeable. So while one bitcoin is equal to another bitcoin and can be exchanged for another bitcoin, the same is not true for the NFT. This is why NFT technology is used to generate proof of authenticity and ownership on the blockchain. NFTs can be entire digital assets such as play-to-earn game items and metaverse lands or tokenized versions of real assets.
What gives NFTs value?
The value of an NFT is defined by market supply and demand. It is generally easier to value an NFT when it is created as a representation of a physical asset. But most NFTs only exist on-chain, in the digital world.
Each NFT collection has a different supply, and each NFT unit can have a different rarity. But there are several other factors that can determine the value of an NFT. For example, limited-run NFTs with specific use cases tend to be more valuable. The founding team, along with the artists and community, can also affect the demand for an NFT.
In other words, the value of an NFT could be tied to who created it, its value in play-to-earn games, or simply community and market sentiment. There are many cases of successful NFT projects, but there are even more failures. Be sure to do your own research before trading or investing in NFTs and don't use money you can't afford to lose.
The most expensive NFTs ever sold
Let's look at some of the most expensive NFTs ever sold as of May 2022. The prices mentioned below are based on the sale date.
1. Everydays: The First 5000 Days - 69,3 millions d'USD
Everydays: The First 5000 Days is a digital artwork by American graphic designer Mike Winkelmann, better known as Beeple. This NFT was sold for $69.3 million in February 2021, purchased by NFT investor Metakovan through an auction at Christie's.
The NFT is a collage of Beepleâs 5,000 previous artworks. For 13 years, since 2007, Beeple uploaded a new image to his Instagram feed every day. His âeverydayâ artworks are often set in post-apocalyptic landscapes and usually have some connection to current events or pop culture. This NFT montage can be seen as a representation of Beeple's development as a digital artist.
2. Clock - 52,7 millions d'USD
Clock represents a dynamic timer that counts the number of days Julian Assange, the founder of WikiLeaks, has spent in prison. Assange is involved in a very controversial affair. He faces extradition from Britain to the United States on several espionage charges and faces up to 175 years in prison.
The NFT was created by digital artist Pak and Assange himself to fund his legal fees. It was auctioned for 16,953 ETH in February 2022 to AssangeDAO, a decentralized organization (DAO) created for NFT crowdfunding. Excluding the ETH used to acquire Clock, AssangeDAO still has 17,422 ETH initially raised to purchase the NFT.
Pak and Assange not only created Clock, they also made it possible for anyone to create their own NFTs. They can tokenize a censored message for whatever price they want or for free. The message will turn into an image illustrating the crossed out words, as if it were censored. Funds raised by this NFT series will be sent to freedom organizations chosen by Assange and Pak.
3. HUMAN ONE - 28,9 millions d'USD
Another NFT from Beeple, HUMAN ONE is the first physical artwork he has created. It was auctioned at Christie's for $28.9 million in November 2021.
HUMAN ONE is a 3D mobile sculpture with 4 digital screens. It displays an endless video of an astronaut traveling through different spaces at different times of the day. The hybrid work reflects Beepleâs artistic ambitions beyond the digital realm.
4. CryptoPunk#5822- 23,7 millions d'USD
As one of the first famous NFT projects, these pixelated CryptoPunks remain on the list of the most expensive NFTs ever sold. CryptoPunk#5822was sold for 8,000 ETH in February 2022 to the CEO of a blockchain technology startup. It comes from the rarest alien edition â only 9 of them exist in the entire NFT collection. What makes him even more special is that he's also one of 333 with a bandana.
5. CryptoPunk#7523- 11,75 millions d'USD
The next most valuable NFT also comes from the CryptoPunk family. Prior to the sale of #5822,#7523was the most expensive CryptoPunk ever sold.
CryptoPunk #7523 was auctioned at Sotheby's for $11.75 million during the COVID pandemic in June 2021. Not only is it part of the extremely rare alien edition, but it is also the only alien wearing a mask , what the buyer liked about this particular CryptoPunk.
6. TPunk#3442- 10,5 millions d'USD
Some people consider TPunks to be CryptoPunks' version of Tron, with the familiar pixelated faces that bear different characteristics and rarity. One of the rarest is this TPunk #3442. It was sold for 120 million TRX in August 2021 to Justin Sun, CEO of Tron. It was the most expensive NFT ever sold on the Tron blockchain. Sun didn't keep TPunk, though. He donated it to APENFT right after the purchase.
7. CryptoPunk#4156- 10,26 millions d'USD
Yes, another CryptoPunk among the most expensive NFTs. CryptoPunk#4156is a monkey with a blue bandana. Its previous owner was someone with the pseudonym "Punk 4156", who acquired the NFT for $1.25 million in February 2021. However, he sold the NFT for $10.26 million in December of the same year.
8. CryptoPunk#5577- 7,7 millions d'USD
In eighth place is another monkey-like CryptoPunk, this time with a cowboy hat. CryptoPunk #5577 was sold for 2,501 ETH in February 2022. Although unconfirmed, many believe the buyer was Robert Leshner, CEO of Compound Finance, who tweeted a "Yeehaw" after the purchase.
9. CryptoPunk#3100- 7,58 millions d'USD
Sold for $7.58 million in March 2021, CryptoPunk#3100is also one of nine rare foreign punks and he also wears a headband. As of May 2022, this Punk is on sale for 35,000 ETH. If sold, it will be the largest transaction for an NFT sale in CryptoPunks history.
10. CryptoPunk#7804- 7,57 millions d'USD
CryptoPunk#7804is the sixth CryptoPunk on our list. He's a pipe-smoking alien with a fashionable cap and sunglasses.#7804belonged to the CEO of design software company Figma, who proudly called it the âdigital Mona Lisa.â The NFT was sold for $7.57 million in March 2021.
Where can I buy NFTs?
You can get your first NFT on different NFT marketplaces. Depending on the blockchain network, you will need a compatible wallet and supported cryptocurrencies to purchase. For example, NFT prices on the BNB Smart Chain (BSC) are almost always in BNB or BUSD, while NFTs on the Ethereum blockchain typically use Ether (ETH).
You can buy the necessary cryptocurrencies on the Binance exchange and transfer them to a wallet that can be connected to the NFT market.
If you purchase NFTs on the Binance NFT Marketplace, you can simply transfer your funds to the funding wallet. Select the desired NFT and click [Buy] or [Make an offer]. Check out our NFT Marketplace Guide for more details.
If you're looking to buy NFTs on other marketplaces, browser extension wallets like Binance Chain Wallet and MetaMask are good options. After transferring your funds from Binance to your wallet, connect it to the NFT marketplace to get started. Remember to check the URL you are visiting to make sure you are on the official website. If you connect your wallet to fraudulent or suspicious websites, your funds may be stolen.
To conclude
There is no doubt that NFTs are growing in popularity and continually creating new sales records. While most NFTs are simply collectible works of art, we have a growing number of NFTs created with a variety of use cases. As NFTs evolve, we should see more use cases and adoption than just as digital collectibles, and perhaps even greater sales.
