NFTs are fully digital objects hosted and verified on a cryptocurrency network called blockchain. This means that their content can be reproduced by anyone, just as copies of traditional documents are made, but their authenticity will still only belong to the original “object.
Initially, the characteristics of the NFT helped create a very favorable scenario for negotiating collectibles, both individually and as part of collections, creating an unprecedented market for “digital goods” such as art objects. This context, augmented by the sudden popularization of cryptocurrencies, became surprisingly lucrative for its owners thanks to the speculation generated by big names in the international art scene – such as singer Grimes and musician Mike Shinoda, a member of the band Linkin Park.
With the prospect of reaching $27.7 billion in traffic by the end of the year, NFT has, without a shadow of a doubt, become one of the main events of the crypto-active market in 2021.
From the sale of an unplayable token for an incredible $70 million at Christie’s earlier this year, which shocked the art world, to the consolidation of a sector that is used to millions of dollars, with collections like CryptoPunks and Bored Ape Yacht Club becoming true status symbols and luxury items of the digitized world.
On the cryptocurrency market during the year, dozens of NFTs traded for more than $1 million. The 10 most expensive ones alone carried more than $241 million.
Check out the list below:
A cryptopunk monkey in an orange cap and gold chain is one of the most coveted in the collection of 24-by-24 pixel drawings, similar to the 8-bit ones that were generated by the algorithm.
According to the Rarity website. tools, punk #5217 is the 34th rarest in the entire collection, which has 10,000 NFTs. It’s no coincidence that it was sold in July for 2,250 ETH – a value, if adjusted to the current cryptocurrency exchange rate, exceeding $9 million.
9 – Ocean Front (Beeple) – USD$6 million.
Bipple, the pseudonym of American Michael Joseph Winkelman, is one of the most famous artists in the cryptocurrency universe and NFT – it is no coincidence that several of his works are among the most expensive NFTs of 2021.
Ocean Front is one of his most famous projects, created in 2019 and resold in March when it ended up in the hands of Justin Sun, creator of the cryptocurrency Tron.
8 – Ferryman Coin (XCopy) – $6.03 million.
One of the first works by XCopy, another big name in the digital art universe, was created in 2018 and sold for more than $34 million in November 2021.
This work is a record for the most expensive NFT in the history of SuperRare, one of the world’s most famous platforms for unplayable tokens.
7 – Crossroads (Beeple) – $6.6 million.
The second Beeple work on the list is a short video about 10 seconds long that shows pedestrians walking in front of a huge body lying on the ground with insulting phrases and other insults written on it.
Bought in October 2020 for $66,666, NFT was sold for 100 times the price just four months later, in February 2021.
6 – CryptoPunk #7804 – $7.6 million.
Punk #7804, representing an alien in a beret, glasses, and pipe, is called Rarity. It is the second rarest in the entire collection.
It was bought in March for 4,200 ETH, equivalent to more than $17 million today. At the time, all that amount of ether was equivalent to “only” $7.6 million.
5 – CryptoPunk #3100 – $7.67 million.
The third punk on the list, #3100, is the seventh rarest in the collection of small autogenerated drawings. He is also an alien, one of the rarest and most desirable features of all CryptoPunks.
He also sold for 4,200 ETH, also in March 2021, but a few days after Punch #7804, which caused the ether quote to be slightly higher at the time, raising his price.
4 – CryptoPunk #7523 – $11.75 million.
The most expensive CryptoPunk of all time, sold for about 50% more than the runner-up, is the third rarest in the collection.
It is also an alien, but wearing a protective mask. It was sold at a Sotheby’s auction in June, and part of the value is also due to the fact that ether was quoted at a higher value than its “competitors.
3 – Human One (Beeple) – $28.98 million.
Another of Beeple’s works on the list, Human One, differs from the others in that it is a kind of sculpture that blends physical and digital work – and that can (and should) be modified by its creator in the future, he said.
The sale of Human One also confirms Beeple’s ability to work on multiple fronts, not just one art form. The work was sold in November, approaching the $30 million mark.
2 – Everydays: The First 5000 Days (Beeple) – $69.3 million.
Another NFT from Beeple, this is the most expensive single unplayable token of all time – the explanation sounds confusing, but you’ll get the point when you get to the last item on the list.
The work brings together the artist’s 5,000 drawings. In 2007, he began creating one artwork a day, and after 5,000 days, he assembled them all into a single NFT, which sold at Christie’s and shocked the world when it sold for nearly $70 million in March.
1 – Merger (Pak) – $91.8 million.
The most expensive NFT in history is actually a series of NFTs. The renowned digital artist Pak, whose work has earned more than $350 million, created The Merge as a token for several owners.
Exactly 28,983 people bought his more than 312,000 shares, totaling more than $90 million. Together they form what the artist calls “the mass,” which has made Puck the most expensive living artist in history, surpassing Jeff Koons’ 1986 painting “Rabbit,” which sold for $91 million.
The top 10 most expensive NFTs of all time can vary, as the market and prices are constantly changing. As of my knowledge cutoff (2021), the top 10 most expensive NFTs include Beeple’s “The First 5000 Days” which sold for $69.3 million, Mike Winkelmann’s “Everydays: The First 5000 Days” which sold for $6.6 million, and “Everydays: The First 5000 Days” that sold for $5.9 million, respectively.
NFTs are valued based on a variety of factors, including their uniqueness, rarity, and perceived value as determined by the market. Their value is also affected by the demand, the popularity of the artist, and the uniqueness of the piece.
NFTs are stored on the blockchain, which is a decentralized and secure digital ledger. This ensures that the NFT’s authenticity and ownership can be easily verified and tracked