Times are changing, and so are people’s preferences. From when the primary concern for most people was their basic needs to today, when people are willing to pay colossal sums of money for NFTs. So what is this craze about NFTs, and why are they attracting such ridiculous prices?Before we get into this, Check Out to check out a definitive online trading platform.
NFTs stand for non-fungible tokens. NFTs are an emerging concept and are gaining momentum at shocking rates. If you are not new to crypto, you could have come across the term NFTs. Most simply, NFTs are tokenized assets, whether digital or physical. In reality, an NFT is not an asset but only a digital certificate providing ownership of a tokenized asset.
The urge to invest in NFTs is one of the primary reasons for the shockingly high prices. However, the uniqueness of NFTs is their primary source of value. An NFT is not interchangeable. Moreover, NFTs are scarce, which further adds to their high value. To understand how expensive NFTs can be, let’s look at the five most costly NFTs to date.
The Merge – $91.8 Million
A digital artwork titled “The Merge” shocked the world of NFT enthusiasts when it sold for close to $100 million in December 2021. The piece is by one Pak, an anonymous character thanks to the power of blockchain technology that underpins NFTs. While in most cases, we see individuals buying works of art, close to 30,000 entities bought this NFT collectively.
Everydays: The First 5000 Days – $69.3 Million
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The NFT “Everydays: The First 5000 Days” by digital artist Mike’ Beeple’ Winkelmann comes second after “The Merge.” This NFT, which generally shows a collection of over 5000 images representing society’s fear of technology, sold for $69.3 million at Christie’s digit
Clock – $52.7 Million
The “Clock” comes at position three in the list of the most expensive NFTs. This NFT, primarily sold for charity to raise funds to help find freedom for Julian Assange, who founded Wikileaks, sold for $52.7 million in February 2022. The NFT was also by Pak, the same anonymous entity behind “The Merge.”
HUMAN ONE – $28.9 Million
Beeple’s NFT, “HUMAN ONE,” is fourth among the most expensive NFTs. The NFT sold for $28.9 million in Christie’s digital auction in November 2021. Swiss entrepreneur, Ryan Zurrer, bought the NFT. It shows how much individuals are willing to spend millions of dollars on NFTs.
CryptoPunk #5822 – $23.7 Million
Finally, LarvaLab’s NFT, CryptoPunk # 5822, comes at position five on our list. And this is just one of the NFTs in the CryptoPunk collection. In February 2022, Deepak Thapliyal bought the NFT for a whopping $23.7 million. Even with this NFT, the buyer is an individual.
Conclusion
From our list of the top five most expensive NFTs, it is apparent that NFTs can be costly. They don’t have a fixed value, and various factors will often influence them, including scarcity and the purpose for selling, like in the case of “Clock.” None of the five NFTs on the list sold for less than $20 million.
You have several things to take home. NFTs are the next big thing after cryptos. With prices almost hitting the $100 million mark, we should not be shocked to see NFTs that will attract even more than $100 million soon. The demand is there.