2021 has seen a phenomenal rise in the popularity of NFTs, with thousands of investors seeking to acquire digital artworks. The astounding bids have set unprecedented records for the market. But what exactly are these Non-Fungible Tokens, and why do they hold such immense value?
Let’s Start with the Basics: What are NFTs?
Digital uniqueness is now achievable with Non-Fungible Tokens (NFTs) that are issued on a blockchain. Whether it be art, music, real estate, or any other documentable item, an NFT offers a unique digital asset identifier for each token, making the possibility of ownership and trading of these assets reality.
Despite the fact that two NFTs might appear similar, they are not interchangeable. Whereas one bitcoin is able to be exchanged for another of equal value, an NFT cannot do the same. This explains why blockchain technology uses NFTs as evidence or assurance of its authenticity and ownership. Not only can it house digital assets such as gaming items and property in virtual universes (metaverses), but also tokenized versions of real-world assets like artwork, collectibles, etc.
So Why Are NFTs Valuable?
Put simply, the worth of an NFT may be linked to who produced it, its value in play-to-earn games, or general community and market sentiment. While we have seen many successful cases with NFT projects, numerous ones have not achieved their goals. Thus always remember to do your own research before investing or trading any NFTs, and never use funds that you can’t afford to lose.
The 3 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 time of the sale.
#1 – Everydays: The First 500 Days by Beeple
American graphic designer Mike Winkelmann, better known as Beeple, made history in February 2021 when his NFT digital artwork titled Everydays: The First 5000 Days was purchased for a staggering $69.3 million by Metakovan at an auction sale hosted by Christie’s. This piece is composed of 5,000 original works from the artist’s Instagram feed dating back to 2007–a fresh image uploaded every day for over 13 years!
#2 – Clock by Pak and Julian Assange
Clock is an eye-opening dynamic timer counting down the days Julian Assange has spent in jail. The notorious WikiLeaks founder faces a lengthy extradition to the United States, where he risks being sentenced to 175 years imprisonment on multiple espionage charges. The NFT was created by both digital artist Pak and Assange himself as part of his fundraising efforts for legal fees, selling at auction for 16,953 ETH in February 2022 via a decentralized organization (DAO) known as AssangeDAO.
#3 – HUMAN ONE by Beeple
In November 2021, Beeple’s first physical artwork, HUMAN ONE, was sold for a staggering $28.9 million at Christie’s auction house. This awe-inspiring 3D moving sculpture features four digital screens that showcase an astronaut’s never-ending voyage through different times of the day and space – evidencing Beeple’s creative growth beyond just the virtual world!
