What is an NFT?
An NFT is a new kind of digital asset that was introduced in 2017. It is similar to a traditional asset, such as a stock or a bond, but it uses blockchain technology to create an immutable record of ownership.
An NFT can be used to buy and sell goods and services, just like any other asset. However, one important difference between an NFT and a traditional asset is that an NFT is not subject to government regulation. This makes them very attractive to businesses that want to avoid restrictions on their operations.
An NFT by digital artist Beeple, sold for a whopping $69 million in 2021. This introduced new media to blockchain and shows that NFTs are here to stay. Rich stars such as Paris Hilton, Lindsay Lohan, Eminem, Grimes and others have since followed suit.
10. Beeple’s NFT Crossroad- $6.6m
At the time it sold, ‘Crossroad’ by highly regarded artist Beeple was the most expensive NFT to ever sell. It sold for $6.6 million on the NFT Exchange Nifty Gateway. The piece depicts a solemn figure lying on the ground, which is meant to symbolize Trump after he lost the 2020 election to Joe Biden. What was cool about the NFT is that it sold before the election and would change based on who won (The Donald or Joe Biden).
9. NFT CryptoPunk #3100 – $7.58 million
Sold at $7.58 million in March 2021, CryptoPunk #3100 is part of the nine rare alien punk band members on Ethereum and it also wears a headband. As of May 2022, this CryptoPunk is listed for 35,000 ETH. If it ever gets sold, it will be the biggest NFT sale in the history of CryptoPunks.
8. NFT CryptoPunk #5577 – $7.7 million
A another CryptoPunk sits at number eight. It was sold for 2925 ETH in February 2022. The buyer of the CryptoPunk may have been Robert Leshner, CEO of Compound Finance, who tweeted “Yeehaw” after the purchase
7. NFT CryptoPunk #4156 – $10.26 million
One of the most expensive NFTs is a CryptoPunk with a blue bandana. Its previous owner was someone with a matching pseudonym, who acquired it at $1.25 million in February of 2020 but then sold it for $10.26 million in December of 2020.
6. CryptoPunk #7523 – $11.75 million
The most valuable NFT blockchain asset is CryptoPunk #7523. During the COVID pandemic in June 2021, someone auctioned off the mask-wearing alien edition for $11.75 million because it is the only one of its kind.
5. CryptoPunk #5822 – $23.7 million
In February 2022, Deepak Thapliyal sold one of the world’s first famous Non-Fungible Tokens, a CryptoPunk, for 8,000 ETH. It’s one of the rarest CryptoPunks because there are only 9 in the entire NFT collection and it has a bandana.
4. HUMAN ONE – $28.9 million
Christie’s auctioned the first physical artwork created by Beeple, HUMAN ONE, for $28.9 million. The piece is a moving sculpture that displays an endless video of an astronaut journeying through places at different times of the day. This hybrid work reflects Beeple’s artistic ambition to create art beyond the digital realm.
3. Clock – $52.7 million
Julian Assange and Pak created the ‘Clock’ to act as a clock that essentially counts the days of Assange’s imprisonment. The goal of this representation was to raise funds for Assange’s legal defense, and the Julian Assange DAO (a collection of over 10,000 people pooling their money together) picked it up to purchase the object and support Assange.
2. Everydays: The First 5000 Days – $69.3 million
Mike Winkelmann, better known as Beeple, owns the artwork Everydays. In February 2021, Christie’s, a digital art institute, sold the NFT of the artwork to investor Metakovan for $69.3 million. The artwork represents a collage of Beeple’s 5,000 previous artworks and viewers can also interpret it as a representation of his development as an artist through the collage.
1. The Merge — $91.8M
An unidentified artist sold a unique artwork, composed of many individual pieces, on the Nifty Gateway Internet auction company for $91.8 million. The artist fractionalized the work into 312,686 pieces and distributed them to 28,983 buyers on the decentralized marketplace.
Closing thoughts
NFTs are experiencing rapid growth and sales, while also spawning a variety of uses. Right now since they’re still in their early stages, we can expect to see more utilities and adoptions than simply digital collectibles and possibly even higher sales.
