NFT… we hear about this so often at the moment, but how many of us actually know what they are? Well, NFT stands for ‘Non-fungible token’. Still unclear? That’s fair. “Non-fungible” basically indicates it’s one-of-a-kind and can’t be substituted with anything else. A bitcoin, for example, is fungible, meaning you can exchange one for another and get precisely the identical thing. A one-of-a-kind trading card, on the other hand, cannot be duplicated. You’d get something altogether different if you swapped it for a different card. This shows the uniqueness of the NFT at hand.
Still kind of confusing? What makes this so valuable? Who chooses the value? Well at the highest level, the majority of NFTs are part of Ethereum blockchain. Ethereum, like bitcoin and dogecoin, is a cryptocurrency, but its blockchain also enables these NFTs, which store additional information that allows them to function differently from, say, an ETH coin. They can be super expensive though, which leads us to the main topic of the day… which have sold for the most money?
The Most Expensive NFTs Ever Sold
CryptoPunk #5217 — $5.59m
CryptoPunk #5217 is a knitted hat-wearing monkey with a gold chain, all of which are very desirable features even by CryptoPunk standards. #5217 is one of the rarest Cryptopunks on the market, according to rarity.tools, ranking 34th, therefore expect this to grow in value over time. Can you believe that a jpeg sold for almost $6 million?
Beeple’s Ocean Front — $6m
Beeple is one of the industry’s most well-known and recognized digital artists, as seen by the high prices he charges for his work. Ocean Front, which depicts an amalgamation of large containers, a caravan, and a tree standing tall in the middle of the ocean, and is just one of his two works in the top ten.
XCopy’s A Coin for the Ferryman — $6.034m
‘A Coin for the Ferryman,’ one of XCopy’s first works, was developed in 2018, but sold for nearly $6 million on November 4, 2021. The piece is made up of scribbled faces on a colorful background, with the GIF format ensuring that it is one-of-a-kind and something the owner can be proud of. After all, this item may be the last of its kind.
Beeple’s Crossroad — $6.6m
Beeple’s Crossroad is a 10-second film that depicts people strolling through a big, fallen body with insults scrawled all over it. Beeple’s work is so well-liked because it offers something a little different from the usual NFTs — and the price speaks for itself.
CryptoPunk #7804 — $7.6m
Another CryptoPunk to add to the list, but by no means the last. #7804 is one of only nine ‘Alien’ CryptoPunks, and comes complete with a fantastic cap, pipe, and shades. This is one that you’d be thrilled to have minted when it first came out.
CryptoPunk #3100 — $7.67m
#3100 got much more pricey than its brethren on March 11, 2021, just one day after #7804 sold. #3100, another Alien punk with only a headband, is the seventh rarest CryptoPunk on the market.
CryptoPunk #7523 — $11.75m
#7523 is the third rarest in the collection, with a price tag to match. It blows all of its CryptoPunk peers out of the water. With only two rarer CryptoPunks than #7523, the question now is how much more they can really be sold for… It just seems as though things are maybe getting out of hand?
Beeple’s HUMAN ONE — $28.985m
Beeple is a perennial on the list of the most expensive NFTs ever sold, claiming three of the top three slots. According to a Christie’s interview, HUMAN ONE sold for just under $30 million on November 9, 2021, and is closely related to his earlier work ‘Everydays.’ In relation to that, check out this next one…
Everydays: the First 5000 Days — $69.3m
Another Beeple piece, this is the most costly NFT ever sold to a single owner – and there’s a reason for that. Beeple’s work is so high-quality and well-liked in the community that this project is effectively a collage of 5000 of his pieces. He made a commitment to make one piece of art every day starting in 2007, and here is the result. Needless to say, the work was well worth it.
Pak’s ‘The Merge’ — $91.8m
On December 2, 2021, The Merge became the most expensive NFT ever sold, with nearly 30,000 collectors pitching in for a total of $91.8 million. This is the only NFT on this top 10 list with many owners, as seen by the exorbitant price tag. There’s no denying that NFTs are becoming more and more popular with time, but it begs the question: what is the price ceiling for NFTs?
Needless to say, if you own any NFTs, you could end up with a sizable fortune on your hands.