The Top 10 Most Expensive NFTs In The World

NFTs have exploded in popularity throughout 2022. Art pieces have been sold for millions of dollars, making the industry attractive for local artists, as well as virtual art designers. Almost everyone involved in the cryptocurrency space has heard of Bored Ape Yacht Club and Cryptopunks, which have sold for tens of millions of dollars. But which are the most expensive NFTs? Let’s take a look.

• Also learn about: How to create and sell NFTs

What are NFTs?

NFT stands for non-fungible token. “Non-fungible” means that something is irreplaceable and unique. These NFTs are the digital representations of real-life objects such as art, music, or videos. They are usually traded in exchange for cryptocurrencies like Bitcoin and Ethereum. The value of NFTs can be understood by comparing them with digital art, which explains why some of the most expensive NFTs are worth into the millions.

How are NFTs Different from Cryptocurrency? 

NFTs are different from cryptocurrency because they cannot be exchanged like-for-like. You could swap for Ethereum or Dogecoin but cannot do so with varying pieces of NFTs. It is interesting that NFTs were not invented a year or two years ago but have been around for almost a decade since 2014. 

However, they are gaining more popularity because it is an effective method to purchase and sell digital artwork (on platforms like OpenSea). NFTs, like cryptocurrency, use blockchain technology. Most NFTs are held under the Ethereum blockchain and are minted (created) using digital objects representing tangible and intangible items. The scope of NFTs range from graphic art, GIFs, videos, sports highlights, music, sneakers, and even tweets! NFT verifies ownership using blockchain technology and makes the verification process easier.

The Most Expensive NFTs

In 2021, the NFT market was worth a whopping 41 billion dollars, almost equivalent to the worth of the entire fine art market. The popularity of NFTs is increasing, and the prices of some NFT pieces are staggering. Below is a list of the most expensive NFTs (in no particular order):

Crossroads

Beeple’s “Crossroads” is a 10-second video showing humans walking by a fallen body with insults written all over. Beeple’s NFTs are popular because they are different from the regular NFTs. The Beeple’s “Crossroads” NFT was sold for 6.6 million dollars.

Everydays: The first 5000 Days

This is a painting (digital) by an American graphic designer, Beeple. It is a collection of 5000 previous artworks. In 2007, Beeple began uploading a new image daily on his Instagram. He did this for 13 years. The combined NFT image was sold for almost 70 million dollars.

Merge

On December 2, 2021, the Merge emerged as the most expensive NFT sold for 91.8 million dollars. It has multiple owners and was created by Pak, the creator of another quite expensive NFT called Clock.

Clock

An NFT representing the number of days Julian Assange, founder of WikiLeaks, has been imprisoned. Pak and Assange curated the NFT to help with Julian Assange’s defense funds. Over 10,000 contributors purchased it under AssangeDAO for 52.7 million dollars. 

Human One

This is Beeple’s first physical artwork and is a 3-dimension moving structure with four digital screens. It is a continuous video of an astronaut moving through different places at different times of the day. According to an interview with Christie’s, the NFT shares a close link with “Everyday.” It was auctioned for 28.9 million dollars.

Cryptopunk #5822

Cryptopunk is one of the most popular crypto projects in history and equally as expensive. Cryptopunk #5822 was sold for 8000 ETH to the CEO of a startup in the blockchain space. Its unique feature is that it is from a very rare collection and among the ones with a special bandana.

Cryptopunk #7523

Before the sale of Cryptopunk #5822, 7523 was the most expensive of the crypto punk family. It was sold for 11.75 million dollars in June 2021. It is a member of the exclusive alien edition and is the only one with a mask.

TPunk #3442

TPunk is similar to Cryptopunk. It shares the same pixelated face feature where each member of the collection, in turn, has unique attributes. In August 2021, TPunk #3442 was sold to the CEO of Tron, Justin Sun, for a sum of 120 million dollars.

Cryptopunk #4156

This is a digital representation of an ape with a blue bandana. The previous owner acquired the NFT for 1.25 million dollars in February 2021 and sold it in December 2021 for ten times the price (10.26 million dollars).

Why Are NFTs Valuable?    

NFTs are valuable because they serve as a medium for authenticating digital content. Think of it as original digital artwork. The famous artwork by Da Vinci, “Mona Lisa,” is irreplaceable because even though many copies of Da Vinci can be made, the original copy remains unique and irreplaceable. NFTs also have many other use-cases, such as authenticating real estate ownership, medical records, academic credentials, and much more.

Collectible NFTs are valuable based on four pillars – the underlying value, potential value, perception of the buyer, and similar market value.      

How Are NFTs Created? 

NFTs are created by a process called minting. Minting refers to creating digital assets using the blockchain. The value of NFTs is primarily determined by uniqueness. Once NFTs are created, they are minted and become tamper-proof. You can also learn how to create and sell your own NFT.

How Do You Buy NFTs? 

Most NFTs are purchased using Ethereum, which is obtained by converting other currencies on Coinbase, Kraken, and Gemini platforms. To buy an NFT, you need a digital wallet to store your cryptocurrency and NFT.

NFTs are bought through an auction through platforms such as Opensea, SoRare, or SuperRare.

Where Can You Buy NFTs?

• Crypto.com – This is an NFT marketplace that allows users to trade digital assets from celebrities and brands. Purchases can be made using a credit card, debit card, through the app, or a wallet that works with ERC20 tokens.

• SoRare – This is a crypto-based fantasy soccer league that allows users to collect digital player cards for use in competitions online. All transactions are done using Ethereum.
• SuperRare – This marketplace supports the trade of single-edition digital artwork. All transactions also make use of Ethereum. 
• Foundation– In this NFT marketplace, digital artworks are placed on the top side of the page, followed by the artists. All works are listed at a reserved price and auctioned through a 24-hour bidding process which extends for 15 minutes if a bid is placed within the last fifteen minutes of the auction.
• OpenSea – This is a trendy NFT marketplace and even claims to be the first and largest NFT marketplace. It was established five years ago in 2017 and hosts every form of digital collectibles, including digital real estate and sound loops. Purchase can be made through auctions or directly from sellers.  

Should I Buy NFTs? 

This entirely depends on you. They are a risky investment because the future is still uncertain. However, remember the value of an NFT is based on the amount someone is willing to pay for the digital piece. 

The Bottom Line

NFTs are an exciting innovation of our time. A form of copyright on digital possession is good news for artists and art enthusiasts. However, approach the NFT space like you will any risky investment, do your research, do not get over-excited, weigh the risks involved and approach the entire scheme cautiously.