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NFTs or non-fungible tokens were first introduced in 2014. But it wasn’t until renowned auction house Christie’s sold digital art like Beeple’s Everydays: The First 5000 Days for $69.3 million.
NFTs stand for digital assets, ranging from artwork to consumer goods like sneakers. Music artists can also put songs or video clips on NFTs.
Why is NFT art so expensive?
NFT art is so expensive due to scarcity and demand. By their definition, non-fungible tokens cannot be traded with another identical project. They are all unique, which makes them valuable in the eyes of collectors.
Some NFTs may also have intrinsic value beyond art. For example, some NFTs can give you perks or special access at concerts or sporting events.
Of course, not all NFTs are worth more than the purchase price, and they may depreciate. As with stocks and investments, choose NFTs carefully if you are looking to make money. On the other hand, just like someone might buy a piece of art or a bottle of wine to enjoy it – not as an investment – if you decide to collect NFT art to enjoy, buy what you like. Still, it makes sense to focus on market prices. You may be sitting on a treasure!
Here are some of the most expensive NFT artworks:
- Beeple Everyday: First 5,000 Days – $69.3M
- Review by Julian Assange and Pak – $55 million
- Beeple’s Human One – $28.9 million
- CryptoPunk #5822 — $23.7 million
- CryptoPunk #7523 — $11.7 million
- Tpunk #3442 — $10.5 million
- CryptoPunk #4156 — $10.23 million
- CryptoPunk #5577 — $7.7M
- CryptoPunk #3100 — $7.58 million
- CryptoPunk #7804 — $7.57 million
What kind of NFT art sells best?
If you’re looking to invest in NFTs to make money, you’ll want to consider the best-selling types of NFT art. NFT art is measured by its rarity, which is judged by evaluating several characteristics. You can use the rarity tool to find the rarity and value of NFTs. If an NFT is part of a popular collection, such as CryptoPunks, has many unique properties, or is one of only a few of its kind in the collection, it is more likely to command a premium price.
Recently, apes belonging to the CryptoPunks collection are being sold at premium prices as the Boring Ape Yacht Club has taken an interest in the NFT collection. It helps that there are only 24 apes in the set of 10,000 punks, they are a rare commodity compared to some other punks.
NFT art may also sell well because of its inherent beauty or the meaning behind the art. For example, Vignesh Sundaresan bought the most expensive NFT artwork ever because of its significance to him. Beeple’s Everydays: The First 500 Days is a collection of 5,000 illustrations that the artist spent 13 years creating. In an interview with CryptoSlate, Sundaresan explained that he had only just started coding 13 years ago and had no money. Thirteen years later, he was able to spend $69.3 million on NFTs. For him, art represents his journey, and winning the bid is a testament to his success in tech and crypto.
Most Expensive NFT Artwork
Read on to learn more about the most expensive NFT artworks and their owners.
10. Cypherpunk #7804
Price: $7.57 million
Our list of the 10 most expensive NFTs of all time begins with a name that will dominate this list: Larva Labs CryptoPunks. Like other collectible NFTs, the value of these avatars depends on their rarity and market demand. CryptoPunk #7804 has three properties, but it’s the only “forward” punk that has both pipes and small shadows. This punk is alien, which makes it a very rare one of only 9 in the 10,000 punk series.
It was purchased by Peruggia-V in March 2021 and is currently listed for $11.28 million via the CryptoPunk blockchain. If it sold at that price, it would quickly jump to our list as one of the 3 best selling punks of all time, and one of the 5 highest priced NFTs in the world.
9. Cypherpunk #3100
Price: $7.58 million
There are only nine alien cypherpunks on the blockchain, so it’s no surprise to see one on the list of the best-selling NFTs of all time. In March 2021, a user named straybits.eth purchased CryptoPunk #3100. Not only is this NFT rare because it’s alien, but it’s one of only 406 punks with a headband. The owner is currently asking $44.4 million for the NFT, but recent offers have not exceeded thousands of dollars, let alone millions. In October 2021, there was a bid of $87.64 million, but it was withdrawn on the same day.
8. Cypherpunk #5577
Price: $7.7 million
Rare ape CryptoPunk #5577 from Larva Labs sold for $7.7 million in February 2022. It’s one of only 24 apes and one of only 142 punks with a cowboy hat. It is said to have been purchased by Compound Finance CEO Robert Leshner. In July 2022, a bid of $4.92 million was made, but the bid was not accepted.
7. Cypherpunk #4156
Price: $10.23 million
In December 2021, CryptoPunk #4156 was one of only 24 ape punks to sell to an unknown buyer for $10.23 million. Punks have only one attribute, which makes it rare as only 333 punks have so many. Punk is on sale again in July 2022. This time, only $3.31 million was sold. The current bid for Punk is $15,892. This shows that the price of NFTs is not guaranteed to rise, and will be affected by crypto winter and other factors.
6. Punk #3442
Price: $10.5 million
Tpunk #3442, designed after Batman Joker’s fame, has green hair and a big smile, and is one of 10,000 NFTs traded on the Tron blockchain. Tpunks are designed to mimic the look of cyberpunk — ideally, to mimic the success of cyberpunk. While pixelated avatars may not be considered by some to be “arts” in the traditional sense, they are in high demand and are bought at premium prices by collectors. Tron founder Justin Sun purchased this NFT in August 2021. He shared in a tweet that he donated his NFT to the ApenFT Foundation.
5. Cypherpunk #7523
Price: $11.7 million
CryptoPunk #7523 is a rare alien, and even rarer because he wears a COVID-era mask. Only 175 punks have this property. Punk #7523 also has knitted hats and earrings. The acquisition is notable not only because of its high price, but also because it was not conducted on a blockchain. It was purchased by a collector named “Sillytuna” in June 2021 through Sotheby’s local digital auction.
4. Cypherpunk #5822
Price: $23.7 million
CryptoPunk #5822, a light blue alien with a blue handkerchief, is not only the third best selling NFT of all time, it is also the highest priced CryptoPunk ever produced by Larva Labs. The CryptoPunks family is listed on the Ethereum blockchain and includes 10,000 unique characters. Initially, anyone with an Ethereum wallet can get CryptoPunks for free. Developers Matt Hall and John Watkinson created 10,000 8-bit style faces, but only released 9,000 to the public.
Most characters are human, but there are also some apes, zombies, and aliens. As one of only 9 aliens released to date, it’s no wonder #5822 got so much from Chain CEO Deepak Thapliyal, who bought NFTs in February 2022 and tweeted immediately Posted pictures of his purchases.
3. Beeple’s Human One
Price: $28.9 million
Digital artist Beeple creates dynamic, moving art in NFT and physical form. Human One combines electronic sculptures with NFTs.21 works auctioned at Christie’sstone Century Evening Sale November 2021.
2. Review by Julian Assange and Pak
Price: $55 million
An organization called AssangeDAO is a cross-border collective fighting for the freedom of Julian Assange, who is serving a 175-year sentence in the United States. The DAO collected $55 million in Ethereum to purchase this art collection created by Pak. Parker then donated the proceeds from the February 7, 2022 sale to help fund Assange’s legal defense. The NFT clock is part of the collection, which itself is worth $52.7 million. NFTs show Assange’s time in prison.
1. Daily life of Beeple: first 5000 days
Price: $69.3 million
Vignesh Sundaresan purchased Beeple’s Everydays: The First 5,000 Days at Christie’s Online Auction. The crypto investor later told Cryptoslate that he bought the piece to show people of color, especially Indians, that they too can be patrons of the arts. In addition, the acquisition helps put NFTs on the global horizon as viable investments. Sundaresan now owns the most expensive NFT, and he told CryptoSlate that the purchase is also a way to “give back to the system that has given me so much.”
Just like stocks and investing in general, choose NFTs carefully if you are looking to make money. Never invest more than you can afford to lose and keep an eye on market prices, you could be sitting on a lot of cash.
Information was accurate as of October 25, 2022.
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