NFTs are known as a particular type of digital collectibles, such as digital paintings, cards, photos, movies, music, game items, etc. NFTs are unique and permanent. They are non-fungible and non-divisible tokens created on the blockchain platform. Millions of NFTs are being bought and sold in the NFT markets. In this article, we want to explain why NFT is expensive and show some of the most expensive NFTs in the NFT marketplaces.
Since cryptocurrencies entered the financial markets, they have created a lot of profit for investors. They have also attracted the attention of the world’s people in investing and preserving money against inflation. But with the emergence of NFT on the blockchain platform, many people buy a digital NFT product instead of buying Bitcoin and Ethereum, and in a short period, they make many times the profit!
Most Expensive NFT Sold
NFT has proven to determine the actual ownership of artwork at any moment, and some people will pay millions of dollars for an NFT. There are currently many expensive NFTs being produced. Therefore, it may not be possible to determine the world’s most expensive NFT because the NFT market statistics are constantly changing. We saw the heyday of NFTs in 2021, their popularity is increasing every day, and it has gained more enthusiasts.
Arguably, the most expensive NFTs so far are digital artworks. The artworks produced in the physical world at the price of millions of dollars have now entered the digital world. But why should a digital artwork cost so much?
But before we introduce the most expensive NFT, maybe you are among the people attracted to this new world because of the astronomical prices of NFTs. Or perhaps you are interested in making an NFT collection by reading NFT field articles about NFTs and would like to enter this fascinating and wonderful world. Or be one who wants to make profits by investing in NFTs. For all these things, you need to know more about the world of NFTs and better understand the NFT market.
What is the Most Expensive NFT?
The short answer is “Everydays: The First 5000 Days”, which sold for $69 million.
Digital artist Mike Winkelmann’s works, known as Beeple, used to sell for just $100, but today he managed to design an NFT that sold at an auction for $69 million. The name of this work is The First 5000 Days. A digital artwork sold at Christie’s auction in New York for $69.3 million to an unknown person. So, this is the most expensive NFT art.
According to Christie’s specialist, “there are some clients who are looking for it with interest, clients who have a lot of influence in the world of cryptocurrencies”. These cryptocurrency investors have a lot of investments in cryptocurrencies and jobs in the same direction. Many of these people spend a lot of money, which has attracted everyone’s attention.
Related Post: Do you want to know when NFTs became famous? It’s an essential question if you think about it! When did NFTs become famous?!
Some expensive NFTs in the world
If you don’t have this question in your mind now, after reading this part, you will definitely have this question in your mind, why are NFTs so expensive? Keep this question, and we will answer it later in the article. Below you can see some of the most expensive NFTs sold in 2021.
- Everydays: The First 5000 Days sold for $69 million.
- PAK’s Clock NFT was sold for $52.74 million.
- Human One NFT was sold for $28.9 million.
- CryptoPunk #7523 sold for $11.7 million.
- CryptoPunk #3100 was sold for $7.58 million.
- CryptoPunk #7804 sold for $7.58 million.
- Right-click and Save As Guy sold for $7.1 million.
- Ringers #879 sold for $5.8 million.
- Beeple Ocean Front sold for $6 million.
- CryptoPunk #5217 sold for $5.45 million.
- Stay Free NFT was sold for $5.4 million.
- This Changed Everything NFT was sold for $5.4 million.
- Save Thousands Of Lives NFT was sold for $4.5 million.
- CryptoPunk NFT #2338 was sold for $4.32 million.
- The Replicator NFT sold for $4.1 million.
- The Original ‘Doge’ Meme NFT sold for $4 million.
- Bored Ape NFT Yacht Club #8817 sold for $3.14 million.
- Meebits NFT #10761 was sold for $2.7 million.
- Solana Monkey Business NFT sold for $2.1 million.
Everydays: The First 5000 Days
Beeple designed this digital artwork and sold it for $69.3 million at an auction. This work is a collection of sketches, drawings, and animations drawn by Beeple. It means that he worked for 5000 consecutive days to produce this work. Of course, this work is also remarkable and thought-provoking in terms of persistence in doing a task and reaching a specific goal, which is one of the excellent qualities of a successful person.
From the sale of this work until the last moments of the sale, 27 million people followed it through the Internet on Christie’s website. Meanwhile, Christie’s announced that this is the first time a cryptocurrency has been used to pay for a work of art at this auction, and also the first time an NFT with the nature of a digital artwork has been sold at an auction.
Beeple said that in the last 20 years, many artists had created works of art through software or sold them on the Internet. But this is the first time there is actual ownership using NFT tokens. There was no correct way to solve the ownership problem in the past, but NFT token standards have changed. He said that he believes that a new chapter in the history of art and digital art has been created.
More than 5,000 drawings in one photo, drawn every day since May 1, 2007, to create this picture over 13 years. Beeple decided to draw a digital sketch every day and then present it online. It took 13 years to create such an artwork, which is enough to make it the most expensive NFT in the world. (Due to the large size of the photo and copyright laws, we have to reduce the quality of the photo)
It must be interesting for you to know that you can see, download and even print these photos for yourself and stick them on the wall of your room through the Beeple-Crap website!! You can buy and read Bipel’s new book about this design, but why should this work be purchased for 69 million dollars? Let’s give an example to understand this.
Just like the Mona Lisa painting, thousands of paintings are available all over the world and can be easily downloaded and used on the Internet. But can you have the original version? Is it possible to be the definitive owner of the original version of the Mona Lisa painting? This is the evolution that Beeple is referring to in the NFT world. A development that has changed the future of humankind.
You, too, can have your first NFTs right now, be their owner, and enter this strange and wonderful world. Bored Hamster Project’s NFTs have paved the way for you from the beginning with a look at the digital future and will bring you double profits.
Why are NFTs so expensive?
Really, why are some NFTs so expensive, and what factors give these weird prices to NFTs? Various factors are important in determining the value of an NFT. Below we mention the most important factors.
1. Rarity of NFT
The rarity of an NFT and its limited supply is significant. The manufacturer and designer of NFT must specify a number to produce a collection of NFT, and thus the limit of NFT is determined. Just like coins in digital currencies, the more limited they are, the more profitable they are, and this is considered an advantage for them.
For example, the Bored Hamster collection and Bored ape yacht club only produce 10 thousand NFTs, so these NFTs create terrible profits for the buyers of these projects.
2. NFT Usage
NFTs have various uses, including in the metaverse world. For example, NFTs that work in metaverse fields are more valuable. For instance, Bored Hamster NFTs will be used as avatars in Metavers.AE in the future, this feature will make NFTs worthy and popular.
It increases the inherent price of the project because people are willing to pay significant capital for this rare digital commodity due to its efficiency and usefulness.
Related Article: This was just one of the applications of NFT. NFT has many uses and is much more than a pricey photo. Read the relevant article to learn about other benefits of NFT.
3. Liquidity and trading volume of the NFT
NFTs are built on Ethereum or Polygon blockchain or other existing blockchains. The security of its blockchain determines the value of an NFT. Also, the amount of activity and volume of transactions increases the cash capital of the NFT project. This issue makes many investors who don’t want to take a high-risk turn to these projects; thus, the price of these NFT projects increases daily.
4. The price of cryptocurrencies
Since NFTs operate on the Ethereum platform, their price also depends on the cost of Ethereum.
5. Duration of activity
The duration of an NFT project in the market increases its popularity. This will become clear over time. Some NFTs fade away over time, but projects that start strong are later bought and sold for millions of dollars, and their owners make huge profits.
6. NFT owners
Today, most celebrities have entered the world of NFT. The presence of famous people in an NFT project as an owner causes the price of NFT to rise. For example, Snoop Dogg and Eminem, two famous rappers, are owners of some Bored Ape Yacht Club NFTs.
In an MTV Video Music Awards event, they performed as 3D avatars with their NFTs, which attracted everyone’s attention (Source). Or we can see that one of the famous jewelry manufacturing and designing brands in America, called Wedding bands is one of the prominent owners of Bored Hamster NFTs.
7. The nature of the project
The type of project proposed in the roadmap of an NFT collection determines its value. Many NFTs do not follow a specific project. Still, these NFT projects make multiple profits and increase the value of the investment because the nature of the project multiplies the value of an NFT collection. For example, Bored Hamster NFTs created a project in Metavers.AE will be very profitable for those who own Bored Hamster NFTs in the future.
Related Post: We strongly suggest you read this article to learn about fraud methods in NFTs. Because those less familiar with this field have a very high potential for financial loss, scammers want the same.
Future of High-Priced NFTs
As the market for NFTs continues to grow, so does the number of high-priced sales. NFTs have become a new way to invest in digital assets, with some NFTs selling for millions of dollars. However, with the market still relatively new and constantly evolving, the future of high-priced NFTs remains uncertain. This part will explore the potential future of high-priced NFTs and what it could mean for the overall market. We will examine factors such as market trends, buyer behavior, and technological advancements to understand better where high-priced NFTs could be headed.
Possible trends in the market
The market for NFTs is constantly evolving, and it can be challenging to predict future trends. However, some potential developments could have an impact on the prices of NFTs. One trend is the continued integration of NFTs into mainstream culture, which could lead to increased demand for certain NFTs, such as those created by celebrities or tied to major events. Another potential trend is the emergence of new blockchain technologies that could make NFTs more accessible to a broader range of users, potentially increasing demand and driving up prices. Additionally, the continued growth of the decentralized finance (DeFi) sector could provide new opportunities for NFTs, such as using them as collateral for loans or trading them on decentralized exchanges. Ultimately, the future of high-priced NFTs will depend on various factors, including market demand, technological developments, and the evolving cultural significance of NFTs.
The potential for new records to be set
With the rapid growth of the NFT market, new records for the most expensive NFTs will likely be set soon. As more artists, celebrities, and other high-profile individuals get involved in the space, there will be greater demand for unique and highly sought-after NFTs. Additionally, as the technology and infrastructure for creating and selling NFTs continues to improve, it will become easier for buyers to participate in auctions and make high-value purchases.
Furthermore, the increasing mainstream adoption of blockchain technology and cryptocurrencies will likely attract even more attention to NFTs and drive up prices. With the potential for NFTs to become a new asset class and the growing interest from institutional investors, we may see NFTs selling for even higher prices in the future.
However, it is important to note that the market for NFTs is still relatively new and unpredictable, and price fluctuations may occur as the market matures. It is possible that some of the current high-priced NFTs may not hold their value over time, while others may become even more valuable as they gain historical significance. Only time will tell how the market for NFTs will evolve and what new records will be set in the future.
In general, we can say that NFTs have grown significantly, considering that they are relatively new, but new markets usually have fluctuations. But the value of digital artworks remains intact, and despite the characteristics of NFTs and the applications that are added to them every day, it seems that we will see the growth of NFTs and their value day by day.
Also, as a recommendation, it can be said that those who invest in starting a solid project like Bored Hamster will get multiple profits.
But you should know that NFT being expensive does not mean the project is strong. Just as the cheapness of NFTs does not mean that the project is new. We offer you an article about the essential things before buying NFTs.