The founding team, as well as the artists and community, can have an impact on the demand for NFTs. A non-fungible token is a blockchain token that represents a unique asset, such as a document, work of art, music, or even real estate. Because each NFT is a unique digital asset with a unique identifier, they are not fungible.
These figures exclude the popular — and prohibitively expensive — NFT series CryptoPunks, which is a collection of 10,000 pieces rather than individual one-of-a-kind works. More than that, the user-friendly design of Love Hate Inu platform welcomes people of all different ages and backgrounds. The possibility for corporate partnerships has led many to predict that Love Hate Inu will become one of the most popular meme coins. Simply said, Love Hate Inu is a voting platform built on Ethereum that allows users to take part in polls made by the Love Hate Inu team or other users.
People who aren’t too enthused about NFTs often deride NFTs by saying that they can simply “right click and save” any NFT they wish, no matter how valuable or rare it’s supposed to be. “Right-click and Save As guy” is an animated artwork from XCOPY, one of the most prominent NFT artists. The piece was bought by NFT collector “Cozomo de Medici” for $7 million.
Beeple embraced NFTs starting in 2020, and quickly found a lot of success in the space. His “Crossroad” animation, which features a grotesque depiction of former U.S. president Donald Trump, sold for $6.6 million. At the time of the sale in February 2021, Crossroad was the most expensive NFT ever auctioned. Hoping to raise money to seek his release from prison and to support the family members of incarcerated adults, Ulbricht created an NFT based on a collection of his writing and artworks. It includes both childhood drawings and works made during his incarceration, such as the graphite pencil drawingPerspective. In September, collector Cozomo de’ Medici, who may or may not actually be the rapper Snoop Dawg, madeSome Asshole his first purchase on SuperRare.
BAYC is one of the most successful NFT collections of all time, and still commands a significant floor price. At the moment, the cheapest BAYC NFT available for sale will set you back a whopping 76 ETH (about $92,000 at the time of writing). The artwork’s title, as well as its description, which reads “Why would I buy it when I can right click and save as?
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While there’s no denying that NFTs have been hyped up, what seems to have put people off is that they’ve been deemed speculative investments. If an investment is speculative, this means that it’s high-risk, and though it can be profitable, there’s no guarantee that this will happen. The main reason investing in NFTs has been classified as speculative is because the market for them is very young. They haven’t been around long enough for people to determine whether or not they’re worth investing in.
As we said earlier, every single CryptoPunk comes with its unique characteristics and attributes. More so, only 186 punks have Fedoras, and there are only 24 Ape punks. However, these are not ERC-721 tokens but similar to ERC-20 token. Let’s understand what non-fungible tokens are before moving towards the list of the top 10 most expensive NFTs. Non-fungible tokens are a form of digital token that is unique in nature. They can be anything, starting from an audio clip to paintings or video games.
This NFT, an XCOPY, sold for $6.034 million dollars in November 2021. The piece was actually created in 2018 before the popularity of NFTs skyrocketed. A GIF form is made up of scribbled faces that are drawn over a colorful background. HUMAN ONE is a three-dimensional moving sculpture with four digital screens. It shows an endless video of an astronaut traveling through different locations at different times of the day.
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A form of digital status and a subtle ‘flex’ of wealth or early entry to a community, owning the rarest and most desirable NFTs has now become the latest status symbol for crypto-native investors. Beeple holds the top spot on this list, but he’s no one-hit wonder in the NFT world. In late 2021, he unveiled his latest major creation, HUMAN ONE, a sculpture with digital screens on all sides that depicts a person in a spacesuit walking through an ever-changing environment. Check back often, as we’ll be updating this list with new entries as even more jaw-dropping NFT sales make headlines.
The whitepaper for the project explains that smart contracts will be used by Love Hate Inu to guarantee the integrity and transparency of the system. The sale marked the highest ever sale of an NFT in dollar value from the open market and not at auction – coincidentally stealing the top spot from two other CryptoPunks which are next on our list. Coin Rivet looks at the top five most expensive NFT sales of 2021 and the reasons behind their hefty price tags. Over the course of the year, 4156 became disillusioned with CryptoPunks due to the creators’ handling of commercialization rights and attempts to snuff out derivative projects.
After an explosion of popularity in 2021 and 2022, the art-focused NFTs concept has begun to die a death. Major NFT sales from the past couple of years are now worth dollars, rather than millions. The sad state of affairs on the blockchain has seen things like the hardware required for it, finally, come back in stock at semi-normal prices. What would be known today as the biggest NFT sale in history took place on Nifty Gateway. “The Merge” is an unusual NFT collection that was created by Pak and unveiled on the platform as part of a two-day sales event. Ringers, by artist Dmitri Cherniak, has been one of the most valuable projects of the bunch, along with Tyler Hobbs’ Fidenza line.
The First 5000 Days-$69.3 million
The Punk #7804 is another Alien, and this time it comes with three accessories. More so, the accessories include Cap Forward, Small Shades, and a Pipe. Apparently, only 254 punks come with Cap Forward, 378 punks come with Pipe, and 317 punks come with small shades.
The collection’s most expensive piece is #109, which sold for $6.9 million in October 2021. The piece was purchased by an unknown collector who owns several pieces from notable Art Blocks collections. Clock is an artwork that changes over time to reflect the number of days WikiLeaks founder Julian Assange has been in prison. The artwork was purchased by AssangeDAO, a decentralized autonomous organization that’s raising funds for Julian Assange’s legal campaign. All of the proceeds of the sale of Clock went to the Wau Holland Foundation, an organization that’s supporting Julian Assange’s defence.
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The composite’s sale is not just a standout in the NFT world but in the broader art market, too. Beeple minted this NFT from his “Everydays” series just weeks after his headline-grabbing Christies’s debut. The work is meant to serve as a warning about the catastrophic potential of climate change, and the proceeds went to the charity the Open Earth Foundation. The work’s owner isnoted NFT collector Justin Sun, who prevailed in a bidding war after falling short as the underbidder on Everydays.
The second-highest bidder on the piece was none other than Tron CEO and founder Justin Sun, who bid a whopping $60.2 million before getting sniped at the last second by Sundaresan. The NFT was purchased by PleasrDAO, a decentralized autonomous organization that purchases notable NFTs and often engages in charitable activities. CryptoPunks is an NFT collection released by Larva Labs in June of 2017, when NFTs were barely on anyone’s radar. Interested users were able to mint CryptoPunks for free, with the only expense being transaction costs charged by the Ethereum network. The collection consists of 10,000 unique pixelated avatars which were generated from a pool of traits with varying rarities.
A positive trend that we’d like to highlight is that many of the most expensive NFT sales have seen their proceeds go to charity. As it turns out, spending $2.9 million on the NFT of the first ever tweet was a terrible decision. Estavi attempted to offload it through an auction, but there wasn’t much interest—the highest bid was only about $6,800.
Standard subscriptions can be purchased on the subscription page. Don Diablo,DΞSTINATION HΞXAGONIA. Image courtesy of the artist. Please help update this article to reflect recent events or newly available information. If you are starting out as a beginner, it’s always better to go for the most popular NFTs out there. Moreover, investment an amount that you can afford to risk initially. NFTs work like any other speculative asset you invest in, such as stocks.
Depending on the blockchain network, you’ll need a compatible wallet and the supported cryptocurrencies for the purchase. For example, NFT prices on BNB Smart Chain are almost always in BNB or BUSD, while NFTs on the Ethereum blockchain typically use ether . Sold at $7.58 million in March 2021, CryptoPunk #3100 is also one of the nine rare alien punks and it also wears a headband. If it ever gets sold, it will be the biggest NFT sale in the history of CryptoPunks. The NFT was curated by the digital artist Pak and Assange himself to support his legal bills. It was auctioned for 16,953 ETH in February 2022 to AssangeDAO, a decentralized organization established to crowdfund the NFT sale.