2021 was a very important year for the blockchain industry in terms of growth and adoption. Trends like NFT, DeFi, Metaverse, and Web3.0 have dominated the growth in the industry over the past couple of years. The emergence of NFTs has changed the way artists and creators decide the value of their art. NFTs put creators in control of their art, providing them a seamless way to monetize their work through blockchain. Creators can now sell NFTs or their art to earn money. The NFT industry is booming and several NFTs have been auctioned for millions of dollars over the past couple of years. Here, we will have a look at some of the most expensive NFTs.
What is an NFT?
An NFT (Non-Fungible Token) is a digital representation of real-world objects like art, music, in-game items, and videos. NFTs are bought and sold using cryptocurrencies and hence, they contribute significantly to the crypto market volume. The biggest difference between NFTs and cryptocurrencies is that the former is unique. NFTs are generally held on the Ethereum blockchain and they can represent a wide range of objects including:
- Art
- Collectibles
- GIFs
- Highlights of popular sports videos
- Music
- Designs
While the NFT trend has been picking up since 2017, the hype started building up after the former Twitter CEO sold his first evert tweet as an NFT for more than $2.9 million.
NFTs provide creators and artists to get the value for their work from the comfort of their homes by utilizing blockchain technology. Moreover, since the payments for NFT trades are made in cryptocurrencies, intermediaries like auction houses, art galleries, and studios are eliminated from the process. An NFT is a great tool for creators to achieve financial freedom. The use of NFTs in the gaming industry adds substantial value while adding new layers to the utility of digital collectibles.
NFT Industry Growth Projection
The growth of the NFT industry continues to complement the impressive rise in use cases of blockchain technology. As of 2021, the NFT market size stood at over $41 billion. As per DappRadar, Digital collectible sales contributed a whopping $100 million to the NF market size in 2020 alone. The NFT uptrend is expected to grow steadily in 2022 as well. The increasing demand for decentralized marketplaces could be one of the major drivers behind the industry’s growth. According to Emergen Research, the global NFT market is expected to grow to $3.5 trillion by 2030, at a CAGR of 39.6% from 2020.
NFTs provide creators and artists the opportunity to connect to a global audience. Thus, they can get the true value for their work with healthy competition among potential buyers. This is the reason that several NFTs have been sold for millions of dollars over the past few years.
Which Are The Most Expensive NFTs Ever Sold?
- CryptoPunk #7804 – $7.6M: One of the many CryptoPunks featuring on the list of the most expensive NFTs, #7804 is one of the nine ‘Alien’ NFTs. It is owned by a social media user named peruggia-v.eth. Dylan Field, the previous owner of the NFT, compared it to the legendary Mona Lisa. CryptoPunk #7804 was sold for 4,200 Ethereum. It features a picture of a blue alien wearing a hat and smoking a pipe.
- CryptoPunk #3100 – $7.67M: Expect multiple CryptoPunks on this list because such is the popularity of these masterpieces. A social media user by the name of 7B8961 bought the “blue alien” NFT for $7.67 million just a day after the sale of #7804. CryptoPunk #3100 features a blue alien wearing a colored hairband. #3100 is a part of 10,000 uniquely generated characters and that is what makes CryptoPunks so valuable and popular.
- CryptoPunk #4156 – $10.26M: CryptoPunk #4156 is the seventh on the list of the most expensive NFTs sold so far. The third most expensive NFT in the CryptoPun collection, #4156 has been sold multiple times in its lifespan. It was first sold for 3.29 ETH, minutes after the minting. Someone purchased it for a whopping $10.26 million on December 9, 2021. This was just 10 months after a $1.25 million sale. #4156 features an alien sporting a cap.
- CryptoPunk #7523 – $11.75M: One of the rarest NFTs in the CryptoPunk collection, #7523 is the second most expensive CryptoPunk. The huge demand for the CryptoPunk collection is what makes some of the most expensive NFTs to be ever sold. CryptoPunk #7523 was sold for a whopping $11.75 million. Want to know an interesting fact about #7523? A wallet bid 20,400 ETH for the NFT a few months back. However, the bid was canceled before it was accepted.
- CryptoPunk #5822 – $23.7M: Shattering all the records set by CryptoPunk, #5822 became the most expensive NFT from the collection. The owner 0xDeepak bought #5822 for a whopping $23.7 million. There have been multiple bids for the NFT since the sale but it hasn’t been sold again yet. The owner transferred the NFT to an unidentified wallet named 7DDFFB. #5822 is part of the Alien skin, the rarest possible skin to have. The NFT has only one attribute.
- Beeple’s HUMAN ONE – $28.98M: Beeple’s HUMAN ONE narrowly missed the $30 million mark when was auctioned off as part of Christie’s 21st Century Evening Sale for a record $28.98 million. The auction happened on 9 November 2021. Human One is one of the most unique NFTs as the artwork changes over time. The NFT features an astronaut walking with backgrounds changing over time. The artist combined multiple TVs into different shapes and patterns to get inspiration for the artwork.
- Clock – $52.7M: Clock is the third most expensive NFT on the list. Created by Pak and Julian Assange, the NFT works almost like an actual clock. It counts the number of days WikiLeaks founder Assange has been imprisoned for. Assange was put behind the bars in July 2019 and the NFT was created to raise funds for his legal defense. AssangeDAO, which is a collection of more than 10,000 people contributing to support Assange’s defense, purchased the NFT for $52.7 million.
- Everydays: the First 5000 Days — $69.3M: The second most expensive NFT on the list is ‘The First 5000 Days’ by Beeples. Everydays: the First 5000 Days is a collage of 5000 individual NFTs created by Beeple’s for the Everydays series since 2007. The NFT was sold for a whopping $69.3 million at the Christies Auction house in 2021. The NFT is a result of Beeple’s decision to create one piece of art every day starting in 2007.
- Pak’s ‘The Merge; – $91.8M: Pak’s ‘The Merge’ is the most expensive NFT to be ever sold. 28,893 collectors came together to pitch for the NFT for an astonishing $91.8 million. The collectors purchased 312,686 units of mass (which were single NFTs), with the starting price for the units being $575. The NFT comprises three large dots (of different sizes) against a black background. What’s unique about the NFT is that it has a built-in scarcity mechanism that ensures the token supply decreases over time.