Delve into the realm of the most expensive NFTs ever sold and explore the future of collectibles in the digital age
In a world that is increasingly valuing digital assets, non-fungible tokens (NFTs) have emerged as the hottest trend in the digital collectibles market. These unique digital assets have skyrocketed in value, with some selling for mind-boggling amounts. In this article, we delve into the realm of NFTs and explore the 10 most expensive NFTs ever sold, giving you a glimpse into the incredible sums of money these pieces are fetching.
From virtual art pieces to digital sports collectibles, the NFT market has seen an explosion of interest from both investors and collectors alike. We will take a closer look at the jaw-dropping sales figures, highlighting the artists behind these record-breaking transactions. But it doesn’t stop there – we also discuss the future of collectibles and how NFTs are revolutionizing the way we perceive and trade digital assets.
The NFT landscape in 2024
Thanks to the Beeple artwork, which sold for USD 69.3 million in 2021, non-fungible tokens (NFTs) have become the in-thing. Indeed, Beeple and Larva Labs, an early arrival in this field, are responsible for some of the most expensive NFT artworks.
NFT artwork shares some characteristics with physical artwork such as originality and aesthetics. However, because they are NFTs, they are essentially a code – digital art that only exists on the internet.
Some of these NFTs are futuristic and propel NFT artists to new heights. The REPLICATOR, by Canadian artist Mad Dog Jones is one example of a futuristic NFT. This asset copies itself every 28 days and generates a new NFT. According to the art seller, art auction firm Phillips, this piece is an “NFT experience containing seven unique generations of artworks.” Mad Dog Jones became the most valuable Canadian artist after his NFT artwork sold for 4.1 million dollars in April 2021.
The prices of NFT artwork have risen dramatically over time. This demonstrates that the market for high-end NFT art is only getting started, with a lot more to come in the future years.
What is an NFT?
To figure out what an NFT is, we must first comprehend the concept of “fungibility”. The term may appear sophisticated, yet it is a straightforward concept that we can apply to our daily lives.
At its most basic level, a fungible item may be exchanged 1:1 with another object of the same categorization or description. Since each fungible unit is fundamentally identical, they can be swapped out.
Fungible goods/assets are divisible as well as interchangeable. This means they can be multiplied or divided without affecting the item’s essence. A dollar can be divided into any number of coins totaling 100 cents and yet represent the same amount of money.
On the other hand, non-fungible items are not directly interchangeable or replaceable.
NFTs unique characteristics
Unlike fungible assets like Bitcoin, non-fungible assets have the following characteristics:
- An identity that is unique and verified
- Scarcity that can be proven
- Indivisibility
Non-fungibility is linked to identification in various ways. This is true regardless of whether it’s the identity of the item, its owner, or its creator.
When something is non-fungible, each unit has its own distinct identity, impacting its fundamental value. Differences in appearance, rarity, utility, and a variety of other characteristics directly impact a unit’s identity and thus its value.
That’s the strength of identity: the origin, story, and history of something all contribute to forming a one-of-a-kind, irreplaceable asset. Even the best forgeries and reproductions are worth a fraction of an original. This is because the item in issue has a credible, fascinating history thanks to a well-known inventor.
Similarly, if something is directly linked to your personal identity, it is one-of-a-kind and valuable to you alone. For example, passports from the same country seem the same externally. However, the information inside means that only you may (legally) use yours.
Additionally, non-fungible assets aren’t divisible, with a few exceptions (such as fractionalized NFT real estate titles). They’re designed to work together to exist, function, and trade. We don’t buy a tenth of a painting or half of a car and expect them to serve or function as planned.
The potential of NFTs may be observed in these three critical traits, in addition to their inherent attractiveness as one-of-a-kind digital things that you genuinely own:
1) Ownership
NFTs are stored on your own private blockchain address, which you control with your private key. Given that NFTs aren’t stored on a centralized server, they can’t be taken away by server failures or account bans. You have complete freedom over your NFTs and can trade, sell, or give them out at any time.
2) Transparency
Since a blockchain is effectively a decentralized database, blockchain explorers like EnjinX make records of token generation and transfers. This makes it simple to verify uniqueness and scarcity, making consumers confident that an NFT is genuine.
3) Interoperability
When several entities share a token standard, they will all be able to use the NFTs created by each other in ways that make sense within their game worlds.
An NFT provides a solution essentially anywhere uniqueness or identity plays an important role. This applies to art, gaming items, commemorative collectibles, digital rewards, or anything in between.
Why are NFTs so expensive?
The average price of NFTs on Ethereum is relatively low, yet some of them can be more expensive than you might expect. In February, an animated Gif of Nyan Cat was sold for more than $480,000 on the NFT Foundation website. Some artists have become millionaires overnight, and I’m sure you’re curious about to know the most expensive NFTs ever sold.
Former X CEO and co-founder Jack Dorsey sold his “first tweet” as an NFT through the Valuables platform for $2.9 million. So, why are NFTs on Ethereum so expensive? Remember that each NFT is one-of-a-kind and serves as a collector’s item that cannot be copied. This makes them uncommon and one-of-a-kind by design. Rarity makes them scarce, and when things are scarce, prices tend to rise.
People assign value to NFTs because they are scarce and built on cryptographic technology that prevents copying. Another reason behind the final price is that it’s determined by the market which comprises all the buyers and sellers that trade that specific NFT. If there are more buyers than sellers, the price will climb because the gas fee will be higher.
Specifically, the Ethereum blockchain still has a congestion problem, even after its recent update 2.0. In comparison to its tremendous daily demand of over a trillion transactions per second (TPS), Ethereum, currently handles a limited amount of transactions per second (TPS). However, congestion is inescapable because it is the most widely used method for minting NFTs, resulting in expensive gas fees.
10 Most Expensive NFT Artworks Sold As Of January 2024
1) The Merge: $91.8 million
The Merge is a one-of-a-kind digital artwork in the realm of NFTs because, rather than being a single piece of work, it is fractured art. It was created by the acclaimed artist Pak and sold on the NFT marketplace Nifty Gateway between December 2 and 4, 2021. It sold for a record-breaking USD 91.8 million, making it the most expensive art NFT ever sold to date.
The Merge has 28,983 collectors instead of a single owner. This is due to the artwork being sold in “mass” volumes. By the time the sale was completed on December 4th, the collectors had purchased a total of 266,445 masses.
2) Everydays – The First 5000 days: $69.3 million
When Mike Winklemann, better known as Beeple, sold his single piece artwork titled Everydays: The First 5000 Days for USD 69.3 million at a Christie’s auction on March 11th, 2021, he set a new record. This is the most expensive NFT sale ever for a Beeple painting. Beeple created a collage of 5,000 distinct photos – one per day – from 2007 to 2020. He did this over a period of more than thirteen years.
It was the first time a major auction house offered a totally digital NFT-based artwork. Christie’s stated that Beeple is now among the “top three most valuable living painters” due to the sale.
Many consider Everydays: The First 5000 Days, the most expensive single-piece NFT artwork, to be the sale that kick-started the NFT boom through 2021. Collaborations with Nike and Katy Perry also elevated Beeple’s work even more.
3) Clock – Assange: $52 million
The Clock is a digital artwork created by Pak in collaboration with Julian Assange. The NFT’s artwork is a clock that was designed, to count the days Assange spent behind bars. For many in the NFT world, The Clock is a symbol of the protests and calls for freedom of speech and information.
The NFT’s dynamic element of a realtime clock makes it an ongoing narrative that attracts many prospective buyers. It sold on AssangeDAO NFT marketplace for $52.7 million, an equivalent of 16,593 ETH on February 9th 2022. The proceeds of sale have been used to pay for Assange’s legal defense, leading to his eventual release in June 2024.
As one of the most expensive NFT’s ever sold, The Clock is a potent symbol in the NFT world because of its deep political and social significance.
4) Human One: $28.9 million
Beeple’s second-most successful NFT artwork sale occurred on November 9th, 2021. Human One sold for USD 28.9 million at a Christie’s auction, ranking second on the list of most expensive NFTs ever sold. Ryan Zurrer, a Swiss entrepreneur and venture financier, was the buyer.
Beeple built a seven-foot-tall future humanoid sculpture that looks to be continually strolling across ever-changing landscapes. The 3D movement is displayed on four 16K resolution video screens arranged in a 44-foot box. According to Christie’s, the dynamic video sculpture had a polished aluminum metal and mahogany wood frame and two media servers.
Human One was offered alongside a dynamic NFT that was minted on October 28th, 2021. Beeple will have remote access and creative control over the work, which is unique. In other words, as long as the artist is alive, he can change the creative components, such as the scenery.
5) CryptoPunk #5822: $23.7 million
CryptoPunk #5822 is the most expensive CryptoPunks NFTs to date. Its one of the 10,000 unique pixel art images created by Larva Labs. Like other NFTs, CryptoPunks are algorithmically generated assets with unique characters and attributes. CryptoPunk #5822 is artwork depicts an alien wearing a blue bandana, earning its place in the top 5 most expensive NFTs ever sold. It is also the rarest and most desired of the punks collection.
The highest price CryptoPunk #5822 has fetched so far is $23.7 million, on February 12 2022. It’s currently not available for sale.
6) CryptoPunk #7804: $16.42 million
Another 10,000 Aliens is the ‘punk,’ who has shades and appears more like Sherlock Holmes. It first made headlines on March 10th, 2021, when it sold for USD 7.57 million. This punk has recently sold at $16.42 million, making it one of the most expensive NFTs ever sold.
One of the 254 who wears their cap forward is the pipe-smoking figure, who wears little shades. The #7804 is currently not listed for sale.
7) CryptoPunk #3100: $16.03 million
The #3100, like #7523, is one of the nine Alien ‘punks.’ It has bluish-green skin and a white-and-blue headband as its only distinguishing characteristic. Only 406 of the 10,000 punks in the collection wear a headband, and only 333 have only one aspect.
CryptoPunk #3100 been in the headlines lately when the current owner bought it at $16.03 million. It is the third highest-priced ‘punk’ at the moment, slightly behind #7804 at $ 16.42 million.
8) CryptoPunk #635: $12.41 million
CryptoPunk #653 is another of the 9 aliens in the punk collection, and also one the most expensive NFTs ever sold. This particular punk spots two unique attributes, a blue bandana and shades, attracting the attention of many. It sold for $12.41 million dollars on April 25, 2024, and is currently not listed for sale.
9) CryptoPunk #7523: $11.75 million
In the NFT ecosystem, CryptoPunks has long been one of the most sought-after tokens. CryptoPunks, one of the first NFT initiatives, was launched in 2017.
CryptoPunks is a collection of 10,000 tokens whose authors and collectors refer to as “punks.” Each character is a collectible character, similar to a trading card, and is sometimes referred to as the “OG” NFT collection. Because no two ‘punks’ are the same, each CryptoPunk is a one-of-a-kind object. As such, there are many versions of CryptoPunks on the list of most expensive NFTs ever sold since inception.
CryptoPunk #7523 was sold at a Sotheby’s auction for USD 11.75 million on June 10th, 2021. #7523 is one of the collection’s nine Alien series figures.
10) TPunk #3442: $10.5 million
The TPunk #3442 is a unique character from the TPunk collection created by the Tron blockchain. Its most expensive purchase was in August 2021 Justin Sun, the owner of Tron blockchain bought it a whooping $10.5 million. The owner has since donated it to one of Tron blockchain’s projects.
11) CryptoPunk #4156: $10.26 million
CryptoPunk is one of the few Ape punks available on CryptoPunk collection. It comes at number 10 on the list of most expensive NFTs ever sold owing to its $10.26 million sale on December 9, 2021. Like 481 other CryptoPunk offerings, this punk sports a bandana as its attribute.
The CryptoPunk collection has only 24 Apes in its collection of over 10,000 punks. As such, #4156 is a one of the rare assets of the lot, and one that attracts the attention of many NFT investors.
12) CryptoPunk #5577: $7.7 million
CryptoPunk #5577 is one of the 333 punks featuring a cowboy hat, and another one of the 24 Ape punks. Its most expensive purchase was on February 9, 2022 when it was bought by user 0x9c9113 for $7.7 million. This punk’s current owner has placed it on sale at $9.59 million.
Conclusion
The global impact of blockchain on the future of trade is undeniable. Crypto art is still in its infancy, and if major players in the arts and fashion scenes begin to participate, it will undoubtedly explode. The value of NFTs, even at this stage proves that it is an industry that is worth keeping an eye on.
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