NFTs (Non-Fungible Tokens) are a new type of digital asset that allows users to trade and own unique digital assets.
NFTs have been widely praised for their potential to create new opportunities for financial inclusion and the decentralization of economies.
However, NFTs have also been criticized for their high price tags and the need for more standardization within the market.
Some NFT collections like the Bored Ape Yacht Club and CryptoPunks has become of one of the most expensive NFT art you could buy, with artists like Beeple and Pak whose sales have attained the tens of millions of dollars.
Which ones are the most expensive NFT? Let’s take a look.
what makes an NFT expensive
An NFT is expensive because it takes a lot of time and effort to create, store, and transfer them. They are also more difficult to produce than traditional assets, which makes them attractive to investors and traders. Additionally, NFTs are not subject to the same regulations as traditional assets, meaning they can be more volatile and risky.
There are a few factors that contribute to the high cost of NFTs.
- One is that there is limited supply of these tokens, which makes them more valuable.
- Another factor is their inherent security features, which can add to their value.
5 most expensive NFTs ever sold
- The Merge – $91.8 million
The most expensive NFT ever sold was bought for an eye-watering $91.8 million in December of 2021.
The Merge was designed by the renowned digital artist Pak, whose artwork has been able to generate over $350 million and this one was purchased by 28983 people who put their money in to grab a total 31,220 shares (each of which is an NFT) worth nearly $92 million. It’s quite remarkable considering the initial price of each unit was $575. However, it was able to rise by $25 each six hours. In the end, The Merge has made Pak the most sought-after living artist of all time exceeding Jeff Koon’s painting from 1986 Rabbit that has sold for $91 million.
2. Everydays: The First 5000 Days – $69.3 million
Everydays The First 5000 Days is a digital work created by American graphic artist Mike Winkelmann, better known as Beeple. The NFT was auctioned off for $69.3 million on February 20, 2021. It was purchased from NFT investor Metakovan through an auction at Christie’s.
The NFT is a collage of Beeple’s earlier art pieces. In 2007 Beeple began uploading photos on his Instagram feed daily for 13 years. Beeple’s “everydays” artworks typically depict post-apocalyptic settings and typically contain some connection to popular news and pop culture. The NFT collage illustrates his growth as an artist using digital media.
3. Clock – $52.7 million
The third most expensive NFT ever sold differs from the others in this list due to being an NFT dedicated to an important social cause. The name is “Clock” This non-fungible token was a joint creation by Wikileaks co-founder Julian Assange along with Pak and represents a digital counter to the time Assange is in prison in London’s Belmarsh Prison, where he’s currently being detained in anticipation of extradition to the US for a variety of espionage cases. It was developed to raise money for Assange’s defense. It was auctioned off for the equivalent of $52.7 million on February 2022. The NFT was sold to AssangeDAO, a decentralized (DAO) organization with more than 10.000 Assange supporters, established to raise money for sale. The Clock NFT forms part of the larger NFT collection, called Censored, which contains more than 29,000 tokenized messages sent by the purchasers of the project. The collection is accessible on OpenSea. The money raised from this NFT series was donated to the freedom-minded organizations Assange and Pak selected, which included The Wau Holland Foundation, which helps defend Assange’s rights. This type of NFT initiative was auctioned off on the block before. In 2000, NSA whistleblower Edward Snowden raised $5.4 million by auctioning an NFT featuring his personal image constructed from the pages of the US appeals court’s ruling.
4. HUMAN ONE – $28.9 million
Another record-breaking NFT by Beeple Human ONE was the very first physical work that he created. It was sold in Christie’s at $28.9 million in the month of November 2021.
Human ONE is a 3-dimensional moving sculpture that has four screens. It plays an inexplicably long video of an astronaut traveling through different locations at various moments throughout the day. The work of art is a reflection of Beeple’s artistic visions that go beyond the digital world.
5. CryptoPunk #5822 – $23.7 million
There are some NFT collections that have gained an elitist status, and the CryptoPunks are definitely among the most well-known tokens that sell at record-breaking prices repeatedly over time. This project was launched in 2017 under the direction from Larva Labs, was inspired by the London punk scene and the cyberpunk movement and electronic music stars like Daft Punk. Topping on the top list of most costly CryptoPunks (and the fifth spot on our list of the most expensive NFTs) are CryptoPunk #5822. The NFT was sold for $23.7 million during February of 2022. And there’s a reason to believe that the reason is the price; CryptoPunk #5822 is part of the series’ most sought-after variant, which is why only nine exist among the 10,000 coins that are available.
Additionally the token is unique among 333 that has an embroidered bandana. The NFT was bought through Deepak Thapliyal, the CEO of Chain. Chain. Given how scarce it has become, it is reasonable to anticipate it to be one of the priciest NFTs available.