The blockchain industry has been growing ever since the emergence of Non-Fungible Tokens (NFT). Many people are willing to spend large sums of money up to millions of dollars to own a video, a digital painting, or a virtual real estate in the form of NFT. So, which is the most expensive NFT in the world today? Let’s find out the Top 10 Most Expensive NFTs that CoinMinutes has compiled below!
How Do NFTs Get Value?
In the simplest terms, NFTs gain value whenever someone is willing to pay more money than the previous owner to buy them.
NFT paintings have great collectible value. Each work is unique and cannot be copied or replaced. Therefore, the more unique the works are, the higher the price they will be able to sell for.
Additionally, investors make money through NFTs by buying and selling works. Following the market wave and buyer demand, the value of many works has been pushed up many times higher than their original price.
When sold, works in the form of NFT do not need to go through a third party (such as an auction floor, or gallery…). This will help artists save a significant portion of their profits, and each time the work changes hands to a new owner, they will receive royalties.
Top 10 Most Expensive NFTs
1. The Merge
Topping the list of the top 10 most expensive NFTs today is The Merge – a digital painting created by an anonymous artist named Pak. The Merge was sold on December 6, 2021, for 91.8 million USD on the Nifty Gateway market.
The work was then divided into 312,686 pieces and distributed among 28,983 buyers, as The Merge is essentially made up of a collection of “blocks” that can be purchased individually. These pieces can be stored in larger blocks and sold on the market.
The Merge consists of 3 large white blocks with a black background that looks quite similar to the moon. The more investors buy it back, the larger its volume will be. Besides, The Merge’s shards have an inbuilt scarcity mechanism, ensuring that its token supply dwindles over time. Each “The Merge” token transferred will be merged with the recipient address’s token, resulting in more volume value. That’s why at the end of the trading session, customers spent a total of 91.8 million USD on The Merge and turned it into the most expensive NFT in history.
2. The First 5000 Days
The First 5000 Days is an expensive NFT by artist Michael Winkelmann, also nicknamed Beeple, offered for sale at Christie’s auction house with a starting price of only 100 USD.
However, higher prices were quickly raised by crypto enthusiasts. Beeple is famous in the digital art community with many works worth hundreds of thousands of dollars. Therefore, “The First 5000 Days” only took a few hours to surpass the 1 million USD mark and reach the target of 69 million USD on February 21, 2021.
This is considered an important work for the NFT community because it is a precursor work that paved the way for the public to discover NFTs.
The Clock is one of the world’s most expensive NFTs sold, and it has a somewhat eccentric story. This is a creation of PAK to raise funds for Julian Assange’s defense after his controversial 2019 detention.
Assange remains in prison for spying for the US government, primarily through the WikiLeaks website he started. The piece is essentially a clock showing the days since Assange’s imprisonment.
The Clock NFT was sold for $52.7 million in February 2022 to AssangeDAO – a decentralized autonomous organization created to manage the sale. In addition to designing the Clock, the creators also allowed anyone to develop a series of NFTs with censored messages for free.
4. HUMAN ONE
The next name in the list of the top 10 most expensive NFTs in the world today is called HUMAN ONE. This is a 3D moving sculpture with 4 screens by Beeple. It shows a video of an astronaut exploring locations at different infinite times. HUMAN ONE NFT has chosen to determine the artistic psychology of the creator outside the digital space.
This 3D sculpture once cost up to $25 million at Christie’s auction in November 2021, but when fees are added, its value is $28.9 million. In the end, crypto billionaire Ryan Zurrer was the winner with a bid of over $29.9 million on December 9 of the same year.
5. CryptoPunk #5822
CryptoPunk #5822 is the most expensive CryptoPunk NFT ever sold. CryptoPunks are 10,000 Ethereum avatars created in 2017 by Larva Labs.
CryptoPunk #5822 was purchased by Deepak Thapliyal, CEO of Chain (XCN) for 23.7 million USD in February 2022. It fetched a high amount of money because it was part of the rarest version of the series – only 9 out of 10,000 punks exist. Besides, the work is among 333 punks with Bandanas.
6. CryptoPunk #7523
CryptoPunk #7523, also known as the “Covid Alien” of CryptoPunk NFT, was purchased for $11.75 million at Sotheby’s auction house in London in June 2021, making it the most expensive piece in the CryptoPunk collection.
7. TPunk #3442
TPunk #3442 is one of the most expensive NFTs on the Tron network, having been purchased by Tron co-founder, Justin Sun for $10.5 million.
Looking at it objectively, it doesn’t seem like this TPunk is worth that much, but Justin Sun’s status has contributed to its high valuation.
8. CryptoPunk #4156
CryptoPunk #4156 is the next name in the world’s most expensive CryptoPunk NFT line. It is on sale and is one of the most recognizable CryptoPunks in the NFTverse.
CryptoPunk #4156 was sold on December 21, 2021, for $10.26 million after some disputes with the creator over commercialization rights. The original owner of CryptoPunk #4156 bought it for $1.25 million and just 9 months later made a 10x profit.
9. CryptoPunk #5577
CryptoPunk #5577 proved that the NFT madness doesn’t stop in 2021. In February 2022, the piece sold for $7.7 million. Notably, the work was purchased with leverage. It features a cowboy hat and was acquired by Robert Leshner, founder of Compound Finance.
10. CryptoPunk #3100
From the list above, it can be seen that NFT collectors and art lovers love the CryptoPunks line of works. CryptoPunk #3100 is the last name in the list of the top 10 most expensive NFTs in the world today, sold for 7.6 million USD on March 11, 2021.
The piece features a distinctive Alien avatar with a white and blue headband. Only 450 out of 10,000 punks had headbands, which is probably why this piece is so highly regarded.
Above are the top 10 most expensive NFTs in the world ever sold to date that CoinMinutes compiled. Although they are only digital assets, these NFTs have a huge price that surprises many people. Hopefully, the above article will bring interesting information to you.