Summary

Non-fungible tokens (NFTs) are unique cryptocurrency assets commonly used to represent crypto art and digital collectibles . The rise of NFTs creates scarcity for digital items and creates tremendous value for creators and investors.  

In this article we will look at the most expensive NFTs sold to date, such as Beeple’s Everydays: The First 5000 Days ($69.3 million) and numerous CryptoPunks, they come out on top with their insane price tags.

Introduction

NFT is growing exponentially in 2021, with thousands of investors flocking to Digital art in various forms. Sales of some NFTs have even broken price records. What are NFTs and why do they have value?

What is a non-fungible token (NFT)?

Non-fungible tokens (NFTs) are tokens issued on the blockchain that represent unique assets, which can be documents, artwork, music or even real estate. NFT is irreplaceable because each NFT has a unique identifier and is a unique digital asset.  

Even if two NFTs look very similar, they are not interchangeable. Therefore, one Bitcoin can be equal to another Bitcoin, and the two can be traded, but NFTs cannot. This is why NFT technology is suitable for generating blockchain proof of authenticity and ownership. NFTs can be entire digital assets, such as earn-as-you-play game items and metaverse lands or tokenized versions of real-world assets.

What gives NFT value?

The value of NFT is determined by market supply and demand. When an NFT is created in the form of a real-life asset, it tends to be easier to evaluate. But most NFTs only exist in chains in the digital world.

Each NFT series has a different supply, and each NFT unit has a different rarity. But there are several other major factors that can determine the value of an NFT. For example, limited NFT collections with specific use cases tend to be more valuable. The founding team, artists, and community will also influence the demand for NFTs.

In other words, the value of NFT is related to the creator and its value in the game of earning while playing, or simply to the community and market sentiment. There are many successful cases of NFT projects, but there are even more failure cases. Before trading or investing in NFTs, make sure you do your research and do not invest money you cannot afford to lose.

The most expensive NFT to date

Let’s take a look at which ones have been sold as of May 2022 The most expensive NFT. Prices mentioned below are based on sales time.

1. "Everydays: The First 5000 Days" - US$69.3 million

"Everydays: The First" 5000 Days"is a digital artwork by American graphic designer Beeple (Mike Winkelmann). In February 2021, the NFT was sold for $69.3 million and was purchased by NFT investor Metakovan through Christie's auction house.

This NFT is a collage of Beeple’s 5,000 early artworks. Since 2007, Beeple has been uploading new pictures to Instagram every day for 13 years. Most of his "everydays" artworks are based on "post-apocalyptic" themes, usually related to current news or pop culture. This NFT collage can be seen as a representative work of Beeple's development as a digital artist.

2. "Clock" - US$52.7 million

"Clock"depicts a dynamic timer counting the days in jail for WikiLeaks founder Julian Assange. Assange was involved in a highly controversial case. He faces extradition from the United Kingdom to the United States on multiple espionage charges and has been imprisoned for up to 175 years.  

This NFT was curated by digital artists Pak and Assange himself to support their legal expenses. In February 2022, it was auctioned for 16,953 Ethereum by AssangegDAO, a decentralized organization (DAO) that aimed to crowdfund the purchase of this NFT. In addition to the ether used to purchase "Clock", AssangeDAO still holds the 17,422 ether originally raised to purchase the NFT.  

Pak and Assange not only planned "Clock", but also allowed anyone to create their own NFT. They can tokenize censorship messages, charge any price for it, or make it free. The information will change to an image, appearing as underlined words, as if it were being reviewed. Proceeds from this NFT collection will go to pro-freedom organizations of Assange and Pak’s choice.  

3. "HUMAN ONE"—USD 28.9 million

Beeple’s other record-breaking NFT, HUMAN ONE, is the first real-life artwork it has created. It was sold at Christie's in November 2021 for $28.9 million.  

"HUMAN ONE" is a 3D mobile sculpture with 4 digital screens. It displays countless video images of an astronaut traveling through various regions at different times of the day. This hybrid artwork reflects Beeple’s artistic ambitions beyond the digital realm.  

4. CryptoPunk #5822—$23.7 million

One of the first high-profile NFT projects, these pixelated CryptoPunks continue to rank among the most expensive NFTs to date. In February 2022, the CEO of a blockchain technology startup purchased CryptoPunk #5822 for 8,000 Ethereum. It comes from the rarest Alien version - there are only 9 in the entire NFT series. What makes it special is that it is also one of the 333 aliens wearing hoods.  

5. CryptoPunk #7523—$11.75 million

The most valuable NFT introduced next also comes from the CryptoPunk family. Prior to the sale of #5822, #7523 was the most expensive CryptoPunk to date.  

During the COVID-19 pandemic in June 2021, CryptoPunk #7523 was sold at Sotheby’s for $11.75 million. This particular CryptoPunk is not only an extremely rare alien version, but it is also the only alien wearing a mask, which is why it is so popular among buyers.  

6. TPunk #3442—$10.5 million

Some consider TPunks to be Tron’s version of CryptoPunks, with the familiar pixelated faces as well as different rare properties. The rarest of them all is ClownfaceTPunk #3442. In August 2021, it was purchased by Tron’s CEO Justin Sun for 120 million TRX. This is the most expensive NFT ever sold on the Tron blockchain. However, Sun did not retain TPunk. He donated it to APENFT immediately after purchasing it.  

7. CryptoPunk #4156—$10.26 million

Yes, this is another CryptoPunk and one of the most expensive NFTs. CryptoPunk #4156 is an ape wearing a blue hood. Its previous owner was a person with the pseudonym "Punk 4156". In February 2021, he bought this NFT for US$1.25 million. However, in December of the same year, he sold the NFT for $10.26 million.

8. CryptoPunk #5577—$7.7M

There is another in #8 An ape-like version of CryptoPunk, this time wearing a cowboy hat. CryptoPunk #5577 was sold for 2,501 Ethereum in February 2022. Although not confirmed, many believe the buyer is Robert Leshne, CEO of Compound Finance, who tweeted "Yeehaw" after the NFT was sold.

9. CryptoPunk #3100—$7.58 million

in 2021 In March 2019, CryptoPunk #3100 was sold for $7.58 million and was one of nine rare alien punks that also wore a hood. In May 2022, this punk was listed for 35,000 Ethereum. If it sells successfully, it will be the most expensive NFT in CryptoPunks’ history.

10. CryptoPunk #7804—$7.57 million

CryptoPunk #7804 is the sixth CryptoPunk on the list. It's a pipe-smoking alien wearing a cool hat and sunglasses. #7804 is owned by the CEO of designer software company Figma, who proudly calls it the "digital Mona Lisa." In March 2021, this NFT was sold for $7.57 million.

Where to buy NFT?

You can get your first NFT in major NFT markets. Depending on the blockchain network, you will need a compatible wallet and supported cryptocurrencies in order to make purchases. For example, NFT prices in the BNB Smart Chain (BSC) are almost always in Binance Coin or BUSD, while in the Ethereum blockchain they are usually in Ethereum (ETH).  

You can buy the cryptocurrencies you need on the Binance exchange and transfer them to a wallet that can connect to the NFT marketplace.

If you buy NFT in the Binance NFT market, you only need to transfer the funds to the fund wallet. Select the NFT you want and click [Buy Now] or [Quote]. For more information, please view the NFT Market Guide.

If you want to buy NFT in other markets, browser plug-in wallets such as Binance Chain wallet and MetaMask are good choices. After transferring your funds from Binance to your wallet, connect it to the NFT Market to get started. Don’t forget to check the URL you are visiting to make sure you are logged in to the official website. If you connect your wallet to a fake or suspicious website, your funds may be stolen.

Summary

There is no doubt that NFT is becoming more and more popular , and are constantly creating new high-price sales records. While most NFTs are simply collectible art, NFTs for a variety of use cases are increasingly being created. As NFTs mature, we can expect to see more utility and adoption beyond just digital collectibles, and perhaps even higher sales.