For millennials and pre-millennials, the concept of non-fungible tokens (NFT) is still a mystery.
The NFT technology allows the holder of a digital item to establish ownership over it.
Most of the value of an NFT is derived from its collectibility.
If humans didn’t tend to own unique things, there would have been no NFTs.
Though it appears to be a pastime fantasy of young people who spend too much time online, it is not exactly new.
We always had this habit of paying exorbitant sums for things that seemingly have very little practical use.
Monalisa, Da Vinci’s magnum opus, is estimated to be worth a billion US dollars. Only that, now things have gone digital.
NFTs create a digital certificate of ownership of an item that can be bought and sold.
They can also contain smart contracts that give the artist a part of any future sale of the token.
With all the basics out of the way, let’s look at the 10 NFTs that were sold for a fortune. Get ready to drop your jaw.
Everyday: The First 5000 Days” is a unique piece of digital art created by the artist Beeple, whose real name is Mike Winkelmann.
This artwork is a collage of images that Beeple created and posted online every day for over 13 years, starting from May 1, 2007.
The artwork is a large, square image file with a resolution of 21,069 by 21,069 pixels.
It represents a journey through the evolution of Beeple’s work, showcasing his development as an artist.
The images in the collage range from relatively simple sketches to highly elaborate and detailed 3D graphics.
The artwork was minted as a non-fungible token (NFT) on the Ethereum blockchain, which verifies its authenticity and ownership.
In March 2021, it was auctioned by Christie’s and sold for $69.3 million, making it the most expensive NFT ever sold at the time.
1. Everyday: The First 5000 Days
Value: $69.3 million
Considered a landmark piece in the world of digital art and NFTs, Everyday: The First 5000 Days symbolizes the potential of blockchain technology to create a new market for digital art.
The NFT is a unique piece of digital art, a collage of images the artist known by the pseudonym Beeple created and posted online every day for over 13 years, starting from May 1, 2007.
The real name of the artist is Mike Winkelmann. The artwork sparked the beginning of mainstream conversations about the value and ownership of NFTs.
2. Clock
Value: $52.7 million
This NFT is essentially a digital clock that tracks the number of days that Julian Assange, the founder of WikiLeaks, has been imprisoned.
Created by the artist Pak, the sale of the artwork served the purpose of raising funds for Assange’s legal defense.
The work demonstrated how NFTs can be used not just as a medium for artistic expression, but as a tool of activism and fundraising.
3. Human One
Value: $28.9 million
Human One is another popular artwork by Beeple.
It is a kinetic video sculpture, which is a type of art that relies on the motion of the images for its effect.
Human One presents a traveler in an astronaut suit who treks toward an endless, evolving virtual landscape.
It is considered a metaphor for human progress and a bridge between digital and physical existence.
4. CryptoPunk 5822
Value: $23.7 million
CryptoPunk 5822 is one of the 10,000 unique collectible characters of its kind with proof of ownership.
The creators, software developers Matt Hall and John Watkinson, generated the characters algorithmically but each one is unique and can be officially owned by a single person on the Ethereum blockchain.
The Alien trait is represented by a green face, which differentiates it from the other characters in the CryptoPunks collection.
5. CryptoPunk 7523
Value: $11.75 million
Another valuable character in the CryptoPunk collection, this one is also one of the 9 Alien Punks. This makes the 7523 one of the rarest in the collection.
The distinct attributes of this pixel art profile picture include earrings, a knitted cap, and a medical mask.
6. TPunk 3442
Value: $10.5 million
This one is a pixel art character from the TPunk NFT collection. Also known as The ‘Joker’ TPunk, the token depicts the Joker from the Batman superhero universe.
Notably, the collection was built on top of the Tron blockchain and was bought by Tron’s founder Justin Sun.
7. CryptoPunk 4156
Value: $10.26 million
CryptoPunk 4156 is one of the ApePunks among the CryptoPunks. That means the NFT features the pixel artwork of an ape. Like other unique characters, ApePunks also had a larger audience.
8. CryptoPunk 5577
Value: $7.7 million
This one is another ApePunk token with a cowboy hat.
Like other NFTs in the CryptoPunk, collection, this one has proof of ownership.
9. CryptoPunk 3100
Value: $7.58 million
CryptoPunk 3100 is an alien punk with a headband.
Since only 9 alien punks were minted among the 10,000 CryptoPunks, they are considered rare and have gone for a premium compared to with the other tokens.
10. CryptoPunk 7804
Value: $7.57 million
This one is another valuable pixel art profile picture from the CryptoPunk universe.
Notable, the creators, software developers Matt Hall and John Watkinson, generated the characters algorithmically.
Conclusion
NFTs paved the way for a marketplace where artists and art collectors can directly transact.
It is also considered as another step forward in the digitalization of the human race.
Apart from artworks, NFTs are also used to tokenize in-game items in web3-based games which allow players to monetize their achievements.
Apart from these, NFTs have found applicability in decentralized finance (DeFi), Supply Chain Management, and licensing of Intellectual Property, to name a few. NFTs are here to stay.
