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What are the most successful NFT projects and why?
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Anyone can create a non-fungible token. Most of such assets cost very little while others can become precious collectibles. From this overview, you’ll get to know about the most expensive NFT on the planet and a few others that cost millions of US dollars.
How Is The Price Of An NFT Decided?
If a virtual asset is linked to a real-world object, the value of the former depends on the measurable traits of the latter. Unfortunately, non-fungible tokens normally lack a connection to tangible items.
The key aspect that determines their price is scarcity. The fewer copies of a token exist, the more they cost.
When a fan purchases an NFT created by an artist whom they worship, they will be eager to pay more than buyers who don’t know the artist.
If an asset belonged to a celebrity in the past, this factor can drive up its price.
The ultimate price tag depends on the agreement between the parties involved in the deal.
List Of The Most Expensive NFTs
The Merge
This one was created by Pak who might be a single person or an art collective. They split their work into over 310,000 pieces and sold each as a single item. Nearly 29,000 individuals invested in these pieces and transferred to their creator a total of almost $92 million within 48 hours.
Over time, these small bits will be merging in their owners’ wallets. Their value will keep rising because of the growing scarcity. One day, they can become one large coin. A leaderboard reveals who owns the largest number of pieces. Top owners get special rewards.
Everydays: The First 5000 Days
It’s the most expensive NFT historically purchased by a single customer. It’s a brainchild of Beeple (real name Mike Winkelmann). 2.4 million users follow him on Instagram. He has collaborated with A-list brands like Louis Vuitton and Nike.
This piece of art is a collection of 5,000 images that this artist drew by hand or with the help of a computer at different stages of his career. This work contains photos too. Its new owner displayed it in an online gallery in the metaverse.
Clock
It’s another creation by Pak. Like The Merge, it boasts a unique concept. Over 10,000 individuals invested over $56 million in it. It’s a clock that counts the duration of Julian Assange’s imprisonment, the WikiLeaks founder. All the revenue has been spent on Julian’s defense.
HUMAN ONE
Like Everydays: The First 5000 Days, it was created by Beeple. Even though the item doesn’t belong to the artist, he can access it remotely to modify it. An astronaut is walking and the background around him evolves over time. One part of the piece exists in digital format while the second part is physical: it’s a transparent glass box with a changing image inside. Beeple came up with this exciting concept after gaining experience in making creative structures out of TV sets.
CryptoPunk #5822
The Crypto Punk series was a tremendous commercial success. Each item is unique. At the early stage of this project’s existence, any owner of an ETH wallet could mint such a non-fungible token. Today, there are over 10,000 units in total.
#5822 is the most expensive NFT art from this collection thanks to its multiple rare attributes. The buyer who paid the record-breaking price for it got it not from the creator but from another owner who remained anonymous. There have been many more bids but most of them were rejected.
CryptoPunk #7523
This one boasts extremely rare attributes and belongs to a rare category. It used to cost more than its #5822 counterpart until the latter was resold. #7523 has the potential of outperforming #5822 once again because several huge bids were made for the former. These bids were canceled before being accepted — but one day, a record-breaking deal might be finalized.
TPunk #3442
It’s the priciest non-fungible token on the Tron chain and it belongs to the founder of this network. The TPunk was the NFT debut for the Tron chain. These items visually resemble Crypto Punks, they look like pixelated figures.
CryptoPunk #4156
This piece changed owners several times. With each deal, its price kept on increasing. This one is not as rare as the two Crypto Punks that were described above. However, it looks more stunning from some collectors’ viewpoints and that’s why they invested in it.
CryptoPunk #5577
One more signature Crypto Punk ape is on our list. It entered this rating thanks to the DeFi protocol founder who paid a huge sum of money for it.
CryptoPunk #3100
This artwork changed hands numerously. Its value is determined by its rare attributes.
CryptoPunk #7804
Compared to other Punks, this boasts some of the rarest attributes across the series. The Figma CEO purchased it.
Beeple’s Crossroad
Beeple released this work anticipating the 2020 presidential election in the US. The contents and meaning of this piece of art could change depending on who would win, Biden or Trump. Judging by the historical facts, the figure on the ground is the latter candidate. The curious fact is that the new owner purchased this artwork before the election took place, so they could only try to guess the outcome. This non-fungible token exists as a single piece and not a part of a series. Consequently, it has the highest possible rarity.
CryptoKitties
It’s a mystery why this token, called Dragon, entered our rating. The most valuable tokens in the CryptoKitties game feature intricate designs. Dragon looks simplistic. Nevertheless, its price was $60,000 higher than that of the Founder Cat with more impressive looks and attributes. Early-generation Kitties cost more than later-generation counterparts and Dragon isn’t an early one.
Rumors have been circulating about the genuine significance of the deal. Some people believe it was an act of money laundering. Others think that the buyer and the vendor aimed to create hype around the game that generated few transactions and drive up the Kitties’ prices (they succeeded!).
Decentraland
In the Decentraland metaverse, people buy and sell plots of virtual land as non-fungible tokens. The Metaverse Group purposefully invests in land in different digital worlds. It spent a whopping $2.4 million on plots in Decentraland, located in an area that is dedicated to fashion. This land is ideal for virtual businesses that are related to producing and promoting clothes and accessories.
Axie Infinity
The above-mentioned Metaverse Group also purchased plots of land in Axie Infinity, worth $2.3 million in total.
Conclusion
The statistics from this overview can change at any moment. The market is highly volatile. New deals can take place unexpectedly. People who invest large sums in NFT can’t be sure whether the prices of their purchases will plummet, become sky-high or remain unchanged. The initial hype about this technology is over. Nevertheless, such assets will remain an integral component of the blockchain sector and will preserve a market value.
FAQ
What is the most expensive NFT?
At the moment of this article being written, it’s The Merge (nearly $92 million). This artwork consists of thousands of pieces that merge with each other over time. Nearly 29,000 individuals invested in them.
Why are NFTs so expensive?
Not all assets of this type are pricey. Many of them cost little or nothing. Only selected artworks feature a price tag of millions of US dollars. A token can be costly if it was minted by a renowned artist, is an element of a promoted series or used to belong to a celebrity. If it’s an element of a series, its price depends on the rarity of its attributes. Luck is a major factor that defined the value of a non-fungible asset.
Where Can I Buy NFTs?
On dedicated marketplaces, such as OpenSea, Mintable or Rareable. To finalize the deal, you’ll need to pay with cryptocurrencies. In this overview, we indicated the prices in USD only for our readers’ convenience.
Hopefully, this was an informative read and now you know enough about the most expensive NFT in the world!
