Since the first non-fungible token (NFT) was minted in 2014, the blockchain industry has increased in popularity. Some of the most expensive NFTs ever sold were sold as high as $69 million. Now, we have projects like CryptoKitties, Bored Ape Yacht Club, and CryptoPunks which have made major contributions to the NFT ecosystem.
Since people are consistently delving into the NFT market to learn how the whole stuff works, the NFT industry is still gaining more traction. According to banklesstimes, the total number of NFT sales in the first quarter of 2022 experienced a 46.96% decline from the fourth quarter of 2021 when 14,040,708 NFTs were sold. However, total trade volume increased by 13.25% between these two periods.
But what is the future outlook of NFTs? When it comes to digital assets, one cannot give a specific response because, as technology evolves, people’s needs may vary. So, let’s look at some of the most expensive NFTs ever sold to give us an idea of how lucrative this industry could be.
What Are Non-Fungible Tokens (NFTs)?
NFTs are digital tokens that represent a unique asset kept on the blockchain network, such as a work of art, digital property, or media. NFTs function more like irreversible digital certificates of ownership and authenticity for a certain object, such as songs, photos, collectibles, GIFs, or Memes.
They provide secure proof of ownership over a digital object to buyers, protecting the value of the assets while also making replication difficult. Similarly, NFTs can be programmed to allow the original creator to earn incentives each time the token is traded, often for 2.5% to 10% of the purchase price. So you can sell your item while still collecting rewards on each sale. Now that you have an overview of what NFT is all about let’s delve into the most expensive NFTs ever sold.
READ ALSO: How To Buy An NFT
Top 10 Most Expensive NFTs Ever Sold 2022
The following are the most expensive NFTs ever sold.
#1. Metarift: $904.41K
The first on our list of the most expensive NFTs ever sold is Metarift, which was sold for a whopping $904.41K. Metarift has some spherical objects that rotate in different directions, crowded together and is hosted on the Ethereum blockchain.
The creator goes by the name Pak, however, it is unclear who he is. Pak has produced around 1,700 pieces of art over the past 2 decades and is well known for having strong expertise in the digital world.
Additionally, Elon Musk, the founder of Tesla and one of the biggest names in cryptocurrency, has also expressed interest in Pak’s work and referred to him as his favorite crypto artist. In addition, Pak is recognized as the founder and design director of the Undream studio. Pak is also the creator of the AI system called Archillect, whose job is to locate and disseminate energizing visual content on social media.
#2. Not Forgotten, But Gone: $1 Million
Imagine buying a rotating gummy bear video clip for millions of dollars! This is exactly what happened with Nifty Gateway NFT sales. This piece was produced by WhIsBe, however it is currently held by Pablo.The creator uses gummy bears in a variety of inventive ways. More specifically, this video is actually a 16-second animation called “Not Forgotten, But Gone” that features a rotating golden gummy bear skeleton. It was sold for a staggering $1 million.
#3. Axie Infinity Genesis Land: $1.5 Million
Since the introduction of Web3, virtual lands are gradually becoming more popular and expensive than physical homes. Today, this Axie Infinity is taking the metaverse and virtual land into a new level.
Axie Infinity Genesis Land, one of the rarest metaverse related lands in the Axie Infinity Play-to-Earn game was sold for $1.5 million making it one of the most expensive NFTs in 2022.
Axie Infinity was created by Sky Mavis, a blockchain firm, and is one of the most popular play-to-earn games available right now. Also, Axie Infinity allows users to acquire, breed, nurture, combat, and trade token-based creatures known as Axies, to earn the Smooth Love Potion (SLP) cryptocurrency.
#4. CryptoPunk #4156: $1.25 Million
Next on our list of the most expensive NFTs ever sold is CryptoPunk #4156. This Punk is one of the 24 apes contained in the punk collection, making it one of the rarest characters. CryptoPunks debuted in mid-2017 as a fixed collection of 10,000 objects and became one of the inspirations for the ERC-721 standard. Because of its blue bandana attachments, this NFT became so well-known that it was auctioned off for $1.25 million.
#5. CryptoPunk #6965: $1.54 Million
Another punk is on our list of the most expensive NFTs ever sold. Every CryptoPunk has special qualities and characteristics of its own. CryptoPunk #6965 is therefore one of the 24 ape species with a Fedora included as an extra. As a result, it was sold at $1.54 million.
#6. The First Tweet: $2.9 Million
You might not have believed it if someone had told you that even a single tweet might be minted into a digital asset and sold for a profit. Crazy right? Oftentimes, influence is frequently one of the factors that propel the value of digital assets like cryptocurrencies and NFT. After launching Twitter in 2006, CEO and creator Jack Dorsey sent out the first tweet. “Just setting up my twttr,” the tweet said. He then sold this tweet as an NFT for a cool $2.9 million.
#7. Crossroads: $6.6 Million
Crossroad is a political game that was created in response to the 2020 election. This piece of art broke a financial record in the NFT industry since it was created as a token whose value will change based on the outcome of the political event.
Consequently, the artist created two versions of it—one for a Trump victory and another for a Trump defeat. If Biden wins, Trump’s NFT will be defaced, and humiliated. It eventually sold for $6.6 million, making it one of the most expensive NFTs ever sold.
#8. CryptoPunk #7523: $11.75 million
CryptoPunk #7523 is a very remarkable NFT because it features a highly sought-after Alien type with blue-green skin, as well as a COVID-19 pandemic homage supplied via the medical mask feature.
This homage is one of the primary reasons Israeli entrepreneur Shalom Meckenzie, the largest shareholder of DraftKings, paid an amazing $11.8 million for it at Sotheby’s ‘Natively virtual’ auction via Decentraland. Also, CryptoPunk #7523 offers additional unique accessories like crocheted hats and earrings.
#9. CryptoPunk #5822: $23 Million
A CryptoPunk #5822 set the record of the most expensive punk NFTs ever sold. The collection which is more than three years old has been less valuable for the longest time but with the rise of NFT popularity, they have become one of the most valuable collections in the NFT space. The CEO of Chain, Deepak Thapliyal, purchased CryptoPunk #5822 in February 2022 at a whopping $23 million. Moreover, #5822 is one of just 333 punks who wear a bandana.
#10. Everydays: the First 5000 Days: $69.3 million
The First 5000 Days is also one of the most expensive NFTs ever sold. It was created by Michael Winkelmann, a digital artist better known as Beeple. The sculpture was sold at Christie’s, with traditional buyers placing the first bid of around $100, followed by larger offers from cryptocurrency speculators.
Because Beeple was famous among crypto users with significant sales like Crossroads, it just took a few hours for the NFT to reach $1 million. It was eventually sold for a whopping $69.3 million!
FAQs About Most Expensive NFTs Ever Sold
Why are people buying NFT?
NFTs allow collectors and artists to earn money by selling and buying or even exchanging NFTs for profit, similar to crypto investment. Additionally, NFTs as digital assets include lower maintenance costs and improved asset security. Finally, you can still earn a royalty bonus even after selling your artwork.
How do I convert NFT to cash?
To convert an NFT to cash, simply transfer the NFT to the marketplace where you want to sell it. There you will find the option of selling. You can then proceed to market sell and convert your Ethereum to your desired currency.
What are some examples of non-fungible tokens?
The following are some examples of non-fungible tokens.
- Beeple’s “Everydays: The First 5000 Days.”
- Jack Dorsey’s first-ever tweet.
Since its inception, NFT sales have been a hot topic, and some of the more well-known pieces of art like CryptoPunk, Everydays and Crossroad has raked in millions of dollars. Consequently, the creators, utility, marketers, community, supply, and demand are typically major determinants of an NFT’s worth.
While there are numerous instances of NFT initiatives that have been successful, there are also hundreds of projects that have failed to start or reach new heights. So, before you invest in any project ensure that you conduct your research.