There is always hype in the media whenever an NFT is sold for an insanely high price. NFTs have become the talk of the town in recent years, especially after the pandemic. These different and unique digital assets link many industries, including gaming, VR, digital art, eSports, etc.
Digital arts, sports characters, and in-game space/land are saved as non-fungible tokens. Then, these stored NFTs are sold for exorbitant prices depending upon their value.
Dig Deeper Into NFTs
What is a non-fungible token? Non-fungible tokens, which are unique from each other, are not interchangeable and cannot be separated.
The gaming and esports industry is the most trending field of application for Non-fungible tokens, where gamers purchase unique weapons and other digital assets to enhance the gaming experience.
But monthly, we see more and more cases where projects from different industries implement NFT as a model.
NFTs: A Rising Trend
Non-fungible tokens became another massive trend within the world of blockchain. NFTs are indivisible and rare crypto goods available in scarcity. Initially, non-fungible tokens were built using ETH Blockchain following the ERC-721.
NFTs smart contracts include identifying information, which makes each NFT unique. Thus, there are not any two identical non-fungible tokens. For instance, within the case of banknotes, you'll exchange one banknote for an additional with an equivalent denomination. They need an equal value, so it makes no difference which one you possess.
Why Do People Invest in Buying NFTs?
Well, people buy non-fungible tokens for an equivalent reason as they buy physical art or antiques. Artists' passion, trends, and art-world validations are among the main factors driving collectors to get artworks.
Collecting digital items is almost like collecting physical items — they will be viewed as both a hobby and an investment.
Non-fungible tokens include unique characteristics and are usually tied to a selected asset. They will be wont to prove ownership of digital items like gaming skins and physical assets.
Non-fungible tokens can represent anything — from virtual land to artwork and insurance policies. However, you can't trade non-fungible tokens on regular crypto exchanges. Instead, there are unique NFT art marketplaces.
It is as simple as buying a physical art or an antique; people invest in buying NFTs. Aesthetics, artists, NFT creator's trends, and art-world validations are among the main factors that drive collectors to get non-fungible token artworks.
Collecting digital items is almost like collecting physical items — it can be a hobby or an investment.
Each non-fungible token possesses unique attributes and is usually tied to a selected asset.
Top Most Expensive NFTs, So Far
Digital collection from Beeple — $3.5 million
CGI artist Mike Winkelmann, known within the community as Beeple, made the most critical non-fungible token sales in history. Beeple announced in a Twitter post about the sale of 21 of its works. Nifty Gateway hosted the auction of the Beeple digital collection. The initial ten auctions were sold for over $900,000.
After the sale, the artist tweeted a video during which his friends celebrated Beeple's success with a victory champagne shower.
Rick and Morty Virtual Images — $2.3 million
The creator of the popular animated series "Rick and Morty," is Justin Roiland. He also managed to sell artworks within the sort of NFTs at an exorbitant price. He sold his collection of 16 artworks and sold for 1,300 ETH, around $2.3 million.
Land on Axie Infinity — $1.5 million
A land including nine plots of a popular blockchain game Axie Infinity was sold as one NFT deal. The user who made the acquisition paid 888.5 ETH, or $1.5 million, at the time.
Axie Infinity enables users to create a kingdom with fantastic characters living in it. The planet where users can buy virtual land is named Lunacia and features a limited number of places.
Collectible character on CryptoPunks — $762,000
IN JANUARY, an NFT representing a personality on the CryptoPunks game was sold for 605 ETH, or $762,000. The planet of CryptoPunks is inspired by the crypto artistic movement and consists of over 10,000 unique digital characters.
Dragon from CryptoKitties — 600 ETH
The next costliest NFT in the NFT ecosystem is Dragon from the famous blockchain game CryptoKitties. It was a cute digital cat and sold for 600 ETH, or $200,000, at the time. Today, an equivalent amount of tokens costs around 1,000,000 dollars.
CryptoKitties is one of the earliest adopters of blockchain technology for entertainment purposes. It was developed by Axiom Zen studio. Each virtual cat is exclusive and can't be replicated or transferred without the owner's consent.
An F1 Delta Time track — $200,000
The NFT was not a car but a part of a racing track. In December 2020, a track piece on F1 Delta Time valued at over nine million REVV tokens, or $200,000, at the time.
Wrapping Up!
Looking at how briskly non-fungible token markets are growing and what prices non-fungible tokens are sold, we will assume this may be another massive trend after DeFi. A crucial feature of NFTs is that each has its own unique and one-of-a-kind feature. Non-fungible tokens are still a distinct segment market but have already found many applications.