The 5 Most Expensive NFTs Today and Why They Are So Expensive

The 5 Most Expensive NFTs Today and Why They Are So Expensive

2021 will be remembered as a year in which crypto witnessed massive user adoption, largely due to a surge in non-fungible tokens (NFTs). NFT became popular, attracting millions of people around the world.

The 5 Most Expensive NFTs Today and Why They Are So Expensive

Today, despite the ups and downs, the NFT space continues to grow, with its entire market value currently calculated in billions of dollars.
Read on for this article, to know about the most expensive NFTs and why they sell for millions of dollars.

NFT Has Sold Millions Of Dollars

Blockchain is revolutionizing the digital environment by allowing almost anything to be tokenized and made into an NFT.

As JPEGs, crypto art collections, for example, have sold for millions of dollars. Some of the most expensive NFTs sold to date come from the collections of Bored Ape Yacht Club (BAYC) and CryptoPunks, two of the most successful brands in the NFT market.

Celebrities and influencers are also involved, with some even building their own projects, further increasing the value of NFT and the growth of the industry.
So which NFTs have sold for tens of millions of dollars, and what makes them so valuable to collectors?

5 Most Expensive NFTs

Let's take a look at the 5 best selling NFTs of the moment.

Merge - USD 92 million

Merged NFT is now the most expensive NFT ever sold to date. Pak, an unnamed digital artist, produces dynamic digital artworks.

On December 6, 2021, the artwork sold for USD 91.8 million. A merger is a single piece of art made up of a collection of 'masses' that the user can purchase. As fractionated parts, it consists of 312,686 parts and is given to 28,983 buyers. The merger brought in USD 91.8 million at the end of the auction, beating Beeple's The First 5000 Days as the most expensive NFT sold to date.

The First 5000 Days - USD 69 million

Everydays: The First 5000 Days held the record for the most expensive NFT sales for 10 months before the Merge went on sale in December 2021. Michael Winkelmann, known as Beeple, is the digital artist who created the artwork.

Beeple is a well-known digital artist on the crypto art scene, having sold his artwork Crossroads for six-figure prices. On February 21, 2021, the statue was auctioned at Christie's for USD 69 million. The traditional consumer initial offer for the artwork is USD 100.

Everydays: The First 5000 Days is an important piece in the NFT community as it is the forerunner of mainstream audiences exploring NFT. However, Metakovan, aka Metapurse founder and buyer of the artwork, wants others to download the artwork he bought for $69 million because he believes in free information (and paid millions for it).

Clock - USD 53 million

Pak and Julian Assange produce Clock NFT. This is an effective work of NFT art that serves as a clock and counts down how many days Assange, the founder of Wikileaks, has been imprisoned.

The artwork was designed to help raise money for Assange's legal defense. It was bought by AssangeDAO, a group of people who raised their funds to buy NFT to support Assange.

Human One - USD 29 million

Human One is another NFT artwork from Beeple that sold for almost USD 29 million. Ryan Zurrer purchased the artwork, which is a dynamic, life-giving sculpture of an astronaut exploring a changing environment.

Beeple called the artwork "the first portrait of a human born in the metaverse." In addition, the artist has promised to update the artwork throughout his life to ensure it is never static. This implies that, when sold to Zurrer, Beeple maintains remote access to the physical part of the artwork to allow changes.

CryptoPunk #5822 - USD 24 million

CryptoPunk #5822 is still the most expensive CryptoPunk character ever sold. Deepak Thapliyal, CEO of Chain, bought the character on February 12, 2022 for USD 23.7 million.

With a trading volume of over USD 9 billion, the CryptoPunk NFT series has been the most expensive since its inception. CryptoPunk character #5822 is a blue alien creature wearing a bandana, and it is reported that its original owner purchased the piece for less than 1 ETH (around USD 2,000 at the time of writing).

Why are the Best Selling NFTs So High Value?

NFT has changed and continues to change the way we think about art. While some NFTs are worthless, others, as this article demonstrates, have sold for millions of dollars, turning the NFT arts industry into a multibillion dollar sector poised to exceed the value of the traditional arts market.

But, why is the best-selling NFT worth so much?

For starters, well-known auction houses like Christie's have helped the NFT by providing a place for auction, thereby piquing public curiosity.
Furthermore, NFTs developed as part of mainstream collections such as BAYC or CryptoPunks have sold far more as they have managed to grow a loyal community of fans and collectors.

The best-selling NFT can also sell for millions of dollars because of its founder. An artist like Beeple, who has sold at least two of his works for more than USD 20 million, has raised the bar for this type of work.

As the popularity of NFTs increases and more people print them, it may only be a matter of time until we see the crypto art NFTs selling for over USD 100 million. However, only time will tell how high the ultimate price for NFT will be. In either case, the market has the ability to surprise us, and it's not always a pleasant surprise.