The NFT market activity has increased dramatically this year. As NFTs continue to grow in popularity, people are now seeing them as the latest investment trend in 2021.
Artists are now rejoicing as they’ve found a quicker way to monetize their works and get the recognition they deserve. And at the same time, fans and supporters have found a unique way to support and connect with their favorite artists. This unique connection and interaction between artists and supporters didn’t really exist before but has now rapidly revolutionized the arts world.
NFTs once again are units of data stored on the blockchain that represent unique ownership of any digital or physical assets. These non-fungible tokens act as a unique identifier of an asset on the blockchain. In order to sell NFTs, one must create them. The process of ‘creating’ NFT is called ‘minting’ and it is simply a process of authenticating an asset by issuing a token.
Artists are the ones who mint the NFTs and they are the original owners of the assets being minted. Through NFTs, artists are not only able to sell their art directly to their fanbase but it allows them to also receive royalties. Artists may have an option to receive a percentage of sales whenever their NFT is sold to a new buyer. This is a seemingly attractive feature and something that most artists would want because they don’t usually get anything, even a single penny, once their art is resold to another buyer in the traditional setting.
Once minted, artists can start selling their NFTs. Then the new owner will be able to see the previous owners of the NFT. Many NFT marketplaces pop up almost everyday as the hype around NFTs continues to rise and it’s very important to always do your research before putting your money in. There are plenty of trusted NFT marketplaces out there but it’s better to always double check before putting your money in.
Finally, we are now going to look at some of the most popular and expensive NFTs.
But first, let’s take a look at the ‘First Ever NFT’ that was sold.
Kevin McCoy minted the first non-fungible token on the Namecoin blockchain on May 2, 2014 and was sold for $1.4 million this year to a user known as Sillytuna.
https://platform.twitter.com/embed/Tweet.html?dnt=false&embedId=twitter-widget-0&features=e30%3D&frame=false&hideCard=false&hideThread=false&id=1403011184899629069&lang=en&origin=file%3A%2F%2F%2FC%3A%2FUsers%2FPC%2FDownloads%2Fposts%2Fposts%2F2021-08-07_What-NFTs-Are-Worth-Picking-On-The-NFT-Marketplace–885e9caca2c1.html&theme=light&widgetsVersion=aaf4084522e3a%3A1674595607486&width=550pxThe first NFT.
Next, let’s take a look at some of the most popular and most expensive NFTs as of the moment.
1. Beeple’s “EVERYDAYS: THE FIRST 5000 DAYS’: $69 million
Artist Mike Winklemann, popularly known as Beeple, made NFT history last March 2021 when his NFT called “Everydays: The First 5000 Days” got sold for over $69 million at Christie’s auction house.
2. CryptoPunk #3100: $7.58 million
CryptoPunk #3100 is one of the 9 Alien Punks and is the most expensive CryptoPunk so far. This NFT had come a long way and had started its journey from a $76 bid in 2017 to $7.58 million this year.
3. CryptoPunk #7804: $7.57 million
Another CryptoPunk made it into the list of the most expensive NFTs. This pipe-smoking alien is also one of the 9 Alien Punks by Larva Labs. Sold for only $10,000 less than the CryptoPunk #3100.
4. Beeple’s “Crossroads”: $6.6 million
This dystopian art piece by Beeple is one of his most popular NFTs and it centers around mocking public figures.
5. Jack Dorsey (and Twitter’s) first-ever tweet: $2.9 million
Jack Dorsey, the CEO of Twitter has auctioned his first tweet on the platform (2006) as an NFT and was sold for $2.9 million. All proceeds from the sale were donated to a charity.
6. CryptoPunk #6965: $1.6 million
We’re not done yet with entries from CryptoPunk as another CryptoPunk made it to the list once more. This is one of the Ape CryptoPunks and is more common than the Alien Punks.
7. Axie Infinity Virtual Game “Genesis” Estate: $1.5 million
This piece of virtual property from Axie Infinity, an NFT-based online video game was bought by a user named DANNY for around 888.25 ETH.
8. CryptoPunk #4156: $1.5 million
This is one of 24 Ape Punks that was sold last February for 550 ETH.
9. Forever Rose: $1 million
Back in 2018, this ‘Forever Rose’ NFT was considered to be the most expensive virtual artwork for $1 million on Valentine’s Day.
10. Metarift: $904,413
Known as the ‘Satoshi of Crypto Art’, the creator of this hypnotizing video still remains unknown. Metarift is a surreal video of 46.5 MB and features a group of spherical objects joined together by an infinity symbol moving against a black background.
Ultimately, purchasing NFTs is a personal choice. They’re an attractive alternative to the traditional art marketplace but it’s crucial that you understand that their value is based entirely on what someone is willing to pay for them.
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