The Top 5 Expensive NFTs
We’ll look into what are NFTs, what are they used for, why are they the most expensive, and some examples of the most expensive NFTs to date!
NFT is short for Non Fungible Tokens which is a way to store digital data on a Blockchain. It is now being used as a form of digital interchange – to buy, and sell real-world items digitally. For example – If there is a painting then an NFT of that painting can be created. It will represent that same painting in digital form and can be sold digitally. If someone buys that ‘painting NFT’ then that painting will become theirs. It reduces any fraud, as NFTs are always unique.
What are the most expensive NFTs? (Updated May 2022)
· Cryptopunk: Sold for $532 million
· The Merge: sold for $91.8 million
· Beeple: Sold for $69 million
· Cryptopunk 7523: $11.75 million
· NFT of Horny Copia 721: $10 million
· Human One: Sold for $28.9 million
· Cryptopunk #3100: sold for $7.67 million
· Cryptopunk #7804: Sold for 7.57 million
Why are NFTs so expensive?
The price of NFTs also depends upon the willingness of buyers – most of the time they happily pay a hefty sum.
NFT’s can be linked with metaverse which is a virtual reality + augmented reality-based platform that impersonates real life. All the NFTs can be treated as avatars and own digital space in that virtual world. People send their avatars into that virtual space – (1) to buy, (2) sell, and (3) trade as usual, which makes it an enjoyable experience.
The price pushes up when investors know that they are buying an NFT only to sell it forward in some time. This bubble develops a ripple effect when everyone involved in the process forms a similar opinion and carries the trend.