NFTs are the talk of the digital world at the moment. Digital art has been growing in popularity this year, which is all down to NFTs. Non-fungible tokens are digital assets that are stored on a blockchain. It is impossible to duplicate an NFT, which makes each one unique.
The original idea was to make tokens of digital collections and artwork, but as NFTs became even more popular, several video clips, music files, and in-game assets became available.
There are many NFT exchanges where users can buy and sell NFTs, such as OpenSea, Binance NFT Marketplace, and Rarible. Some NFT creators give away their digital assets for free to try to hype up their collection, while others sell their NFTs for large amounts of cash.
If you are looking to invest in an NFT, check out the NFT Club for more information. Many are shocked at the amount of money some NFTs are being sold for, so let’s take a look at some of the most expensive NFTs that have been purchased.
CryptoPunks are a collection of NFTs that were created by Larva Labs, which is a company that is based in New York.
These NFTs look like pixelated computer game characters from the 1980s. There were only 10,000 CryptoPunks created. Some of the images are of males or females, while others are zombies, aliens, etc. However, out of the 10,000 created, only 9 CryptoPunks were aliens, like CryptoPunk #7804. Just like the traditional art world, the rarer the item, the more valuable it is.
If you want to invest in a CryptoPunk these days, you must have deep pockets, but this wasn’t always the case. When the collection was first released in 2017, people were claiming them for free for those who had an Ethereum wallet. Each Punk was claimed in a short amount of time, and now they are being sold for a fortune.
The First 5,000 Days
The biggest sale in the NFT world to date is the digital artwork collage called The First 5,000 Days. Well-known digital artist Mike Winkelmann created the piece. Winklemann goes by the name of Beeple in the NFT world and began working on the piece in mid-2007. He posted a piece from the collage every single day for thirteen years, which generated attention worldwide.
The piece was eventually sold for just over $69 million in an NFT auction house. A crypto billionaire known as MetaKovan was the man who purchased the work and later described Winklemann as the greatest artist of the digital generation.
He has also sold an NFT called Crossroad, which an anonymous buyer bought for more than $6 million. This was Winklemann’s first-ever NFT, which is an image of America’s former president, Donald J Trump, and it was created in such a way that the piece would change depending on the outcome of the election.
He also sold another piece to the CEO of TRON, a cryptocurrency, for $6 million. This piece was called Everdays, and many were delighted to see that the artist donated his entire profit to the Open Earth Foundation, which is an organization that is trying to fight climate change.
Since The First 5,000 Days sold, Winklemann has become very famous. He now has millions of people following his social media accounts, and leading clothing labels have asked him to work with them. So expect to see more work from Winklemann in the near future.
Jack Dorsey’s Tweet
When Jack Dorsey, co-founder of social media giants Twitter, typed the first-ever tweet in March 2006, he could never have imagined a sentence like “Just setting up my Twitter” would sell for $2.9 million a few years later, but that’s just what happened.
Even now, you can still access Jack Dorsey’s Twitter account and see the sentence for yourself as it is still publicly available. In addition, the person who purchased the tweet got a certificate, which was digitally signed and verified by the Twitter boss, and it also includes the metadata of the tweet.
Although the tweet isn’t part of a collection, Twitter is one of the most powerful social media platforms on the planet, and the Tweet is viewed as a historical part of the digital era. He turned the profits into Bitcoin and donated it all to charity.
Today, Dorsey is still very much involved with Twitter, along with a payment processor known as Square. Restaurants and bars all around the globe use Square to track payments, and it is one of PayPal’s biggest competitors.
Rick and Morty Collection
You don’t need to be a fine artist to make big bucks by creating NFTs. For example, Rick and Morty is an adult animated show created by Justin Roiland. Although many art lovers find the image difficult to digest, Rick and Morty have a huge cult following, which helped create a buzz around Justin Roiland’s artwork.
The images look like something a five-year-old would draw, but that didn’t stop investors from spending more than $2.3 million on the collection. Like Dorsey and Winklemann, the Rick and Morty creator donated a lot of the profits from the collection to a homeless charity based in LA.
The CryptoKitties blockchain game was a worldwide success. Each player was to collect different breeds of crypto kittens. Each cat had its own traits and unique appearance, which were created by complicated algorithms.
Collecting these cute cats was only one side to the game, as you were also able to breed each cat. When breeding the cats, you could make new features known as “cattributes.”
Cats have always been popular on the web, even since the early days. Cute videos of kittens and funny GIFs of cats helped promote the game. So very few people were surprised when a popular blockchain company known as Draper Labs created a cat theme game. However, they hardly expected it to be as successful as it was.
Since the success of CryptoKitties, Draper Labs have expanded, and they are involved in lots of different NFT projects these days.
For example, last year they started a partnership with the NBA and the NBA’s Player Association to sell video clips from famous basketball moments. The platform, known as NBA Top Shot, has been incredibly successful, and they have recently announced a similar partnership with the world’s most famous football organization, the NFL.
You can expect to see a lot more from the Canadian-based blockchain company in the upcoming years.
It might be tempting to invest in NFTs at the moment. At the end of the day, who wouldn’t want to make a million dollars from an image of a cute cat? But you must keep in mind that not all NFT creations turn out to be a success story.
NFT has been booming over the past year, but there was a decrease in sales during June of this year, which has got a lot of investors worried. Many believe that spending their hard-earned money on digital assets is extremely risky, but others are convinced that it will play a significant role in the digital future.
There are several secondary markets where you can buy and sell NFTs, so it might be worth your while visiting a few ones to see if there is anything that you would like.