The Non-fungible token market exploded with astounding, never-before-seen prices for digital artworks running into millions of dollars. Every NFT marketplace was full of low (and ultra-high) cost digital assets. It was such an exciting time, and compared to other digital assets, there was something more real and relatable. People were more inclined to invest in NFTs because they seemed easier to connect to, unlike the thousands of cryptocurrencies that are nothing but numbers.
Yes, the market flopped, but there’s chatter that NFTs are coming back. With that in mind, read on to learn about some of the most expensive NFTs ever sold and how much they sold for.
What are NFTs?
NFTs are tokens verified via blockchain that become a digital asset. Whereas cryptocurrencies like Bitcoin or Ethereum are fungible coins traded on a one-to-one basis, NFTs come in many shapes and sizes. These can represent digital ownership of art, music, or virtual real estate.
The NFT craze began in 2017, but 2021 was one of the most essential years for NFTs, with the total market cap reaching over $6 billion. The NFT market should increase over time, at least in the coming years, with forecasted earnings of $2.37 billion in 2024 and an annual growth rate of up to 9.10%.
Yes, $2.37 billion is lower than the NFTs peak, but there was a Wall Street-style financial crash, and the market is rebuilding itself. There’s potential for it to hit somewhere about $3.36 billion until the year 2028.
The Merge: $91.8 Million
Pak’s The Merge sold in December 2021. This masterpiece sold for, wait for it, a whopping $91.8 million! The merger was a series, not just one piece used for parts. The full value of all units would be reflected in the final price at which buyers could get tokens, each representing portions of a piece. This unique strategy, Kaleidoscope, raised the highest value of any NFT ever ($69.3 million) and broke the record for the largest art sale by a living artist in history. All that was for something people couldn’t even touch.
Everydays: The First 5000 Days—$69 million
Beeple’s Everydays: The First 5000 Days sold for $69.3 million at auction in Christie’s, New York. The one-thousand-by-one-thousand-pixel composite piece contains 5,000 original daily time-lapse honey bees created over thirteen years. It is beautiful.
Vignesh Sundaresan, aka Metakovan, was the lucky owner of this one-of-a-kind, now worth, sadly, a fraction of its value. This sale was a historic turning point for the art world and NFTs. Considering the amount of art, creativity, and vision that went into creating Everydays, it is a testament to Beeple’s commitment to his craft, holding significance more than just as an NFT but as a digital artwork.
The sale illustrated the much-publicized breakthrough of digital art in reaching stratospheric price points usually reserved only for physical artworks.
Human One: $28.9 million
Human One is also another massive sale from Beeple; it sold for $28.9 million at Christie’s in November 2021.
Human One transcends traditional NFTs as a dynamic, hybrid digital and physical artwork. It consists of a multi-spectrum video with four movable screens in a body subject to change over time. Beeple agreed to update the artwork over time, rendering Human One a one-of-a-kind and living work of art.
This mix of digital and physical art underscores the creative potential of NFTs, creating new forms of fine arts experimentation.
CryptoPunk #5822: $23.7 million
CryptoPunks used to be one of the first and most legendary editions of NFTs. 10,000 unique little 24×24 characters grew quickly in popularity since their release from Larva Labs.
A nine-eyed alien punk, CryptoPunk #5822, sold for $23.7 million in February 2022. This rarity combined with added features, such as its blue bandana, made it worth so much. The buyer was Chain CEO Deepak Thapliyal. The historical context plus the unique look are probably why CryptoPunks have become a mainstay on the NFT marketplace. They’re definitely one of the most famous, if not the most famous NFT collection. The sale of #5822 for an extraordinary sum is a stark reminder that the world’s first popular digital collectibles will forever hold a special place in history.
CryptoPunk #3100: $16.97 million
CryptoPunk #3100 didn’t sell until March 2024, costing, at the time, 4,500 Ether ($16.9 million+ USD).
The sale of CryptoPunk #3100 highlighted the continued demand and inherent value of one-of-a-kind NFTs from celebrated collections. These CryptoPunks being bought at record prices are a testament to their enduring importance in the NFT ecosystem as valuable assets as well as pieces of culture.
ANFTs evolve and develop further, there is a good chance that CryptoPunks will stay one of the most popular and expensive NFTs, with more of the CryptoPunk collection released.
Some eye-popping sales in the NFT market highlight how much of an impact digital assets can have on investments. People loved the creativity and the relatability of digital art. We’re surprised the market crashed as hard as it did, but we’re sure that 2024 and 2025 will be the year it makes a resurgence. What NFT would you consider buying and how much would you spend?
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