You may be wondering what’s so good about buying NFTs. Why are people paying thousands and even millions of dollars for them?
Fair question. Why would anyone part with their hard-earned income for a Bored Ape picture you could watch on a computer screen?
What are NFTs?
If you’re new to NFTs, know that NFTs are in reality pieces of code that can be found on a blockchain. Each code is unique and makes you the sole owner of that NFT.
NFTs are not always Bored Ape pictures or trading cards representing Donald Trump as Superman or a race car hero. They can also be a piece of digital art, a Gif, a song, a membership to a business community, a membership to a gaming site, digital real estate and so on.
To better understand NFTs, think of them as the opposite of cryptocurrencies. Cryptos are fungible tokens, meaning they are exchangeable. When you buy crypto, someone else out there can buy the same cryptocurrency, thus, making this cryptocurrency exchangeable. (fungible)
However, when you purchase an NFT, no one else can acquire the same NFT to sell it or keep it in their collection. Your NFT is then unique, and non-exchangeable, making you the sole owner of it.
Why are NFTs popular?
I believe it is because buying NFTs means you own a piece of data, a song or a digital photograph forever. It is in your possession until you die and that makes owning NFTs something very special.
Buying NFTs can give you the feeling of acquiring something rare and unique, which, in turn, can make you feel rare and unique. For this reason, NFTs are priced highly and people will go to great lengths to have them in their possession.
The most expensive NFTs you can buy
Below are the most expensive (and unique) NFTs ever sold. Even if the pieces mentioned have already been purchased, you can still buy NFTs by checking the artists’ websites.
1. The Merge
The Merge is a beautiful piece of NFT art created by the artist Pak.
You cannot buy this NFT anymore. It was sold already to a collector for $91.8 million in December 2021.
2. The first 5000 days
The first 5000 days is a digital collage of pictures representing the life and personal thoughts of artist Beeple. He created a digital image for each day since May 2007. The magnum opus was sold to Vignesh Sundaresan for $69.3 million through Christie’s auction house.
The ‘clock’ is a digital clock curated as part of Pak and Assange’s Censored collection. It represents the total time that Julian Assange (the creator of WikiLeaks) has spent in prison. It was sold for $52.7 million to Assange Dao, an organisation that fights for the freedom of the imprisoned journalist.
Julian Assange was convicted and imprisoned for hacking in 1996.
4. Human One
This NFT is a sculpture/digital art made by the famous Beeple. It is I believe the most beautiful of all NFTs on the list. ‘Human One’ was sold for $29 million and it depicts an astronaut walking through different environments in a glass box. Beeple calls this piece a ‘kinetic video sculpture’ due to its 3D features.
Fans of Beeple might find this piece endearing since there are several other NFTs hidden in the video.
The video paired with the physical representation of it makes Beeple the most ingenious and expensive digital artist. Beeple said he will continue to add to this piece so that it evolves in meaning.
Well, in comparison with a painting or photograph that stays the same on your wall or in a gallery, ‘Human One’ has the quality of changing and evolving. That is, in my opinion why this NFT is so unique.
Buying NFTs is an exciting process, especially if you’re into owning pieces of data or art that are one of a kind. Knowing that no one else will have your NFT makes purchasing NFTs a desirable (and fun) experience.
Marlena is a freelance writer and technology enthusiast with an interest in business, health, and cryptocurrencies. She has written for Thrive Global, Life Hack and Medium. You can say ‘Hi’ to her on Twitter @MarlenaEeva.