Throughout 2020 and 2021, the world saw a substantial increase in the popularity rate of NFTs. As a result, more people have participated as investors or collectors in it to cash in on the latest blockchain trend.
Some of the amounts being offered for the sale of NFTs are very substantial, and it has caused an increase in popularity, with millions of dollars in art collections being sold as digital jpegs and various world’s biggest celebrities getting in on the action.
But which are the most expensive? Clancey Braxton Yohman discusses the subject in our interview.
Clancey Braxton Yohman specializes in NFTs, sales and marketing, and business development strategies. Here’s what he has to say about the topic.
Why are NFTs so expensive?
In this case, we have to remember the whole essence of NFTs. NFTs, by design, are one-of-a-kind and serve as a collector’s item that cannot be duplicated, making them rare and one-of-a-kind. These qualities will make NFTs bigger in the future.
Rarity makes them scarce, and when items are scarce, prices tend to rise. People assign value to NFTs because they are unique, as they are built on Coingraphic technology that prevents duplication.
What is the most expensive NFTs sale ever recorded?
“The Merge” is the biggest NFT sale ever recorded. The Merge is a digital art by an artist called Pak. Pak is another well-known figure in the NFT world because he develops other famous art pieces.
The artist’s true identity is currently unknown to the world, but that hasn’t stopped them from amassing a sizable following in the world of digital art.
Has any other digital art ever been sold for that much?
No. However, another digital art was sold for ($69 million) in 2021. This digital art called “The First 5000 days”, a massive compilation of artworks by Beeple, was auctioned off at the auction house Christie’s, In its first-ever digital art auction.
Since May 2007, Beeple has made artworks every day and hasn’t missed a single day.
Human One ($28.9 Million)
This is another NFT from Beeple. While it isn’t the artist’s most expensive work, it is undoubtedly his most unique.
This is a consideration all NFT artists should take a look into. People buy the story behind the art. Having a unique and compelling backstory for your art is a guaranteed way to generate more NFT sales as an artist.
Human One, unlike most NFTs, is a hybrid design that incorporates both physical and digital features. It’s a 16K-resolution sculpture constructed of polished aluminum, mahogany wood, and four video screens.
What’s the best part? Those screens will show a virtual avatar that will change over time. Beeple claims that he’ll keep updating the avatar as long as he lives, making any alterations he sees fit.
Are most of NFTs biggest sales all digital art?
Not all of the biggest NFT sales are digital art. This Changed Everything ($5.4 Million) is an example.
It is an NFT that was created as a way to memorialize the creation of the internet. The auction for This Changed Everything began in June 2021, with a starting bid of $1,000, and was sold for $5.4 million to an unknown bidder.
A digital poster of code created by Tim Berners-Lee (the father of the Internet), a letter written by him, and time-stamped documents spelling out the history of the Internet as we know it were also included with “This Changed Everything.”
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