NFTs played a significant role in the art market’s recovery last year, seeing increased sales and auction outcomes that set new records. As new platforms arose, conventional art, auction houses, and online platforms included NFTs in their rosters. According to the pricing list, this year’s most costly NFT works included numerous new pieces by CryptoPunks and Beeple released in 2021. One of the most significant events of the year was the sale of Beeple’s Everydays “The First 5000 Days”, which demonstrated that the market is ready for new work and is willing to make large purchases in the NFT space.
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While there are still skeptics mocked in certain NFTs, the market continues to develop, diversify, and become better structured. Some high-value names, such as Beeple and CryptoPunks, are already regarded as legendary, while “conventional” artists, such as the famed bad-boy of the art world Damien Hirst, who launched his NFT Collection, which included 10,000 pieces last year, are increasingly turning to NFTs. The following is a list of the most expensive NFTs from the previous year, along with information on their founders, history, and other relevant information.
Returning to the past for a moment, you can all recall the outcry produced by the disclosures of America’s most renowned whistleblower, Edward Snowden, who is now exiled in Russia. The United States Court of Appeals for the Ninth Circuit ruled that the widespread surveillance program he disclosed violated US law. A picture of Snowden’s face created from pages of the court ruling has now been transformed into a non-fungible token(NFT) dubbed Stay Free, which was auctioned for $5.4 million (2,224 Ethereum) in April 2021.
Money from the book’s sale will be donated to the Freedom of the Press Foundation, of which Snowden serves as president. “Emerging uses of cryptography may play a vital role in protecting human rights,” Snowden said in a statement released after the transaction was completed.
Ross Ulbricht Genesis Collection
The SuperRare platform organized an auction of the Ross Ulbricht Genesis Collection during Art Basel Miami in December 2021, hosted on the site. Ulbricht’s original writings, artworks, and animation are included in the collection, compiled into a single NFT using Kanon’s KSPEC protocol to protect their integrity. It was auctioned off for $5.93 million.
Ross Ulbricht, a former darknet market operator, handled the Silk Road marketplace’s development and operation. He was apprehended by the FBI in 2013 and sentenced to life in prison without the chance of parole. Several charges against him were found to be accurate, including conspiring to launder money, distributing narcotics over the internet, and hacking into computer systems.
Even while efforts to free Ulbricht to continue, he has chosen to put his abilities and ideas to good use by giving to different charity organizations and assisting other artists and prisoners via various charities.
A Coin for the Ferryman
SuperRare has sold a piece from the XCOPY collection minted in 2018. The item went for $6 million. The current owner of this NFT named A Coin for the Ferryman spent 1330 ETH for it, which is a significant increase over the 0.5 ETH that the previous owner paid for it. The painting is one of the early works created by the famous crypto artist XCOPY, widely regarded as a pioneer in the crypto art field. He creates unsettling and twisted visual loops that explore themes like death, indifference, and dystopia, while sarcastically referencing the present situation of the art market and social media.
When one of his NFTs was sold for $69 million last year, Mike Winkelmann, alias Beeple, became well-known as a graphic designer and NFT artist. According to the New York Times, one of his other works, Ocean Front, sold for an incredible $6 million in March, making him one of the most successful New-Found-Treasure (NFT) artists presently active on the market.
Ocean Front addresses the current climate change crisis via magnificent images, displaying a tree growing on top of a platform built of trailers, shipping containers, and other garbage. In addition to being part of Beeple’s Everyday series, the artwork is accompanied with the caption – Together, we can conquer this.
A decision was made to give the sale proceeds to The Open Earth Foundation, a non-profit organization that “develops new open digital infrastructure for improved management of planet Earth.”
Right-Click And Save As Guy
On the SuperRare marketplace in December 2021, a digital work by XCOPY was sold for several million dollars. Then Right-click and Save As Guy was sold to Snoop Dogg, or Cozomo de’ Medici as he is known in the digital world, for $6.57 million (or 1600 ETH). The NFT is intended for those who do not believe in digital art. As implied by the piece’s title: Right-click and Save As Guy, four and is often used as a sarcastic remark and a meme for individuals who believe that NFTs are worthless. Another one of XCOPY’s NFTs was previously purchased by Snoop Dogg for $4 million in September. This was not the musician’s first acquisition of NFT work, Snoop or Cozomo is deeply invested in the space.
Another work by Beeple is on the list of the most expensive NFTs for the year 2021. In February of last year, Nifty Gateway sold his Crossroads development for $6.6 million. The high sale foreshadowed what was to come just a few months later, with the biggest sale of an NFT ever recorded, which was another Beeple’s work named Everydays – The First 5000 Days, which became the top-selling NFT ever sold. Crossroads was made as a reaction to the 2020 presidential election and was released in two versions: one in which Donald Trump is depicted as triumphant and another in which he is shown to be defeated. Similar to previous NFTs, the piece has an encrypted video file and a digital signature.
CryptoPunks is one of the early instances of non-financial tokens (NFTs) on the Ethereum Blockchain, appearing in 2013. As consisting of 10,000 distinct characters, they were immediately claimed once they surfaced on the Blockchain and made available for free to everyone who had an Ethereum wallet, and if you wanted more afterward, you need to find a payment gateway with a Trustpilot that looks like this. They are currently exclusively available for purchase via the marketplace, and the total amount of purchases this far has reached an incredible 645,180 ETH, or $1.91 billion, an all-time high.
In December, the anonymous artist Pak sold 250,000 NFTs for a total of $91.8 million via Nifty Gateway, making it the site of yet another vast NFT transaction. The NFT, also known as The Merge, is more accurately characterized as an open project that comprises many tokens designed to merge with others in a collector’s wallet over time. The greater the mass amassed by a single owner, the greater the eventual mass amassed by that owner. The size of one’s ultimate NFT was considered while determining the extra mass granted to collectors. Throughout the initiative, 26,000 collectors purchased tickets. The person who collects the most tickets will be presented with another piece of art, Alpha Mass.
The Merge is a piece of art that defies conventional conceptions of what constitutes art. While it is offered as individual parts, it can come together to form a singular work of art, confounding the notions of both art and design.
Why Are NFTs Expensive?
To begin, NFTs are non-fungible, which implies that the individual completely owns the object. They authenticate the individuality and one-of-a-kind nature of a non-fungible item. Consider investing in a Picasso work of art. Multiple reproductions of his artwork are permitted, but only one original item is permitted. This is what adds value to the original artwork and makes it irreplaceable.
NFTs vary from cryptocurrencies in that they may be exchanged for valued goods, making them fungible in that sense. NFTs are not, which explains why they are such a powerful investment vehicle.
Additionally, usefulness, ownership history, underlying value, buyer perception, liquidity premium, and future worth contribute to NFTs as attractive assets. To keep those annoying costs down when you purchase your Ethereum, make sure you have a transparent gateway with no hidden fees or extra charges like Altalix.