In 2021, cryptocurrencies and blockchain technology witnessed massive growth, both in market capital and infrastructure development.
In the crypto community, one thing that caught the attention of everyone is the rise of non-fungible tokens (NFT). If you are confused about what NFT means, then we don’t worry we will break it down for you along with mentioning the top 10 NFTs that exist in 2022.
What does NFT stand for?
NFT is the short form of non-fungible token. It is a type of token that only exists in the virtual world. Even though it has no physical existence, it is a very powerful tool. NFT can neither be replaced nor interchanged because it has unique properties. The unique properties are given below-
- Digital asset: NFT is digital assets that include art, music, and games with an authentic certificate created by blockchain technology that underlies Cryptocurrency.
- Unique: It cannot be forged or manipulated.
- Exchange: The token is exchangeable like other cryptocurrencies such as Bitcoin on specialist sites.
The Top 10 NFT list in 2022
1. The Merge – $91.8M..
An anonymous digital artist nicknamed Pak created The Merge which is a digital artwork and the top NFT in the world. This digital piece was sold on Dec. 6, 2021, for $91.8 million on the NFT decentralized platform known as Nifty Gateway. Although the piece was fractionalized to 312,686 pieces distributed to 28,983 buyers in total. The main agenda of this work is that it was created as a single artwork composed of a collection of “masses” that users could buy.
2. The First 5000 Days – 69 M
Michael Winkelmann is the artist who is also known as Beeple has created Everyday: The First 5000 Days as an NFT artwork. It was auctioned at Christie’s with an initial bid of roughly $100 made by traditional customers.
But the bids went off the roof when it was approached by the crypto enthusiasts. The bidding was later finalized for this top NFT at $69 million.
3. Beeple, Human One – $29.98M
The Human One is a fantastic, dynamic, life-generative sculpture that was made by Beeple. The art represents an astronaut wandering across shifting environments and can change depending on the artist(Beeple). The artist has to “update” the Human One during his lifetime with the intent of the art to never remain static.
This top NFT artwork was sold to the crypto billionaire Ryan Zurrer at the price of $29,985,000 on December 9, 2021
4. Larva Labs, CryptoPunk #7523 – $11.75M
The CryptoPunks is a collection of NFT which consists of uniquely generated characters depending on the Ethereum blockchain.
It was auctioned at London’s auction house Sotheby’s on June 2021 where CryptoPunk #7523, also dubbed “Covid Alien,” sold for $11.75 million, making it the most expensive CryptoPunk sold to date.
This NFT belongs to a series of rare aliens consisting of 9 “Alien Punks.”
5. Larva Labs, CryptoPunk #3100 – $7.58M
CryptoPunk #3100 is one of the top NFT artwork which is a part of the 9 Alien Punks series and slightly above CryptoPunk #7804 for being one of the most expensive Alien Punks sold to date. #3100 is an artwork where an Alien is wearing a blue and white headband.
In 2017, it was first released with the starting bid of 2 million bid in March 2021, eventually, it was selling for $7.58 million that same month. It is worth mentioning that only 406 of the 10,000 CryptoPunks have a headband.
6. Xcopy: Right-Click and Save As Guy – 7.09M
Right-click and Save As Guy is one of the top NFT images that was auctioned on the decentralized marketplace Superrare. It was sold for 1,600 ETH which is worth 7.09 Million on December 10 to Comozo de Medici.
7. Art Blocks, Ringers #109 – $6.93M
Ringers #109 is a generative top NFT art collectible from the Art Blocks collection. The total number of Art Block NFTs is 99,000.
8.Beeple, Crossroad – $6.6M
Crossroad is a top animated NFT created by Mike Winkelmann who is also known for his artistic pseudonym Beeple. The art shows the former US President Donald Trump laying on a field while bystanders passing by are ignoring him.
This piece was sold for $6.6 million in February 2021 on Nifty Gateway
9. This Changed Everything – $5.4M
This Changed Everything is one of the top NFT showing the source code used for one of the earliest versions of the World Wide Web. On June 30, 2021, it was sold to an anonymous user for $5.4 million via Sotheby’s
10. Save Thousands of Lives – $4.5
Noora Health which is an organization that saves the lives of at-risk patients in South Asia created Save Thousands of Lives which is one of the top NFTs. This NFT artwork was Sold in May 2021 for 1337 ETH, worth $4.5 million
Why is NFT so expensive?
There are various factors for NFTs being this expensive, especially the Top ones. Here are some of the reasons for being so expensive-
- NFTS contain the built-in scarcity as the demand for it increases day by day. When the demand is high and the product is limited, the prices rise and skyrocket.
- NFT Collectibles are portrayed as a digital form of flexing where a person acquiring NFT can represent his taste in art and how much he is willing to spend on it.
- Ethereum blockchain technology wasn’t built mainly for minting, buying, and trading NFTS at scale. So the increase of NFT is causing heavy congestion. So if Ethereum prices are high, that translates directly into even more USD.
- NFT is seen as an asset and used for long-term investment for many investors.
- NFTs are a form of digital art and as you guessed, art is always expensive.
- Digital asset holders get to receive free airdrops of other NFTs. For instance, holders of the popular Cryptodads project were able to mint a Cryptomom in October 2021 for free, after gas.