Top NFT Projects

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Introduction

NFTs experienced exponential growth throughout 2021, with tens of thousands of investors flocking to collect digital artworks of various kinds. Some NFT sales reached price records. What are NFTs and why do they have value?

What is an NFT?

A non-fungible token (NFT) is a token issued on a blockchain to represent a unique asset, which can be a document, artwork, music, or even real estate.

Even when two NFTs look very similar, they are not interchangeable. And it is that while a Bitcoin is always the same and exchangeable for another Bitcoin, an NFT is not. That is why NFT technology is used to generate proof of authenticity and ownership in the blockchain. NFTs can be fully digital assets like play-to-earn game items and metaverse lands , or tokenized versions of real-world assets.

What gives value to NFTs?

The value of an NFT is determined by market supply and demand. It is generally easier to value an NFT when it is created as a representation of a physical asset. But most NFTs only exist on-chain, in the digital world.

Each collection of NFTs has a different supply, and each unit of NFTs can have a different rarity. But there are other factors that can determine how much an NFT is worth. For example, limited series NFTs with specific use cases tend to be more valuable. The founding team, along with the artists and the community, can also affect the demand for an NFT.

In other words, the value of an NFT can be related to the creator, its usefulness in play-to-earn games, or simply market sentiment. There are many cases of successful NFT projects, but the number of projects that have failed is even higher. Make sure you do your own research (DYOR, Do Your Own Research) before trading or investing in an NFT, and don’t risk money you can’t afford to lose.

Most Expensive NFT Projects 2022

The Merge

The Merge: $91.8 million

The Merge is a one-of-a-kind virtual work of art in NFT because instead of becoming a one-of-a-kind work of art, it’s a fractured work of art. Art. The Merge was developed by acclaimed artist Pak and sold on the Nifty Gateway NFT marketplace between December 2-4, 2021. It fetched a record $91.8 million, making it the most valuable NFT ever sold for a work of art. The Merge has 28,983 collectors instead of a single owner. This is due to the fact that art is sold en masse. By the time the sale closed on December 4, buyers had purchased a sum of 266,445 masses.

Everydays – The First 5000 Days

Everydays – The First 5000 Days: USD 69.3 million

When Mike Winklemann, known professionally as Beeple, sold his one-of-a-kind work titled Everydays – The First 5000 Days for $69.3 million during a Christie’s auction on March 11, 2021, he set a new benchmark. As a result, this was the most expensive NFT sale of a Beeple painting. Beeple created a collage of 5,000 separate photos one a day from 2007 to 2020, which he did for over thirteen years.

Human One

Human One: $28.9 million

Beeple’s Beeple’s second major NFT artwork sale took place on November 9, 2021. Human One, an American artist’s masterpiece, sold for $28.9 million at Christie’s auction. Ryan Zurrer, a Swiss businessman and corporate financier, was the buyer. Beeple has built a two-meter-tall future humanoid sculpture that appears to continually wander through ever-changing landscapes. The 3D movement is displayed on four 16K resolution video monitors arranged in a 44-foot box. According to Christie’s, the dynamic video sculpture had a mahogany wood and polished aluminum frame, along with two media servers.

CryptoPunk #5822

CryptoPunk #5822: $23.7 million

In the NFT ecosystem, CryptoPunks have historically become one of the most prized tokens. CryptoPunks, one of the first NFT initiatives, launched in 2017. Larva Labs, the respected studio created by Canadian developers Matt Hall and John Watkinson, created this game.CryptoPunks is a compilation of 10,000 tokens that their authors and holders call “punk”. Each figure is a collectible character, similar to a trading card, and is sometimes referred to as the NFT “OG” series. Because no two “punks” are the same, each CryptoPunk is a unique item.

CryptoPunk #7523

CryptoPunk #7523: $11.75 million

CryptoPunk #7523 sold at Sotheby’s auction for $11.75 million on June 10, 2021, the second most expensive ‘punk’ in the world of any other collection. #7523 is one of nine Alien Series figures in the collection. The blue-green skinned character also wears a knitted hat with earrings. And he is the only Alien and one of the 175 characters in the collection to wear a surgical mask.

CryptoPunk #3100

CryptoPunk #3100: $7.58 million

On the same day, Beeple set a record by selling CryptoPunk #3100, a piece of crypto art, for $7.58 million. #3100, like #7523, was one of nine “punk” aliens. This one has blue-green skin and a white and blue headband as its only distinguishing feature. Only 406 of the 10,000 people in the collection are blindfolded, and only 333 had a single feature.

CryptoPunk #7804

CryptoPunk #7804: $7.57 million

Another of the 10,000 aliens is “punk,” which is nuanced and closely resembles Sherlock Holmes. It made headlines on March 10, 2021, when it was sold for $7.57 million to Figma CEO Dylan Field, who called it a “digital Mona Lisa.” One of the many 254 wearing their caps is the pipe-smoking character, who wears small glasses. The #7804, unlike the #3100, was not for sale.

Ringers 109

Ringers 109: $6.9 million

Ringers #109 is an installation of Art Blocks, a concept that uses algorithms to form loops around pegs. A digital image, an immersive element or a static image can be used as a work of art. Ringers #109 is a still image of a sequence of loops surrounding various pegs. On a white background, the dominant tone is black. The Art Blocks layouts feature a symmetrical wraparound orientation, a loop, and a white background, all of which are quite exceptional. A red peg is the rarest.

A Coin for the Ferryman

A Coin for the Ferryman: $6.01 million

A Coin for the Ferryman was one of Xcopy’s earlier works and sold for $6.01 million on SuperRare on November 4, 2021. The image is a GIF showing a person’s face that changes expression/features over time. . Xcopy released it on April 20, 2018. There is no denying that NFTs are becoming more and more popular over time, but the question still arises: what is the penetration price of NFTs?
Simply put, if you own NFTs, you could eventually find yourself with considerable wealth on your hands. All you have to do is put your assets to good use in the global trading market.

Conclusions

There is no doubt that NFTs are becoming increasingly popular and are continually breaking sales records. Although most NFTs are simply collectible works of art, we have a growing number of NFTs that have been created for a variety of use cases . As NFTs mature, we can expect to see more utility and adoption beyond digital collectibles and possibly higher priced sales.

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Decentralized Connect is a collection of wide range of news on blockchain technology that will grow exponentially, becoming an integral part of our daily lives. Each day our team provides the most factual and up-to-date news on decentralized networks, NFT’s, DeFi, and more.

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