Time after time there is media hype happening around yet another seemingly worthless NFT sold for an insanely high price. But not many people really get the idea of NFTs, so I decided to write a short explanation of this peculiar phenomenon.
Also, I thought it would be quite interesting to rank the top 5 most expensive NFTs ever sold.
So, what is NFT? The abbreviation states for “non-fungible token” which means that all tokens of this kind are unique.
And that’s it. With the help of NFT tokens, the developers solved the problem of ensuring the ownership of digital objects. With NFT the owner of some digital object can be sure that this object will stay unchanged and secured forever.
Currently, the main field of application of such tokens is the gaming industry where gamers purchase unique weapons and other digital assets to improve the gaming experience.
But each month we see more and more cases, where projects from different industries implement NFT as a model. According to NonFungible.com, NFTs are distributed as follows:
Also, if you want to dive deep into this topic, you can check my previous articles on NFT - "Issuing NFT: A How-to Guide" and "The Ultimate Guide To NFT Marketing and Promotion".
Now when we clarified what the NFT is, let’s check what the price of such tokens may be.
Price: 345 ETH
Decentraland virtual space - a decentralized platform implemented using the Ethereum blockchain technology.
The key concept in Decentraland is Land, a scarce digital asset backed by smart contracts on Ethereum, which are tracts of virtual land. Land ownership is secured by NFTs. The trick is that players can move only in the areas of virtual land they own or in public areas.
So the virtual land is extremely important in this game and the area at 22,2 was sold for an insane 345 ETH due to its advantageous location in the game.
Price: 415.9 ETH
1-1-1 is the first-ever car released in F1® Delta Time which is a game based on the Ethereum blockchain.
The game targets Formula 1 fans who can collect, sell and exchange unique cars, accessories, and even drivers, and also compete using these digital objects. 1-1-1 has a kind of sacred sense for F1® Delta Time gamers, that’s why it was sold for such an incredible amount of ETH.
Price: 514 ETH
The third most expensive NFT in our ranking also comes from Decentraland, which is a decentralized virtual reality platform based on the Ethereum platform. As it was marked above, the main asset in Decentraland is Land, which is limited and has core value for users.
Also, it’s important to note that at the moment of purchase there was a very scarce amount of Land left. So that’s why the huge 12600 ㎡ piece of Land was valued so high.
Price: 600 ETH
One of the most expensive NFTs ever sold was Dragon, the collectible unique character from the renowned CryptoKitties game. This online game allows players to buy, sell, collect and breed virtual cats of various types. The game is a DAPP that uses the Ethereum blockchain. That is not the first time a digital cat from CryptoKitties has been sold for a fabulous price, but the most expensive one.
Price: 605 ETH
The most recent and fresh record of the NFT world belongs to the ultra-rare collectible Alien character from the CryptoPunks art platform.
Basically, this digital object doesn’t have any implementation. It is perceived as a piece of art and is one of the oldest CryptoPunks world characters. At the moment, the NFT which secures the ownership of this piece of art is the most expensive token of this kind ever sold in history.
To stress the scale of the deal it’s important to note that at the moment of the deal 605 ETH was equal to $761,889.
To conclude, I’d like to say that the demand for NFTs which secure ownership of such digital objects is very subjective and peculiar. Still, NFT can be quite an interesting target for profitable investment since the platforms where such kind of tokens is applicable keep expanding.
In the meantime, if you have any questions about NFT or you are an NFT / DeFi / crypto project and want to know more how to promote you project, you can always contact me via Telegram (@baloyan) or LinkedIn.