The most expensive NFT by far has been sold to Metakovan for a whopping $69.3million and people are still surprised by why it went for so much. Many find it hard to believe as to how a digital art is worth that much. On the other hand, the artists are fast lining up to mint their own tokens for potential buyers. With the demand growing as rapidly as it is, there is still a question on whether its a bubble similar to the dotcom we saw in the late 90s or its going to stay.

About NFTs

An NFT is a digital asset stored on the ledger known as the blockchain. It’s used to associate itself to a real-world object such as art, music, videos. Even if NFTs work like cryptocurrencies such as Bitcoin, NFTs are not mutually interchangeable. It is like one BTC is the same as other BTC or one USD is the same as another USD. Whereas, in the case of NFT, they can represent different assets. Due to which, the value of one NFT can differ from the other. NFTs can be bought and sold in several marketplaces such as Rarible, OpenSea, etc. The crowd is definately moving towards NFT marketplaces and crypto investments.

Most Expensive NFTs

Since NTFs have a unique identity/ ownership which can be verified using the blockchain ledger, it can be traded with the cryptocurrency such as Ethereum. Some consider it as an investment while some have bought it for the bragging rights of owning the NFTs. This has pushed buyers to buy NFTs for a premium price. Here are some of the most interesting NFTs traded recently:

5. First tweet of Jack Dorsey ($ 2.9 million):

The first tweet of Jack Dorsey, the founder of twitter which reads as, “just setting up my twttr” was sold to Sina Estavi, a Malaysia based buyer. The tweet was published on March 21,2006 by Mr. Dorsey. Dorsey said that he would donate the fund thus collected to a charity. It was sold for approximately 1630.58 ETH which was equivalent to 2.9 million during the time of the bid.

4. Doge ($ 4 million):

Doge is an Internet meme of 2010 that became popular in 2013 and had a resurgence in 2020. The mascot, an image of a Shiba Inu was sold for 1696.9 ETH, which is worth approximately $4 million.  The meme was put up for auction by Atsuko Sato, the owner of Kabuso, the dog from the image. The rise in popularity of Doge during the crypto rally in the 2020 played its part in marking up the price of the NFT as the market capitalisation of Dogecoin itself went over $90 billion in May 2021.

3. Crossroads ($ 6.6 million):

Crossroads is a digital animation work by the artist Mike Wikelmann commonly known as Beeple in the online community. It was a 1/1 piece which was sold on the secondary market for $6.6 million. The work was designed as a response to the 2020 presidential election of the US. There were two videos that were created which would play depending upon how the election played out. This sale made Crossroads the most expensive digital work ever auctioned on the Christie’s at the time of sale.

crossroads 1024x490 - The most expensive NFTs and the story of Metakovan
Source: https://www.artsy.net/artwork/beeple-crossroad-biden-win

2. Hashmasks ($9 million):

Hashmasks is an Ethereum project which is a collection of 16,000 pieces of art by different artists. It shares a common theme of extra-terrestrial human like figures bursting with colors. The collection sold for about $9 million in just four days after launch. During the sale of the first batch, the collectibles were sold for 0.1 ETH each but just three days alter it was resold for 100 ETH, generating a 100000% profit in the process.

1. Everydays: the First 5000 Days ($69.3 million):

Mike Winkelmann, commonly known as Beeple is the artist behind the most expensive NFT that has ever been sold. The work contains a collage of 5000 digital images created by Beeple for the Everdays series. Everydays sold for 42329 Ether which amounted to $69.3 million at the time of sale. The composition contains work that depicts images of figures from pop culture and includes images that are both hand drawn and computer produced.

Beeple Everydays The First 5000 Days - The most expensive NFTs and the story of Metakovan
Beeple, Everydays: The First 5000 Days. Beeple/Christie’s

Who is Metakovan?

The most expensive NFT was later revealed to have been bought by Vignesh Sunddaresan, commonly known as Metakovan and Anand Venkateswaran, known as Twobadour. Metakovan was an investor in Ethereum since the earlier phase and has backed BTC ATMs. He is currently the head of communication at Lendroid. In an interview with CNBC he said ,” This NFT is a significant piece of art history.” Also, he noted that he was willing to higher for the piece of Beeple if it needed to be done. He said to have no intent to sell the piece in the near future but hinted to be willing to find other ways to monetize the Everydays.

Sources:

https://www.forbes.com/advisor/investing/nft-non-fungible-token/

https://en.wikipedia.org/wiki/List_of_most_expensive_non-fungible_tokens

https://www.cnbc.com/2021/03/30/vignesh-sundaresan-known-as-metakovan-on-paying-69-million-for-beeple-nft.html#:~:text=In%20his%20first%20television%20interview,a%20JPEG%20and%20an%20hyperlink.

Image Source:  Michael Dziedzic

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