The period between 2014 and 2018 saw a major shift in interest in blockchain technology. As technology advanced, people became amazed at the opportunity for money, security, and distribution offered by it. In addition to the technology itself, one particular byproduct, Non-fungible Tokens (NFTs), has become the talk of the town due to its revenue generation abilities. Artists, celebrities, and enterprises are now able to access more opportunities thanks to these NFTs, and experts predict that by 2025, the NFT market will reach $80 billion in net sales volume on the NFT marketplaces.
Let’s Take A Bite Into The Meat Of The NFT Bone
The First 5000 Days
In the time at the first NFT auction held – Christie’s came up with an exclusive collection of Beeple artworks which sold for nothing short of 69 million pounds. Beeple has been painting for quite a while – every day since May 2007, and the “Everydays” art pieces vary in their presentation, substance, and theme, as well as taking inspiration from satirical and dystopian scenarios.
The NFT sold more than $52 million in the first go around. The ordeal sparked a lot of debate online over the established issue with offline privacy and censorship of the product. The situation counter offered a simple explanation that shows how many days Assange had been incarcerated. Causing hype and media attention that helped forward the NFT piece among crypto enthusiasts who immediately welcomed its over-the-top pricing.
Pak has made several infamous NFTs in the past, and the artist’s identity is actually unknown, but this has not deterred them from creating a staggering presence for themselves in the digital art trading world. The Merge is the brain-child creation and the summation of Pak’s work compiled into one. The piece went for a staggering $91.8 million in the first go. A very infomed group of masses instead of spending time to curate, produce, launch, and promote a stationary work of art, the Merge aggregated millions for sale – and the more money individuals spent, the greater the mass they increased. With overall sales of $91.8 million, the Merge was by far the most spectacular of Pak’s NFTs.
The CryptoPunks can be classified to be the first ever NFT marketplace to start the phenomenon of starting a digital crypto revolution with their unique take on punks. They have a variety of crypto punks – every piece sold out and currently in high demand. In addition to the limited-edition Alien skin – which are a killer series of releases in their own right with their unique attributes and rarity factors playing a hand – the CryptoPunk – edition 7523 is one of the most sought-out and expensive digital creations currently available in the NFT space. For those who seek high-end NFT pieces may have brushed across the NFTs probably have come across the infamous CryptoPunks, the digital avatars raked up quite a sum in their value in the past couple years, and still continue to do so and the CryptoPunk edition – 7523 for upwards of $11 million.
Human one is a work of passion, exuberance, talent, eye-to-detail, and dedication by the infamous anonymous NFT artist who goes by Beeple. Though the Human One doesn’t stand as one of the artist’s highest selling artwork till date, it is worth mentioning here because of the impact it made in the NFT space. It is not the artist’s most expensive creation by a long shot, yet it is the most distinctive – unlike any other NFTs, which are digitally curated and conceptualized pieces – Human One is a hybrid render that combines successfully both the analog and digital elements of what an artist could achieve, pushing boundaries and breaking stereotypes. As a result of those screens there is a simulated avatar that will constantly change over time; Beeple said he will constantly update the avatar to keep it interesting for owners. The NFT sold for $28 million in the marketplace.