NFTs, or non-fungible tokens, are exploding in the market. Many are speculating on whether this is just a temporary fad or a new mainstay within the cryptocurrency market. To briefly explain, a non-fungible token, or NFT, is a cryptographic token that represents something unique. For example, non-fungible tokens can be digital media. You can buy a painting, a song, a book, etc. as an NFT on various websites. Some of the top NFT markets include:
In fact, Open Sea is the largest non-fungible tokens market for buying, selling, and trading NFTs at the moment.
The Nifty Gateway made history recently by hosting the most expensive sales of NFTs to date.
Enjin is an alternative to Open Sea that also focuses on gaming NFTs such as upgrades for a gaming avatar. In fact, Enjin just did x10. We reported on it here.
NFTS have caused quite a stir lately with tokens being sold for millions.
As you may have seen, NFTs have caused quite the stir lately. We wanted to cover the most expensive NFTs sold to date.
Beeple Digital Art Collection: $3.5 Million
Recently, 21 non-fungible tokens by the CGI artist Mike Minkelmann sold for $3.5 million. In addition, the sale was hosted on the Nifty Gateway. Nifty is owned by the Winklevoss brothers. The first ten artworks sold for over $900,000 followed by a sale of $1.2 million for the next ten. The last artwork sold at $777,777.
Justin Roiland’s Rick and Morty Sketches: $2.3 Million
Additionally, Justin Roiland, the famous creator of the Rick and Morty show, sold 16 sketches for $2.3 million. He tweeted questioning the value of NFTs before the auction commenced.
Plots of Land from the Game Axie Infinity: $1.5 Million
9 plots of land from the game Axie Infinity recently sold for $1.5 Million. The 2D game which features fantastic creatures in a virtual world, allows users to buy plots of digital real estate. The buyer, @its_falcon_time stated the following:
“We’re witnessing a historic moment; the rise of digital nations with their own systems of clearly delineated, irrevocable property rights. Axie land has entertainment value, social value, and economic value in the form of future resource flows.”
The Implications of Expensive NFT Sales
In conclusion, these are only three of the many historical NFT sales that are currently happening. The implications of massive non-fungible token sales are widespread as we will see higher caliber art collectors join the ranks of early adopters and bidders. These digital assets will continue to proliferate as we see this is only the tip of the iceberg when it comes to NFTs.