They’re unique and not interchangeable; that’s what differentiates them from other cryptos.
However, do you think you understand why NFT is revolutionary? Or do you want to know the top 10 NFTs sold by value? Herein lies your answer. This article explains why NFT is becoming revolutionary and will significantly enumerate the current 10 NFTs sold by value.
What’s NFT and Why is it Revolutionary?
NFT (Non-Fungible Tokens) is a cryptographic token representing unique assets on the blockchain. It’s unique, indivisible, and not interchangeable; that’s what differentiates it from other cryptos.
NFT is a digital asset of intangible goods where certain values are conferred. It has digitally verifiable properties, like the possession of blockchain nodes.
In other words, NFTs are collectible digital assets that hold value as a form of crypto and culture or art. NFTs, just like art, is considered value-holding investments.
NFT is a kind of token with unique properties; it’s an individual token with additional information saved in it. The additional information is the essential part that permits it to assume the form of music, art, or video.
Since NFT is a hold value, it can be sold or bought like other kinds of art, and like physical art, its value is mostly created by the market and demand.
Why NFT is Revolutionary
NFT has become one of the quickest growing trends in the digital market, gaining about $250 million in 2020. It’s taking the gaming and art worlds by storm. Meanwhile, its utility isn’t limited to memes or collectibles.
For instance, the NFT of champagne can benefit the tracking of its production, origin, and sales, thereby making the market interaction between the buyer and producer more efficient.
Storming Digital Art Scene
Digital Art is one of the hottest NFT sectors; it hits an unprecedented height as the popular 225-year-old Christie’s auction house auctioned a digital collage in early 2021 for about US$70 million. The auction made the creator or owner the third costliest living artist ever.
The famous auction house has sold some popular arts in the past, which has now legitimized NFT in the digital art sector.
Before, it was hard to own and authenticate digital arts; whereas, now the NFT’s unforgeable and unique signatures in the blockchain have contributed to higher valuations for the arts or assets.
Rising use cases
The possible NFT use cases extend beyond digital art and unlocking liquidity, possibilities, and value. For example, the NBA Top Shot permits users to market NBA highlights, and it has gained thousands of sales.
Further, NFT is gaining momentum in intellectual property and licenses. This can be seen in verifying high institution degrees, proving some software licenses, and securing music ownership and copyright.
More so, NFT now enables song artists to have extra control over their music and provide the capability to track the whereabouts of their royalties. Also, it permits fans to purchase some of their preferred songs before being released by the artists; thus, making their community partake in the upside.
In gaming, users are now familiar with selling and buying virtual items, hence authenticating the blockchain ownership, which is an excellent evolution. NFT unlocks the benefits while enabling gamers to gain from the in-game exploits, transforming casual play into making money.
NFT is set to revolutionize the real estate industry. Surely, the Real estate and the NFT potential in the sector could be groundbreaking.
Revolution in Technology
NFT use case is seen in technological evolution as NFT advancement in technology rises.
In particular, Ethereum’s ERC20 has become the most popular token standard for cryptos. ERC20 is fungible that enables tokens to become fractionalized.
Meanwhile, there was an NFT surge during Ethereum’s growth in 2017, but the market crash of 2018 led to the crash and low interest in NFT. Nevertheless, there has been an NFT rise since last year, following the development of new token standards.
Since the rise of use cases and the evolution of the market, developers are required to code extra functionalities. Thus, Enjin developed the ERC1155 token standard that brought NFT’s semi-fungibility, permitting diverse tokens to be created under one contract.
In the meantime, many other platforms besides Ethereum are developing NFT token standards, like the Dapper Labs (former CryptoKitties) developing its NFT blockchain known as “Flow.”
At the same time, existing protocols like the Binance, Tezos, Hedera Hashgraph, Tron, and Algorand have all launched their NFT token standards.
It’s vital to add that new token features are required to enable scalability, fungibility, and interoperability with other token standards.
Also, NFTs connect with oracles permitting them to react to the external data.
With the climbing rise of NFTs into several dollars, it’s essential to offer institutions and collectors the capability to ensure and keep their NFT assets safely.
The Most Valuable NFTs in 2021
Here are the current most valuable NFTs in 2021. There might be changes by the time you read it.
1. CryptoPunk #7804
The CryptoPunk #7804 is sold in March 2021 for about 4,200 Ethereum. It’s sold the same as the Punk 3100, but the Ethereum is valued at about $7.56 Million
2. CryptoPunk #3100
The second is the “CryptoPunk #3100. It was bought in
March 2021 for about 4,200 Ethereum, roughly $7.51 Million.
3. CryptoPunk #5217
This CryptoPunk is sold in July 2021 for 2250 Ethereum, valued at $5.45 Million.
4. Stay Free (Edward Snowden, 2021)
This unique, signed work combines the entirety of a landmark court decision ruling the National Security Agency`s mass surveillance violated the law, with the iconic portrait of the whistle-blower by Platon. It is the only known NFT produced by Snowden. It is sold in April 2021 for 1034 WETH valued at $5.27 million
5. Save Thousands of Lives
For this NFT they are going to issue a public report tracking how this specific tranche of money is spent and estimating the number of lives saved as a result. It is sold for 1340 WETH, valued at $5.11 Million.
6. CryptoPunk #2338
This CryptoPunk is sold in August 2021 for 1500 Ethereum, valued at $4.35 Million.
7. CryptoPunk #2140
This CryptoPunk was sold in July 2021 for 1600 Ethereum, valued at $3.75 Million.
8. Mona Money Matrix
This NFT is sold in May 2021 for 3.02 Million DAI, valued at $3.02 Million.
9. Meebit #10761
This NFt is sold in May 2021 for 700 WETH, Valued at $2.68 Million.
10. CryptoPunk #7252
This CryptoPunk is sold in August 2021 for 1000 Ethereum, valued at $2.52 Million.
Why is NFT revolutionary? Final Analysis
Whatever you think about NFT, it has already caused a buzz. Since the $69.3 million sales that hit across the headlines, it has continued to trend.
Although it has taken a somewhat downward trend lately, many people are convinced that it’s here to stay. It’s no doubt that NFT’s popularity has caused an unprecedented use case in blockchain technology.
NFT is here to stay, and it will integrate into the global settlement layer of blockchain that operates always. It has become a primary building block in the financial market and has revolutionized the gaming industry and the ways people interact with their favorite artists.
Now, it’s set to revolutionize the real estate industry. The Real estate and the NFT potential in the sector could be groundbreaking.
Whether NFT is here to stay or not, it has been revolutionary and has become a new ground for the wealthy. There is much money to make in NFT only if you can make that happen.
NFT offers real meaning to digital art as the prices and values keep rising. The rising value of the artworks like the Beeple and crypto punk indicates that it’s a real future instigator for art and collectibles.
Written by: Narender Charan