Non-Fungible Tokens and Investors

Non-Fungible Tokens and Investors

Non-fungible tokens (NFTs) are quite popular all over the world. Interestingly, sales are on pace to surpass last year’s total, and they’re on track to hitting a total of $90 billion by the end of the year despite NFTs prices seeing a downturn as of late.

However, what’s really moving the market, and what makes people want to buy NFTs for tens of millions of dollars? Let’s find out!

The Merge 

What you need to know is that the most expensive NFT in history is actually a series of NFTs, selling for an eye-watering $91.8m price tag in December of 2021. It is worth mentioning that the Merge was created by renowned digital artist Pak, whose works have grossed more than $350 million, and this piece was bought by 28,983 people who pitched in to snatch a total of 312,000 shares (each of which is an NFT) for nearly $92 million. 

That is a really great result considering that the starting price of each of these units was $575, only to increase by $25 every six hours. Eventually, The Merge has made digital artist Pak the most valuable living artist in history, exceeding Jeff Koon’s 1986 painting Rabbit, which sold for $91 million.

Do you like to learn more about non-fungible tokens? It is desirable to take a look at NFT ideas.

The First 5000 Days 

Non-fungible tokens reached phenomenal results in 2021. For example, digital artist Mike “Beeple” Winkelmann became a household name after selling a collage of 5000 pictures made one per day over more than thirteen years titled ‘Everydays: The First 5000 Days’ at Christie’s first-ever digital art auction in March of 2021. The NFT was sold for 69.3 million to Singapore-based crypto investor Vignesh Sundaresan, also known as MetaKovan. Vignesh Sundaresan is also the founder of the Metapurse NFT project.  

Apart from being the second most expensive NFT sold to date, Everydays is also the fourth most expensive work from a living artist ever sold at auction.

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Clock and importance

 When it comes to the most expensive NFTs, we need to mention “Clock.” Interestingly, the third most expensive NFT ever sold stands out from the rest on this list for being a token dedicated to a social cause. 

It is a joint creation of Wikileaks founder Julian Assange and Pak and depicts a digital counter of the days the founder of Wikileaks has spent behind bars at Belmarsh Prison. He has been confined in Belmarsh since April 2019. 

This NFT was created to raise funds toward Julian Assange’s defense. It was auctioned for the equivalent of $52.7 million in February of 2022 to AssangeDAO, a decentralized organization (DAO) with more than 10.000 Assange supporters, established to crowdfund the sale. The above-mentioned NFT is part of a larger NFT collection called Censored, which features more than 29,000 tokenized messages by buyers of the project. They can be viewed on OpenSea. 

The proceeds for this NFT series went to pro-freedom organizations Julian Assange and Pak chose, including the Wau Holland Foundation. However, this wasn’t the first time this sort of NFT initiative hit the auction block. In 2021, NSA whistleblower Edward Snowden raised more than $5 million by selling an NFT featuring his own face made from pages of a US appeals court decision.

 

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