, 2 years ago
Non-fungible tokens have started as a small idea and a few platforms that aimed to bring this use case of blockchain technology to the masses. A year later the hype is real and NFTs have created a craze among collectors, investors and speculators all around the world. In this article we are not only outlying pros and cons of NFTs, but also featuring the most expensive tokens that have been sold so far on the free market.
What makes da Vincis Mona Lisa so special? Simpel, it is a unique painting that is more than 500 years old and while there are many copies there is only one original painting that has distinguishable qualities from all the copies that exist. But what about digital art? How distinguish between two pictures which represent the almost exact same data?
A non-fungible token exists only one time and cannot be counterfeited. Each piece of art gets one token assigned. This way one can tokenize artwork, music, but also VIP concert tickets and many more things that artists have to offer.
Critics argue that such a token is not sufficient to prove exclusive ownership over a digital artwork. One can simply copy and paste a file, but it is not possible to copy and paste the inherent features of the original Mona Lisa, for instance. On the other hand, how to prove ownership over digital goods? NFTs might be the substitute that is needed to enable digital ownership.
A NFT by the famous digital artist Beeple sold for a little bit more than 69 million US-Dollar, which is worth around 57,7 million Euros. The auction was carried out by Christie’s last week and won by Metakovan. It is so far the most expensive NFT of all times and while Beeple is already famous, other artworks are selling for high prices, too.
Beeple’s collage, Everydays: The First 5000 Days, sold at Christie’s. Image: Beeple
Among them the so-called “CryptoPunks”, which is a series of digital art. CryptoPunk #3100 sold for 4.200 Ethereum on March 11th, which was worth approximately 6.345.124,71 Euros at that time. Only a day before CryptoPunk #7840 was sold for the same amount of Ether, but due to the volatility of the price it became the third most expensive in history worth only 6.329.805,08 Euro.
Next in price to the CryptoPunks is the digital collection of Hashmasks and it is believed that the next year will bring new collections with even higher prices.
May 04, 2023
Solana turned some heads when it presented Saga, the first dedicated Web3 smartphone. It looks like the Solana Foundation is pushing for more than just equipping the community with a new smartphone. Non-fungible tokens are still at the forefront of the Web3 revolution that is not only taking place in crypto. Real-world items and industries could also benefit from the new technology and we have seen a couple of successful projects in the past.
May 04, 2023
Leading NFT marketplace Blur will allow NFT buyers to make a down payment on NFT’s they want to buy. They can then pay off the remaining balance with monthly installments, as if it were a home or a car. It’s just one of the features of Blur to make the NFT market more liquid.
Apr 21, 2023
Solana NFTs were the hottest thing during the bull market in 2021. This situation has changed since the overall NFT market cooled down. Solana’s NFT market also lost traction and many NFT projects dropped in value or simply vanished. However, some collections became so iconic that they defied the bear market and are still valuable collections. One of these collections is the Solana Monkey Business and the project underwent important changes yesterday.
Apr 19, 2023
He is not a fan of Bitcoin and is a strong proponent of the US Dollar. Donald Trump is one of the most controversial figures of our time. While he awaits trial on criminal charges in New York, Donald Trump is busy dropping hotter and more controversial NFTs. His supporters are once again hyped but the question remains if those NFTs will retain value. Should Trump lose in court or fail to run for president again, the value of both collections could be affected.
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