The most expensive NFT artworks have some similarities to physical artworks in terms of creativity and aesthetics. The difference lies in the fact that they are NFTs, which are merely a code – digital art that exists only online.
Due to the Beeple artwork that sold for USD 69.3 million in 2021, non-fungible tokens (NFTs) have become the “it” thing. One of the most expensive NFT artworks is by Beeple or Larva Labs, a company that entered this market early on.
Some of these are creatively futuristic and lead artists to record major feats. As an example, the REPLICATOR by Canadian artist Mad Dog Jones, whose real name is Michah Dowbak, replicates itself every 28 days and produces a new NFT.
The artwork sold for USD 4.1 million in April 2021, making Mad Dog Jones Canada’s most expensive living artist. It comes from seven generations of artworks, according to its seller, Phillips art auction house.
Nevertheless, the prices of artworks sold by the NFT have skyrocketed. Based on the sales figures, all the most expensive NFT artworks were purchased in 2021, even though some were created around four years ago.
This proves that the market for expensive NFT art has just begun to flourish, with much to expect in the future.
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The Merge: USD 91.8 million
The Merge is a unique digital artwork in the world of NFTs because, instead of being a single piece of work, The Merge is, what can be called, fragmented art.
Created by the renowned artist who goes by the pseudonym Pak, The Merge was sold on NFT marketplace Nifty Gateway between 2 and 4 December 2021. It fetched a record sum of USD 91.8 million — the most expensive NFT ever sold that is an artwork.
Instead of a single owner, The Merge is held by 28,983 collectors. This is because the artwork was sold in units known as ‘mass’. Thus, the collectors together bought a total of 266,445 masses by the time the sale ended on 4 December.
Each ‘mass’ cost USD 575 when the sale began. The price of the tokens went up by USD 25 every six hours.