It is no secret that non-fungible tokens (NFTs) play an essential role. However, millions of people have no information about NFTs.
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First of all, what do you know about NFTs? They are cryptographic assets on a blockchain with one-of-a-kind identification codes as well as metadata that distinguish NFTs from each other.
As opposed to Bitcoin and cryptocurrencies in general, non-fungible tokens can’t be traded or exchanged at equivalency. As you know, cryptocurrencies are identical to each other.
Non-fungible tokens and main challenges
More people must adopt cryptocurrencies. Non-fungible tokens are purchased using crypto. However, the number of people who are willing to buy cryptocurrencies isn’t very high for various reasons.
Also, in order to create/mint a non-fungible token, they must pay a fee (also known as a gas fee). Unfortunately, many artists as well as creators aren’t able to pay a gas fee.
Pros of non-fungible tokens
As we already discussed disadvantages of non-fungible tokens. Now, we can focus on the positive side of the NFTs.
You need to remember that blockchain is designed for individual empowerment as well as wealth growth. It has the capability to fight against censorship and corruption.
Furthermore, it serves as the foundation for completely new apps as well as a services layer to the entire internet.
It is worth noting that asset ownership is the pathway out of poverty. As a reminder, hundreds of millions of people don’t have a bank account for various reasons.
Most expensive NFTs
What’s interesting, people are ready to pay millions of dollars for NFTs. So, let’s take a look at some of the most expensive NFTs in history.
The most expensive NFT in history, at least for now, is actually a series of NFTs. The Merge was sold for more than $91 million more precisely for $91.8 million in the last month of 2021.
Do you know who created The Merge? It was created by Pak, who is a world-famous digital artist.
What’s important, tens of thousands of people bought 312,000 shares (each of which is an NFT.) Can you imagine? Thanks to The Merge, Pak has become the most valuable living artist in history.
We can’t forget about ‘Everydays: The First 5000 Days’ when it comes to the most expensive NFTs in history. Mike “Beeple” Winkelmann is one of the most famous digital artists in the world.
‘Everydays: The First 5000 Days’ is a collage of 5000 pictures. His collage was sold at Christie’s first digital auction more than a year ago, in March 2021. Vignesh Sundaresan, who is a crypto investor from Singapore, paid $69.3 million.
At the moment, the title of the third most expensive NFT in history belongs to Clock. It is a joint creation of Julian Assange and Pak, who also created The Merge, the most expensive NFT in history.
The purpose of the above-mentioned NFT was to raise funds toward Julian Assange’s defense. AssangeDAO bought the Clock for $52.7 million in February.
