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3 min read 
While the NFT market is nowhere near its peak of 2021 and 2024, it’s still a substantial part of the wider crypto and DeFi space. After a gradual decline throughout 2023, NFT sales have started gaining momentum again in the first quarter of this year. In May, the market saw a daily average sale of 3,108 NFTs, the highest since December 2023.
At the same time, non-fungible tokens are venturing into new trends, from Ordinals to Web3 gaming. As the market continues to shuffle through new changes and trends, it’s a great time to reflect on the NFT market’s history and look back at the most expensive NFTs ever sold.
Key takeaways
The 10 most expensive NFTs ever sold are:
- The Merge by Pak: $91.8million
- Everydays: The First 5000 Days by Beeple: $69.3m
- Clock by Pak and Julian Assange: $52.7m
- Human One by Beeple: $28.9m
- CryptoPunk #5822: $23.7m
- CryptoPunk #3100: $16m
- CryptoPunk #7523: $11.8m
- TPunk #3442: $10.5m
- CryptoPunk #4156: $10.35m
- CryptoPunk #5577: $7.7m
The rise of expensive NFTs
Early beginnings and the rise of CryptoArt
The concept of NFTs gained significant traction with the introduction of blockchain technology, specifically Ethereum, which allowed for the creation of unique digital assets. The first notable NFT project was CryptoPunks, launched by Larva Labs in 2017. Each of the 10,000 unique 24×24 pixel art images of various characters became highly sought after. Initially given away for free, some CryptoPunks have since sold for millions of dollars, establishing them as highly valuable collectibles in the NFT space.
The boom in digital art and collectibles
In 2020 and 2021, the NFT market exploded, with digital art and collectibles leading the charge. Beeple’s ‘Everydays: The First 5000 Days’, a digital collage of his daily artworks, sold for $69.3m at a Christie’s auction in March 2021. This sale marked a turning point, demonstrating that digital art could fetch prices comparable to traditional physical art.
Another significant sale was ‘CryptoPunk #7804’, which sold for 4,200 ETH (approximately $7.6m) in March 2021. CryptoPunk #3100, another rare Punk, also sold for 4,200 ETH the same month. These transactions highlighted the growing interest and investment in digital collectibles.
Music, virtual real estate, and beyond
NFTs have also penetrated the music and virtual real estate sectors. In February 2021, electronic musician 3LAU sold an album for over $11m via NFTs, offering exclusive music and experiences to buyers. This opened new revenue streams for artists beyond traditional music sales and streaming.
Virtual real estate platforms like Decentraland and The Sandbox have seen plots of virtual land sold for millions. In June 2021, a digital plot in Decentraland sold for over $900,000. These virtual spaces are increasingly being used for events, advertising, and social gatherings, driving their value.
Top 10 most expensive NFT sales in history
1. The Merge by Pak
Sold for: $91.8m
Date: December 2021
The Merge is a digital artwork created by the anonymous artist Pak. It was sold on Nifty Gateway and is unique for being a dynamic NFT, where multiple buyers could purchase mass units that collectively formed a larger piece. Over 28,000 collectors participated, making it the most expensive NFT ever sold.
2. Everydays: The First 5000 Days by Beeple
Sold for: $69.3m
Date: March 2021
This digital collage by Beeple (Mike Winkelmann) was sold at a Christie’s auction. It represents a compilation of Beeple’s daily artworks created over 13 years. The buyer, known as Metakovan, purchased this NFT, marking a significant milestone in the digital art world.
3. Clock by Pak and Julian Assange
Sold for: $52.7m
Date: February 2022
This NFT is a collaboration between Pak and WikiLeaks founder Julian Assange. It serves as a digital counter that counts the number of days Assange has been imprisoned. The sale proceeds were intended to fund Assange’s legal defense. The NFT was purchased by AssangeDAO, a collective of over 10,000 supporters.
4. Human One by Beeple
Sold for: $28.9m
Date: November 2021
Human One is a hybrid physical and digital artwork by Beeple, consisting of a dynamic 3D video sculpture and an NFT. It depicts an astronaut-like figure walking through various changing environments. The piece was auctioned at Christie’s and purchased by Ryan Zurrer, a Swiss entrepreneur and collector.
5. CryptoPunk #5822
Sold for: $23.7m
Date: February 2022
This particular CryptoPunk is one of the rarest alien types in the series, created by Larva Labs. It features a blue alien with a bandana. The NFT was purchased by Deepak Thapliyal, the CEO of Chain, highlighting the ongoing demand for these iconic digital collectibles.
6. CryptoPunk #3100
Sold for: $16m
Date: March 2021
Another highly sought-after alien CryptoPunk, #3100, features a headband. Its sale for 4,200 ETH underscored the high value of these digital artifacts. The buyer’s identity remains undisclosed, but the purchase cemented the CryptoPunk series as one of the most valuable NFT collections.
7. CryptoPunk #7523
Sold for: $11.8m
Date: June 2021
Known as ‘Covid Alien’, this CryptoPunk features an alien wearing a medical mask. It was sold at Sotheby’s during the ‘Natively Digital’ auction. The buyer, Israeli entrepreneur Shalom Meckenzie, who is a major shareholder of DraftKings, highlighted the cultural relevance and rarity of this piece.
8. TPunk #3442
Sold for: $10.5m
Date: August 2021
TPunk is a series of NFTs on the Tron blockchain, similar in style to CryptoPunks. TPunk #3442, featuring a joker-like face, was purchased by Tron founder Justin Sun. This acquisition demonstrated the growing ecosystem of NFTs beyond Ethereum.
Sold for: $10.5m
Date: August 2021
TPunk is a series of NFTs on the Tron blockchain, similar in style to CryptoPunks. TPunk #3442, featuring a joker-like face, was purchased by Tron founder Justin Sun. This acquisition demonstrated the growing ecosystem of NFTs beyond Ethereum.
9. CryptoPunk #4156
Sold for: $10.35m
Date: December 2021
This ape-type CryptoPunk, known for its bandana, was sold for 2,500 ETH. The sale reflects the high value attributed to rare CryptoPunk types. The buyer’s identity remains unknown, but the transaction highlighted the enduring appeal of the CryptoPunk series.
10. CryptoPunk #5577
Sold for: $7.7m
Date: February 2022
Featuring a cowboy hat, CryptoPunk #5577 was sold for 2,501 ETH. The buyer is believed to be Robert Leshner, founder of Compound Finance. This purchase further exemplifies the strong market for unique CryptoPunks and their status as prestigious digital assets.
High price artworks turned into NFTs
1. Trevor Jones and José Delbo’s ‘Genesis’
This collaboration between contemporary artist Trevor Jones and comic book artist José Delbo sold for $111,377 in 2020. The piece, part of a five-part collection, features a stunning depiction of Batman and was a pioneer in blending traditional comic art with digital formats.
2. Kevin Abosch’s ‘Forever Rose’
Sold for $1m on Valentine’s Day in 2018, this piece was one of the earliest high-profile NFT sales. ‘Forever Rose’ was bought by a collective of investors, highlighting the early adoption and value recognition of digital art in the NFT space.
3. Steve Aoki and Antoni Tudisco’s ‘Hairy’
This piece, part of the ‘Dreamcatcher’ collection, sold for $888,888.88 in March 2021 on Nifty Gateway. DJ Steve Aoki and 3D artist Antoni Tudisco collaborated on this vibrant, animated artwork that comes with a physical display case.
4. Krista Kim’s ‘Mars House’
Sold for $500,000 in March 2021, ‘Mars House’ is a piece of digital real estate described as the ‘world’s first digital house’. Designed by Krista Kim, it features a 3D-rendered house with floor-to-ceiling glass and an ambient soundtrack.
5. Pak’s ‘Finite’
Sold for $809,789.40 in March 2021 on Foundation, ‘Finite’ by Pak is an undulating 3D render that captivates viewers with its mesmerizing motion. Pak, an anonymous artist, has consistently been a top-seller in the NFT market.
Famous sports memorabilia and NFTs
1. Statue of LeBron James
This high-resolution digital artwork of NBA superstar LeBron James is being auctioned for 10,000 ETH (approximately $32m). The buyer will receive both the NFT and the RAW file of the image. Half of the proceeds will be donated to the ‘I, Promise’ foundation, which supports homeless people.
2. Kobe Bryant’s last tweet
Kobe Bryant’s final tweet congratulating LeBron James before his untimely death in 2020 has been turned into an NFT. This tweet has significant sentimental value and is valued at nearly $2m. The proceeds from its sale are intended to fund the Mamba & Mambacita Sports Foundation, which supports underserved athletes and kids.
3. Golden State Warriors Championship Ring
To celebrate their sixth NBA championship, the Golden State Warriors auctioned a digital version of their rarest championship ring. The NFT sold for $871,000 on OpenSea. Part of the proceeds went to the Warriors Community Foundation, which focuses on youth development and education.
4. Stephen Curry’s 2974 NFT Collection
After breaking the NBA’s all-time three-point record, Stephen Curry launched the ‘2974 NFT Collection’, which sold for over $2m. The entire revenue from this collection was donated to Curry’s ‘Eat. Learn. Play.’ initiative, aimed at combating childhood malnutrition and supporting education and recreational activities.
5. Michael Jordan Jersey 1996
An NFT of Michael Jordan’s 1996 jersey, associated with the ‘Space Jam’ movie, sold for $732,246. This NFT does not include the physical jersey, highlighting the growing trend of valuing digital representations of iconic sports memorabilia.
6. AC Milan No. 1s, 5 Pack
This collection consists of five unique digital trading cards of AC Milan players, sold for $1.08m. It represents the club’s initial venture into blockchain-based memorabilia, with each card holding potential for future value appreciation.
Gaming and NFTs: Expensive virtual assets
Gaming NFTs have become a significant aspect of the digital collectibles market, merging the excitement of gaming with the uniqueness of blockchain technology.
One of the most notable examples is the ‘Axie Infinity’ NFTs. Axie Infinity is a blockchain-based game where players collect, breed, and battle fantasy creatures called Axies. These creatures are unique NFTs that can be traded or sold, and their value is often determined by their rarity and in-game abilities.
The game’s play-to-earn model has made it especially popular in countries like the Philippines, where players can earn real income by participating in the game.
Another popular gaming NFT project is ‘CryptoKitties’, which was one of the first to gain widespread attention. Launched in 2017, CryptoKitties allows players to breed and trade virtual cats, each with unique attributes and genetic traits. The game’s popularity caused significant congestion on the Ethereum network at its peak, highlighting both the potential and the limitations of early blockchain games.
‘Gods Unchained’ is a trading card game where each card is an NFT that players can own and trade. Developed by former directors of Magic: The Gathering, the game combines traditional trading card gameplay with the security and transparency of blockchain technology. This has allowed players to truly own their digital cards, which can be sold or traded on various NFT marketplaces.
Decentraland is another example where NFTs play a crucial role. It is a virtual world where players can purchase, develop, and sell virtual real estate, represented as NFTs. Users can create and monetize experiences within the world, ranging from virtual shops to interactive games, providing a decentralized platform for virtual social and economic activities.
Finally, ‘Sorare’ integrates NFTs into fantasy soccer, allowing users to buy, sell, and trade officially licensed digital player cards. These cards are used to create teams that compete in fantasy soccer leagues, with the performance of the players in real-life matches affecting the outcomes in the game. Sorare has partnered with over 200 soccer clubs worldwide, bringing a new dimension to both fantasy sports and NFTs.
Latest developments in NFTs for 2024
Gaming and NFT integration
NFTs are increasingly being integrated into gaming, enhancing player engagement and creating new business models. In 2024, Web3 game studios are developing engaging games that leverage NFTs, moving away from the previous trend of relying solely on the novelty of NFTs. This shift aims to provide a more enjoyable gaming experience, as seen with blockchain-based games gaining popularity and sophistication.
Bitcoin Ordinals
Bitcoin NFTs, also known as Bitcoin Ordinals, have gained significant traction. These NFTs benefit from Bitcoin’s inherent security and immutability, making them a popular choice. The trading volumes for Bitcoin Ordinals have shown strong market activity, indicating a growing interest in this niche. Experts believe this trend will continue to expand in 2024, contributing to a resurgence in the NFT market.
Real-world applications and challenges
NFTs are being used to grant holders access to exclusive events, products, and services. Projects like Cocky NFTs and Cuvée Collective are leveraging NFTs for event access and exclusive experiences in music and wine, respectively.
In the real estate industry, NFTs streamline transactions by cutting out intermediaries, reducing costs, and increasing transparency. Companies like Propy are leading this innovation by enabling real estate transactions through NFTs.
However, the NFT market faces challenges, including public perception and regulatory issues. The stigma surrounding NFTs as speculative assets persists, but ongoing efforts to build valuable, engaging products are helping shift this narrative. Additionally, regulatory clarity remains a crucial issue. The SEC’s actions against NFT projects have highlighted the need for clear guidelines to ensure legal compliance and protect investors.
Investing in expensive NFTs: Risks and rewards
- High potential returns: NFTs, especially high-profile ones, can appreciate significantly in value, leading to substantial financial gains for early investors.
- Unique ownership: NFTs offer proof of ownership and authenticity for digital assets, ensuring that each token is one-of-a-kind and cannot be duplicated.
- Market volatility: The NFT market is highly volatile, with prices fluctuating dramatically based on trends, hype, and speculation, leading to potential financial losses.
- Liquidity issues: Selling NFTs can sometimes be challenging, as finding buyers for high-value tokens might take time, leading to liquidity risks.
- Regulatory uncertainty: The regulatory environment for NFTs is still evolving, and future regulations could impact their value and the ease of trading them.
- Technological risks: Dependence on blockchain technology means that issues like network congestion, high transaction fees, and technical failures could affect NFT transactions and ownership.
- Scams and fraud: The NFT space has seen instances of fraud, including fake NFTs and fraudulent marketplaces, posing risks to investors.
- Cultural and social value: Beyond financial returns, NFTs can hold cultural and social significance, providing unique digital collectibles that resonate with communities and fandoms.
- Diversification: NFTs offer a way to diversify investment portfolios, but their high-risk nature means they should be a small part of a broader investment strategy.
Final thoughts
NFTs remain a challenging and dynamic sector within the Web3 and DeFi ecosystems. The industry is marked by rapid shifts in trends and market sentiment, making it essential for participants to stay informed and adaptable. Despite these challenges, new developments such as Bitcoin Ordinals and GameFi are introducing exciting prospects and potential growth areas in the NFT space.
Bitcoin Ordinals leverage the security and immutability of the Bitcoin blockchain, while GameFi integrates NFTs with gaming, offering new forms of engagement and monetization. As these trends continue to evolve, they could shape the future trajectory of NFTs, presenting both opportunities and uncertainties for investors and creators alike.
Frequently Asked Questions
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01.
Are any NFTs still valuable?
Yes, despite the market shrinking significantly in the last two years, many NFTs are still valuable. High-profile collections such as CryptoPunks, Bored Ape Yacht Club, and rare art pieces by artists like Beeple continue to hold significant value. The market for NFTs remains active, with buyers willing to pay high prices for unique and sought-after digital assets. Despite fluctuations, certain NFTs retain their worth due to their rarity, cultural significance, and the reputation of the creators.
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02.
What kind of NFT sells best?
NFTs that sell best often fall into categories like digital art, collectibles, gaming assets, and virtual real estate. Art NFTs by well-known artists, limited edition collectibles, and in-game assets from popular blockchain games like Axie Infinity tend to attract high sales. NFTs offering unique experiences or memberships, such as those from the Bored Ape Yacht Club, also perform well due to the additional value they provide beyond ownership.
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03.
What types of NFTs make the most money?
The NFTs that make the most money are typically rare and high-demand items, such as:
Digital art: High-profile works by artists like Beeple.
Collectibles: Limited edition items from collections like CryptoPunks and Bored Ape Yacht Club.
Gaming assets: Rare in-game items and characters from games like Axie Infinity and Decentraland.
Virtual real estate: Parcels of land in virtual worlds like Decentraland and The Sandbox. These types of NFTs often fetch millions of dollars at auctions and through private sales due to their scarcity and desirability.
