The increased awareness of the potential associated with nonfungible tokens (NFTs) has created a whole new set of millionaires in the crypto space.
In the blockchain technology ecosystem, creativity is being rewarded as artists and content creators monetize their works and inspire everyone and anyone who wants to join.
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What is a Nonfungible Token (NFT)
NFTs are different from any other digital token due to non-fungibility.
Now, what is fungibility?
Fungibility basically implies that any item, currency, or product could be exchanged for similar units.
For instance, if you have a twenty-dollar note, you could get two ten-dollar notes in exchange for them or just another twenty-dollar note.
Non-fungible tokens are the exact opposite of fungible tokens.
Any non-fungible entity does not have any other identical equivalent with which you can exchange it.
Take the example of a book written by a renowned author. Even if there could be many other copies of the book, they cannot be exchanged with the author’s original book.
The question would then become: which is the original one and which is not?
Well, NFTs are unique in that they can only exist in a singular form. This is the beauty of them.
Another unique feature of NFTs is that it is deployed on the blockchain, which makes them identifiable, traceable, and immutable.
The initial development of NFTs was first deployed on the Ethereum blockchain.
However, several blockchains like Klever, Solana, Cardano, and Polygon now support the deployment of NFTs, which can also be traded on the Klever marketplace.
NFT ledgers claim to provide a public certificate of authenticity.
Even though an NFT is deployed on the blockchain, the legal rights it conveys can be uncertain.
In the long run, this gives the NFT owner the right to claim ownership of their creation.
Is it profitable to produce an NFT?
Non-fungible tokens, or NFTs, are becoming some of the most profitable blockchain-based experiments in history.
This has attracted high-profile influencers to its space in recent times, which included but was not limited to musical artists, sports personalities, movie actors, and even CEO of companies like the former Twitter CEO Jack Dorsey, who made the news by auctioning off his initial tweet as an NFT.
Although the cryptology behind NFTs is quite tricky, understanding what they are and how to make quick money off of them is not.
What gives an NFT its value?
Most people go to art galleries to pick up priced artworks and pay huge sums to get those priced artworks.
The same is possible with NFTs which are like pieces in our hypothetical art collection – the level of consumer interest is basically what drives the value of an NFT.
This is similar to trading cards: the rarity is based on how interested consumers influence the worth of those rare cards.
While an image can be converted into an NFT, that doesn’t prevent the image from being freely shared.
However, it does definitively show who owns the asset through the blockchain.
What are the 3 most expensive NFTs ever sold?
Based on the previous explanation, we can see that there is so much money to be made from the NFT space and this is basically dependent on the interest of the consumers and they’re worth.
Below are 3 most expensive NFTs ever sold and they are as follows:
- Beeple’s Everydays: This is an artwork that depicts the first 5,000 days of Beeple’s ongoing daily art project, which began May 1, 2007, with a collage of each and every drawing.
That artwork includes the daily painting and early doodles as well as the digital renderings that created an opportunity to place him online and which gave him global recognition.
The NFT is currently worth a whopping 69.4 million dollars which is equivalent to 38,000 ETH. This made it one of the most expensive NFTs ever produced.
- Beeple’s Human one: This is another generative sculpture titled HUMAN ONE, it portrays a rotating polished aluminum monolith with LED screens and a corresponding NFT.
The creators were very intuitive and creative to infuse both components into a dynamic artwork, with Beeple retaining the ability to change or add to its contents remotely forever—at sale time, it featured an astronaut walking across shifting landscapes.
This artwork was sold for about 30 million dollars.
- XCOPY: This creative artwork takes a swipe at one of the main criticisms leveled against NFT art as it was said that it could not be copied by simply using the right-click and saving artwork for free, rather than shelling out to own it on the blockchain.
Bidders were interested to prove a point and prove the essence of using blockchain technology for the purpose of authentication.
This NFT was sold for over 7 million dollars and was valued as one of the third most expensive NFTs ever sold.
These NFTs above were all developed on the Ethereum network.
However, this is not to disregard other blockchains for not having expensive NFTs in millions of dollars.
There are other awesome NFTs that have been created on other blockchains: a typical example is the Devikins (#658874) which was sold in April 2022 for 10 million DVK (USD$40,000 at today’s price) and now it’s being sold for 50 million DVK.
This can actually dwarf the price of the Beeple Everyday especially when the price of DVK moves up to another all-time high.
More recently, several items and designs created by designers, photographers, and young artists are now minted as NFTs as the producers consider their works unique, which can stand the test of time and can be sold on various marketplaces.
The Klever Marketplace is indeed one of the best places to trade NFTs due to its high level of security and speed of transaction on the Klever Blockchain (KleverChain), which helps it stand out amongst other marketplaces.
NFT creators can take advantage of the opportunities to engage in a viable marketplace where security is given a high premium of their contents as Klever looks forward to an exciting time on the brand new blockchain created by it.
It is a Klever thing to do.
