NFTs or non-fungible tokens unleashed unexpected popularity in 2021, which even the digital artists did not expect, digital tokens that had been on the market for several years and whose impact had been slight.
The digital works and products offered in the form of NFTs exceed the prices that people would usually pay for a work of art.
That is why, for content creators, linking these NFTs with company advertising is one of the new marketing trends that generate profitability and profits for many companies.
NFT price history
The price of an NFT mainly focuses on the perspective of digital art that those who want to buy or sell it have, without neglecting the impact of cryptocurrencies and their volatility, because these digital resources are anchored to the price of Digital coins.
Since the moment of its creation, no specific methods have been established that allow the valuation of NFTs, even sometimes it is difficult to speculate on the price that an NFT could acquire that has already been sold and they want to resell or buy.
NFTs have been characterized as unique digital works; this characteristic is maintained so that this type of digital asset at the time of its creation is registered in the Blockchain, and as we already know, everything that is registered in the nodes that make it up is encrypted.
It is how NFTs protect their authenticity, and in turn, the users of this platform confirm that there is no identical copy, contributing to the fact that these digital assets cannot be hacked.
Smart contracts are considered computer software, which allows registering, just as a legal agreement would do in real life, the relationship between a buyer and a seller of a particular digital asset only in computer language, thus avoiding the intervention of third parties.
Smart contracts are practically inviolable, allowing their users to have security in their operations under the blockchain environment and cryptocurrencies.
In the NFT ecosystem, smart contracts allow their users to obtain future profits from the sales of their works of art directly; that is, a percentage of sales corresponds to their copyright.
The NFT that leads the list of the most expensive is represented by the digital artwork executed by the American artist Beeple, who gathered 5,000 works of his own in a collage sold for almost 70 million dollars, called Everyday: The First 5,000 Days.
The successive positions to this NFT are occupied by the digital works created by the company Larva Labs, which has created a set of results based on avatars and have been called CryptoPunks by their authors.
The prices of these CryptoPunks are located from 11.8 million dollars, and lastly, the one with the lowest price reached was close to 7.5 million dollars, prices that nobody expected could be paid for this type of digital work.
It is there that interest in acquiring this type of digital artwork begins to increase.
Sales of NFTs had reached surprising amounts since 2021 when they closed their operations with more than 20 billion dollars.
Sale of NFT for 532 million dollars
If this transaction had been the purchase of an NFT for this specific value, it would not only be the most expensive digital artwork but the most expensive artwork overall.
According to sources from the same company that tracked the operations carried out with the famous CryptoPunk, they found that said the transaction was just a farce that served as publicity.
All this was later demonstrated when the same users of the NFTs platforms and followers of the Larva Labs firm realized that the design of the pixelated avatar was not very attractive enough to cost that exuberant sum.
Everything turned out to be a flash loan that is usually a standard operation, which was later cancelled, and therefore the high amount generated confusion and astonishment among users.
As all transactions are publicly guarded, those involved in said transaction gave the necessary explanations to deny the fact that a collectable CryptoPunk had been sold for such a large sum.
Conclusion
The astonishment that NFTs have caused in the art market, in general, is no secret to anyone; consequently, digital works of art have a more excellent positioning than framed works exhibited in a traditional art gallery.
The updating of artists in this type of digital market is vital because works can be auctioned worldwide without geographical borders; anyone on the globe can have access to them.
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