The previous article introduced Beeple’s EVERYDAYS: THE FIRST 5000 DAYS, one of the most expensive NFT digital artworks. This article introduces other forms of non-fungible token art and examines NFT market value.
GIF Auctioned as an NFT: Nyan Cat
The viral GIF Nyan Cat, also known as Rainbow Cat, was recreated by its original creator Chris Torres to celebrate its tenth anniversary. He sold a high-definition version of Nyan Cat on the NFT auction platform Foundation, and the NFT sold for 300 Ether.
Nyan Cat was inspired by Chris Torres’s late cat Marty. In the GIF, Marty flies through space with a rainbow trail behind him. Chris Torres supported NFT transactions through this sale. Digital artworks sold as NFTs give buyers certain privileges, while allowing legal copying of the digital artwork, and artists usually retain copyright.
One of the Most Valuable NFT Collections: CryptoPunks
CryptoPunks launched in 2017. The full collection contains 10,000 cartoon-style digital avatars, each made in 24-by-24 pixels. CryptoPunks evoke a 1970s punk style and combine different hair colors, skin tones and accessories to create unique avatars.
In May, a group of CryptoPunks sold at Christie’s for USD 16.96 million, far above the expected estimate. The group of nine individual digital avatars had been estimated at up to USD 9 million, but the final price was nearly double.
CryptoPunks also occupy high positions among the most expensive NFT digital artworks, including CryptoPunk #3100 and CryptoPunk #7804, each selling for around USD 7.57 to 7.58 million.
NBA Top Shot: NFT Digital Art Loved by Basketball Fans
Before NFTs became popular, NBA fans collected player cards. Because old cards could not always be verified through technology, fake cards appeared in the market and caused buyer losses.
NFTs help solve this problem. NBA Top Shot is a player-card-style platform based on the Flow blockchain. It records exciting moments from games, such as passes, dunks and game-winning shots. NBA Top Shot does not only record images; it can also turn moments into short videos.
Hundreds of thousands of people have traded NFTs on NBA Top Shot, and trading volume has exceeded USD 470 million. Cards are divided into common, rare and legendary categories, each with limited issuance. Legendary cards have only 100 copies. One of the highest-priced packs featured a LeBron James dunk moment and reached USD 250,000.
Although NFTs were born in 2017, the market boom only emerged in recent years. Valuable things will eventually be discovered by the market. However, NFT applications are not limited to digital art. Future articles will introduce more different NFT examples.
Translation supported by AI.