NFT technology has been around for a few years, but since 2021 it has become incredibly popular. The multimillion-dollar sales of digital artwork have played a big part in this, hitting the headlines not only in the thematic, but also in the mainstream media. This is a kind of revolution in which artists and designers play a key role: experimenting with new technologies, they have formed an entire blockchain-based art industry.
In this article, digiitallife.com editors list the most expensive NFT paintings of all those sold as of February 2022.
Features of NFT art
It’s impossible to imagine a world without paintings and sculptures. But as technology advances, ways of creating and experiencing works of art are emerging. Many artists today have gone digital, which gives them a number of advantages:
- Democratic auctions on a decentralized basis, with no high auction house commissions.
- Lifetime royalty payments from each resale of a painting on the secondary market.
- Non-alienable authorship and ownership, which is enshrined in a smart contract on the blockchain and cannot be challenged.
- It is easier to assert oneself and achieve fame here than in traditional art.
- Even top auction houses, such as Sotheby’s and Christie’s, have appreciated the advantages of crypto-art, which has already led to a number of major auctions with NFT. The former has even launched the Sotheby’s Metaverse, a meta-universe with curators dedicated to collectors.
Briefly on what NFTs are all about. Each is a unique irreplaceable token stored on a blockchain. Each has its own ultra-secure encryption code, making such a token a certificate of authenticity for the object tied to it. NFT keeps track of the artwork’s creator, price history and ownership.
NFT’s 10 most expensive arts in 2022
Beeple – Everydays: The First 5000 Days
- Sold for $69,346,250
- Platform: Christie’s auction house
- Date: March 11, 2021
Mike Winkelman (Beeple) had been painting a small painting every day since May 2007. When he accumulated 5,000 of them, he compiled the NFT that eventually made the whole industry mainstream. The artist continues to draw pictures every day and shares them on his Instagram.
Beeple – Human One
- Sold for $28,985,000
- Platform: Christie’s auction house
- Date: November 10, 2021
A generative sculpture that combines physical and digital art. Represents an astronaut’s suit, continuously going forward in different weather conditions. Beeple plans to develop the content of this piece for the rest of his life.
Beeple – Crossroad
- Sold for $6,600,000.
- Platform: Nifty Gateway
- Date: February 25, 2021
Beeple departed from his style a bit on this painting. The piece in question is a ten-second loop where people walk by without noticing the figure lying on the ground. The painting was created before the 2020 U.S. presidential election, so the buyer purchased it without knowing the outcome. The man lying in the background turned out to be Donald Trump, who lost the election.
Edward Snowden – Stay Free
- Sold for $6,040,050
- Platform: Foundation
- Date: April 16, 2021
NFT created by famed whistleblower Edward Snowden. Includes a court ruling against the National Security Agency’s surveillance methods that violate existing security laws, as well as a photo of Snowden by British portrait photographer Plato.
Beeple – Ocean Front
- Sold for $6,000,000
- Platform: Nifty Giveaway
- Date: March 20, 2021.
A painting on the theme of climate change. It depicts trailers and vans balancing on scaffolding, with a tree standing on top. The point is that the nature of our society is very unsustainable right now.
XCopy – All Time High in the City
- Sold for $4,426,835.
- Platform: SuperRare
- Date: January 2, 2022
The piece was created back in 2018. The animation depicts a ferryman from the underworld (probably Charon) ferrying a man in costume across a river. London-based artist XCopy is known for almost always addressing the theme of death.
XCopy – Right-click and Save As guy
- Sold for $4,345,360.
- Platform: SuperRare
- Date: December 9, 2021
In this picture, XCopy went over a topic many people are discussing — why buy NFT when you can just right-click and save the picture. A flashing animated image in dark colors accompanies the description: “Why buy when I can right-click and save?” It’s funny when you consider that the painting was bought for more than $4 million.
MadDogJones – Replicator
- Sold for $4,144,000
- Platform: Phillips Auction House
- Date: April 23, 2021
Digital artist MadDogJones combines the themes of dystopia and cyberpunk in his work. The 50-second piece shows a large copier turning on, printing and turning off. The metaphor symbolizes the development of technology – for example, the copier seems already obsolete against the background of modern technology.
FreeRoss – Ross Ulbricht Genesis Collection
- Sold for $3,927,119
- Platform: SuperRare
- Date: April 23, 2021
Ross Ulbricht is the creator of the Silk Road drug and other illicit drug trading site. Currently serving a life sentence, but hasn’t given up hope of getting out. He is supported by a fairly large community. Behind bars he draws, and has decided to turn his drawings into NFTs. The proceeds from the sale are donated to help prisoners and their families, as well as to fight for Ulbricht’s own release.
XCopy – A Coin for the Ferryman
- Sold for $3,612,080
- Platform: SuperRare
- Date: November 4, 2021
The animated picture shows a man in a suit and tie, and the background flashes all the colors of the rainbow. The artist managed to create a rather sinister NFT, which, however, corresponds to his usual style.
Opinions of experts on the prospects of the sector
For authors looking to sell NFT paintings, this trend carries several key features (both positive and negative):
- The fact of ownership. Before the invention of NFT, there was no way to fully own something digital. Any work could be downloaded and transmitted. In the case of NFT, this is also possible, but full and undeniable ownership still remains with the owner. Blockchain records information in a way that is very difficult to hack, this is extremely useful for tracking ownership and keeping records of authors. The main problem with this concept is that there are no legal precedents yet where the rights of picture authors are defended, because theoretically, having access to a digital picture file, an intruder can mint NFT in his own name and get all the benefits.
- A way to make money. NFT art provides new methods of monetizing artwork. Plus, everything is much faster – quick payment, no time to print, quick feedback from the audience, active interaction with customers and tweaking to their needs. The royalty system means that every time an artwork is resold, the artist gets 5-10% of the amount. Determining value also plays an important role. Since NFTs are sold mostly for Ethereum (or other cryptocurrencies) the value can be very volatile. If the rate of cryptocurrency falls, the value of the work in fiat terms will fall as well.
- Scope. Previously, artists made money from real-world events such as exhibitions. The rise of the NFT trade has allowed collectors and artists to interact globally. Many designers and freelance artists have been able to increase the stability of their income without having to scramble only for occasional commissions. You can find your audience, develop a brand strategy, find a way to work, and use a lot of marketing opportunities.
One of the main drawbacks of the industry experts call the ecological footprint. Ethereum, on which the vast majority of NFTs operate, is mined by PoW mining. A single token can be sold for so much that the transaction would consume up to 10 MW of electricity. This is very troubling, but it must be said that this is not a problem of NFTs specifically, but of PoW blockchains in general. Soon, when Ethereum moves to Proof-of-Stake, the situation will improve.
Where to create and trade NFTs (marketplaces)
Let’s talk about how to make an NFT picture and sell it.
The principle is very simple:
- Prepare an image file in one of the popular formats – JPG, PNG, GIF.
- Specify its name and description.
- Choose a blockchain for coinage.
- Choose the affiliation to the collection.
- Offer for sale on a fixed price or auction, not forgetting to include a percentage of royalties.
FAQ
What are the features of NFT art?
First of all, there are opportunities to establish ownership on the blockchain and royalty rights to the author. As well as increased opportunities for marketing and interaction between the artist and the public.
What do I need to create my NFT?
The image file itself, an NFT-enabled cryptocurrency wallet, a platform that provides NFT minting functionality, and some cryptocurrency in the wallet to pay the initial commission when you send the token for sale.
Where can I trade NFT?
The most popular marketplace today is OpenSea, with billions of dollars in turnover. But there are other good options.
What’s the most expensive picture sold on blockchain?
Everydays: The First 5000 Days by artist Beeple; sold in 2021 for $69 million.
What assets do NFTs typically sell and buy for?
Transactions are always done in cryptocurrency, most often ETH, or Stablecoins.
Where to store NFTs?
Metamask, Trust Wallet and other web3 wallets – check that the service supports the right token standard.
Conclusion
The sale of NFT paintings has great potential to transform the entire creative industry. It is highly likely that for future generations it will already be the order of the day. Nevertheless, at the moment this direction has both advantages and disadvantages. One could say that much here depends on luck, on the coincidence of circumstances. And yet, budding artists flock to the sector every day to try and sell their work. Many do succeed, and their name becomes known around the world, but there are even more whose NFTs have never been honored.
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