Art collections worth millions are being sold as digital jpegs, and some influential people in the world are getting in on the action with their own projects, including NELK’s Full Send Metacard, further fueling the NFTs’ meteoric rise to prominence in 2022. The NFT fad still looks to be running strong in 2022.
Investors and collectors with deep pockets have kept pouring money into the market for non-fungible tokens (NFTs), which include anything from pixelated apes and cat memes to the Bored Ape Yacht Club and a bunch of punk-like avatars.
Even if NFTs prices have been falling recently, sales are still on track to beat last year’s total and achieve a total of $90 billion by the end of 2022. If NFTs are selling for tens of millions of dollars, then what is driving the market?
The Merge ($91,8 Million)
The Merge, a work by renowned digital artist Pak, has sold for more than any other NFT in history. Another well-known figure in the NFT world, Pak is responsible for some of the most recognisable pieces ever produced in the genre. No one knows who the artist is, but it hasn’t prevented them from becoming a major player in the realm of digital art.
The Merge is the most original NFT that Pak has ever developed. The Merge was not an individual work of art but rather a collection of “masses” for sale. People’s’mass’ grew according to the amount they spent. The Merge is the most expensive NFT sale yet at $91.8 million since it collects all of these masses under a single creation.
Five Thousand Days ($69 Million) In The Making
The auction house Christie’s set a new world record with the sale of a large collection of artworks by Beeple at their first-ever digital art auction, which brought in $69 million. Since May 2007, Beeple has created an artwork each and every day. These works of art, termed “Everydays,” come in a wide range of styles, mediums, and subject matters, and frequently employ dystopian or satirical worlds. According to Artnet, after Jeff Koons and David Hockney, Beeple is the “3rd most expensive living artist” in terms of auction values.
