NFTs have been everywhere over the past year. Celebrities adopt them, large corporations acquire them, and the richest tech-savvy are doing everything to get their hands of them. What started with the questo to buy Ethereum, has now turned into a playful challenge of seeing who can play a role in the creation of the Metaverse.
In the next few chapters we discuss the most expensive NFT collections and deals made over the past summer, and close with taking a look at the industry’s short term direction. Let’s delve in!
CryptoPunks are a collection of pixelated avatars of people with unique traits. Made by Larva Labs back in 2017, the collection counts 10.000 unique characters, all of which are currently being sold for extremely high prices. For one, the collection is one of th earliest NFTs in the space – but that’s not all. Punks currently have attained cultural significance, and many celebrities are also looking to acquire one.
The current price floor for Punks is 159 ETH, roughly $640.000, while the rare versions have been sold for more than $10.000.000. Some of the most expensive deals this summer included a collection of 6 CryptoPunks sold at a Sotheby’s auction, as well as the “masked punk”, which, in a way, signifies the Covid-19 era we are currently going through.
Bored Apes Yacht Club
Released in April of this year, Bored Apes are a good example of what happens when community dynamic pushes up the demand. A collection of 10.000 images of apes in different costumes was released at a price of about $200 each. The week after that the price was already $1700 per piece, and they are currently trading at a 40 ETH floor. Some of the most expensive deals of the summer include the current auction as Sotheby’s:
— Michael Bouhanna (@michaelbouhanna) September 5, 2021
While Apes are not as popular as CryptoPunks, and certainly not as old, they are some of the most successful releases in the industry up to this point.
A few days ago, Dom Hofman, founder of Vice and byte, released a new collection of NFTs that were nothing but a .txt file representing a series of items for an upcoming game in the Metaverse. Known as Loot, the game got a huge following due to the founder’s reputation, and many rushed in to buy the NFT for a very cheap price. The floor is currently 12.6 ETH for an image, or $50.000, and there is a good reason for that. Shortly after the lucky 7700 users managed to mint their NFT, they received an airdrop of in-game currency token AGLD. The 10.000 units that each user received were briefly worth more than $70.000 after the airdrop, making it the most profitable airdrop in history.
At the time of this writing, more and more game developers are building on Loot, and airdrop new items, NFTs and cryptocurrency to the lucky few who managed to get the NFTs early on.
The most expensive transaction made shortly after the distribution of Loot NFTs was worth 250 ETH.
This article wouldn’t be complete without mentioning the OG of the NFT space, and the one with the highest sale ever recorded for digital art. Beeple’s 5000 days was sold off at an auction of Sotheby’s for no less than $69 million USD in Ethereum. The lucky buyer? Metakovan, the founder of Metapurse, and many other cryptocurrency projects.
Other Beeples are heavily traded on the web, and the artist keeps on making one piece every single day. The floor price for Beeples is currently set at 75 ETH, while some of his collections go for much higher price tags.
The future of NFT in this bull market
While NFTs have gone through two major bullish waves since the end of 2020, we see constant development in the space that simply transitions the positive market conditions in another subsector. Unlike the price of Bitcoin or Ethereum, which grow based on its financial capabilities, NFTs have more of a cultural significance tied to their name. Hence, we do believe that they will also not lose a large amount of value, but simply volume, once and if the market starts heading downwards again