It’s all fun and games until someone makes 69 million
On March 11th 2021 Mike Winkelmann sold a non fungible token jpg for $69,346,250 usd. This digital art piece broke records for being the most expensive NFT ever sold. The piece was purchased by a crypto investor named Vignesh Sundaresan also know as MetaKovan. The reason why is simple, for the same reason anyone would buy any piece of art, because he had the means to buy something he felt was so significant to him that he had to have it.
But not only was this purchase significant to him, but it was significant to the whole NFT market when MetaKoven set a benchmark for how much someone would be willing to pay for a digital piece, but he also seriously flexed the muscle of Cryptocurrency investing. MetaKovan has been in the Crypto space since early 2013, and with many investment opportunities that he wisely took advantage of, he is worth close to $1 billion. As soon as he made this purchase, the world took notice of the power NFT’s have.
How to buy NFT’s and what makes them valuable
Now just to back it up a little for those who may not understand NFT’s, Crypto, and how NFT’s are purchased, let me explain how “Everydays” was purchased. “Everydays” was purchased with Ether. In order to have Ether you have to have a digital wallet. You can get this by opening an account on Coinbase or Robinhood. Here you will use money to purchase Cryptocurrencies. Ether was the Crypto of choice needed to buy the Beeple piece.
What makes NFT’s so unique is that unlike Crypto you cannot buy Non fungible Tokens in fractions. So for example today you can buy a fraction of a bitcoin and watch your money fluctuate with the current market value on a daily basis. If you were unable to do this 1 share of bitcoin would cost you roughly $58,000 a share. Now for an NFT sold on a blockchain it must be purchased at the valued price when auctioned off. Vignesh Sundaresan believes the value of Beeples piece “Everydays” is limitless based on the current trending growth of Crypto investors thriving in this space, and the continued interested in NFT’s for their parallel value. This means as the market continues upward and investors grow their worth it is very possible that “Everydays” can be sold for 10 times more that what it was just purchased for or even more.
Here are the top ten most valuable NFT’s
- Metarift– $904,413
- Forever Rose– $1 Million
- CryptoPunk #4156– $1.25 Million
- Axie Infinity Virtual Game “Genesis” Estate– $1.5 Million
- CryptoPunk #6965- $1.6 Million
- The First Twitter Tweet– $2.9 Million
- Crossroads– $6.6 Million
- TIE: CryptoPunk #7804– $7.57 Million
- TIE: CryptoPunk #3100– $7.58 Million
- Everydays- The First 5000 Days- $69 Million
Where to buy NFT’s
Retailers who accept Bitcoin
- Home Depot
- Whole Foods