Coronavirus causes us to see things differently, and our pace of life gets slower. The virtual world has become more popular among people. Having spent more time in a virtual world was the first time.
There was no music or parties to go to, so we spent all of our time on our computer screens. The digital world has been around for some time, so most people have realized its potential, so cryptocurrencies and blockchain technology have seen tremendous growth.
The rise of non-fungible tokens was one of the hottest discussion topics in the crypto community and mainstream media. The NFT is a digital asset that anyone can own. Videos, music, artwork, and games represent real-world items. The blockchain has reshaped the digital landscape, turning anything into an NFT that can be tokenized.
Fungible vs. Non-Fungible Assets
Fungible assets are easily exchangeable for similar assets of the same type and value. U.S. dollar bills, for instance, are fungible. The value will be the same if you exchange one for another.
The same goes for Bitcoins and other cryptocurrencies. There is no difference in price between bitcoins. In contrast, non-fungible assets are unique. In other words, they are neither replaceable nor interchangeable.
Original works of art and diamonds are examples. Each of these assets possesses unique characteristics that are not replicable. The cut, color, size, and grade of a diamond, for example, are all unique. A diamond’s fingerprint is unique, just like a person’s.
It is now possible to argue that there are no truly fungible assets. A handful of dollar bills are likely to differ physically, whether tattered corners, ink stains, or various series dates. If an asset is fungible or non-fungible, it should be determined based on its use value rather than its technical characteristics.
5 Most Expensive NFTs
An NFT is a digital representation of an asset created and stored using blockchain technology. A unique identification code enables NFTs to be distinguished from one another and prevents replication. Moreover, each NFT is extensible, meaning you can combine two NFTs to make a third, unique NFT. Following are the five most expensive NFTs.
1. The Merge
Digital artist Pak created The Merge, an artwork he created anonymously. The Nifty Gateway, a marketplace operated by NFT, sold it for $91.8 million.
2. The First 5000 Days
The artwork sold for $69M in this list is also by Beeple. Despite being the first digital work of art auctioned off at a major auction house, it holds an important place in history.
3. Beeple, Human One
Beeple created a dynamic sculpture called The Human One, which he sold for $29.98M. The sculpture depicts an astronaut undergoing a constant change of scenery.
4. CryptoPunk #7523
A cryptocurrency-related artwork, CryptoPunk #7523, has recently sold for $11.75 million. The CryptoPunk series is the most expensive, so it is the most costly.
5. CryptoPunk #3100
Unlike CryptoPunk #3100, 9 Alien Punks has a price tag of $7.58 million. Cyberpunk #3100 has a blue and white headband and is wearing an alien outfit.