Non-fungible tokens (NFTs) are unique crypto assets generally used to represent crypto art and digital collectibles. The rise of NFTs created scarcity for digital objects and generated great value fo…

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Non-fungible tokens (NFTs) are unique crypto assets generally used to represent crypto art and digital collectibles. The rise of NFTs created scarcity for digital objects and generated great value for creators and investors alike.

In this article, we’ll take a look at some of the most expensive NFTs sold to date, such as Beeple’s Everydays: The First 5000 Days ($69.3 million) and a bunch of CryptoPunks that dominated the list with ultra-high price tags.
Introduction
NFTs saw exponential growth in 2021, with tens and thousands of investors flocking to collect digital arts in different forms. Some NFT sales even generated record-breaking prices. What are NFTs, and why do they have value?

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What is an NFT?
A non-fungible token (NFT) is a token issued on a blockchain to represent a unique asset, which could be a document, piece of art, music, or even real estate. An NFT is not fungible because each one is a unique digital asset with a unique identifier.
Even if two NFTs look very similar, they are not interchangeable. So while one bitcoin is equal to and tradable to another bitcoin, an NFT is not. That’s why NFT technology is used to generate proof of authenticity and ownership on the blockchain. NFTs can be entire digital assets like play-to-earn gaming items and metaverse land or tokenized versions of real-world assets.

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