![]() ![]() People quickly began paying real money for them. Consider CryptoPunks, a collection of 10 thousand pixelated images given away for free on the Ethereum network as NFTs. Considering 1 ETH is currently worth well over $1,800, you can see how crazy NFTs can be.ĬryptoKitties are not the only popular NFTs on Ethereum. The most expensive CryptoKittie was sold for 600 ETH. The game involves breeding and selling digital cats. However, NFTs have taken the spotlight much earlier with the release of the Ethereum game, CryptoKitties, in 2017. This is the highest price paid for an exclusively digital artwork existing as an NFT. How Much Value Are People Assigning to NFTs?ĭuring a high tension bid on popular art platform Christie’s, digital artist Beeple sold a coalition image of all the digital art he’s posted online since 2007. It’s also easy to see that fungible currencies were created to assist the market circulation of non-fungible assets. The same is true for gold and precious metals. If everyone woke up tomorrow and decided to walk, cars would be worth nothing. A car is only worth thousands of dollars because people need to drive. Money made this process more efficient because no longer was the value of two goods or services constantly debated to make a trade, but rather market participants only have to decide the value represented in the money of a single good or service in question for the trade.Ĭonsidering this origin, it’s easy to see that things are only valued because we assign those values to them. Back then, everything was non-fungible and markets consisted of bartering where two parties would decide how much to exchange one service or good for another service or good. In this article, we will dive into the question: *Why are some NFTs selling for millions? * History of Non-Fungibilityīefore metal coins were first used as money around 5000 BC, goods and services were traded for other goods and services without a currency. ![]() Depending on the (perceived) value of an NFT, its price can range from zero to over a million dollars. NFTs are unique blockchain-based digital assets representing a virtual or physical item. The NFT market is booming, with some digital collectibles selling for millions of dollars. Learn why some NFTs are selling for millions even though they are “just” images on the internet. ![]()
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