Some say that NFTs are the next frontier in the crypto world, but others are saying that the NFT market scale and user base is limited, and that the hype surrounding NFTs are nothing more than talk. As a popular field that could help blockchain technology achieve a mass adoption, do NFTs have any investment value? Opinions are quite numerous within the crypto circle.
Before we answer that question, let’s take a look at the current NFT market. The KuCoin Blog has found the 5 most expensive NFTs (data from OpenSea), which will not only open your eyes to the joys of collecting NFTs but also further explore why NFTs are often sold for so much and what the future holds for them.
Top 1: Dragon Worth 600 ETH
The most expensive price for an NFT comes from the renowned CryptoKitties’ Dragon. This cute electronic cat costs about 600 ETH, or about $270,000.
CryptoKitties, as the blockchain industry popular game, naturally has its own charm. It is the world’s first digital cat collection game that’s based on blockchain technology. It allows interbreeding between two crypto-cats. Cats will randomly inherit their parents’ 256 genes, making it more than likely that a new crypto-cat will be born with unique genes. In addition, a more unique cat inches it closer to Gen 0, also making it increasingly more valuable.
Top 2: 12600 ㎡ lot Worth 514 ETH
The 12600 ㎡ lot that is from Decentraland. Decentraland is a decentralized virtual reality platform based on the Ethereum platform. On the Decentraland platform, users are able to create, experience, and monetize their content and applications.
Decentraland has a limited and passable 3D virtual space that is called LAND. This is a non-fungible digital asset that is maintained through Ethereum smart contracts. The LAND owner fully controls their virtual land. As stated in Decentraland’s Terms of Service: In the virtual world, buyers own the land parcels they purchase, and they can control their parcels. They control the created content environment and applications, which can range from a static 3D scene to applications or games with more interactivity and functionality. But the 12600 ㎡ lot has been disbanded, and no more land exists any more.
Top 3: 1–1–1, Worth 415.9 ETH
1–1–1 is the first car that F1® Delta Time released. It is an official limited edition, with only one in the world. For those who love Formula 1, this is quite the collector’s item. F1® Delta Time is a game based on the Ethereum blockchain. The game is about collecting and trading unique F1 cars, drivers, and accessories. F1® Delta Time includes two game experiences- collecting and competing.
Top 4: Land at 22, 2 Worth 345 ETH
In the world of Decentraland, the land size is fixed. About 80% of the land is privately owned, with Decentraland selling and leasing the majority of the rest. Some of the remaining bits of land, such as roads and squares, don’t belong to anyone. The characters in the game move like we do in the real world. Players can have them only walk in the land they own and in public areas, so the positioning is quite important. Land closer to popular places will be more expensive than more remote areas. Land at 22, 2 relies on its advantageous location to rank among the five most expensive NFTs.
Top 5: 5000.0 ETH Cover Worth 350 ETH
Different compared to the NFTs we’ve already mentioned, the 5000.0 ETH cover is a decentralized insurance based on yInsure.finance. It underwrites the risks of the Curve smart contracts of 5000.0 ETH, and the policy is valid until November 19, 2020 at 18:08:03. While most people are still buying up exquisite NFT artwork and various NFT mining, yInsure.finance has created a new NFT era.
Why Do NFTs Sell For Such High Prices?
First, we need to understand the concepts behind NFTs. NFTs are called Non-Fungible Tokens. The important NFT features are that each NFT has its own unique and one-of-a-kind identification, and no two are interchangeable. The smallest unit is 1 and can’t be divided. NFT is still a niche market, but its primary applications are concentrated in gaming, virtual worlds, and crypto art collections, adding up to a monthly trading volume of $8 million. Most NFT assets are based on ETH, but other mainstream public chains such as EOS, OST, COCOS, NEO, and Enjin also support NFT issuance and circulation.
In addition, NFT has been under development for 3.5 years, and the market has shown some steady growth. In June 2017, the first ETH-based NFT CryptoPunks was officially launched. NFT became popular thanks to the launch and popularity of CryptoKitties. Beginning in 2017, the NFT has shown steady growth over the past 3 years.
Finally, NFTs, which utilize gaming and art collections as its primary application scenarios, enjoys a stable user base. Looking at Opensea, the largest NFT exchange, it currently has over 20,000 users. Especially in East Asia, the popular origins of games and art collections have provided fertile soil for breeding and disseminating NFTs.
Faced with the rapid development of NFTs, KuCoin entered into the NFT market. In the next few months, Pool-X will officially launch the NFT exchange platform and offer users with an user-friendly NFT trading experience. Come to Pool-X to get started in the world of NFTs.
If you haven’t got a KuCoin account yet, you can sign up here!
5 Most Expensive NFT Ever Sold, Will You Spend $270k on a Digital Cat? was originally published in kucoinexchange on Medium, where people are continuing the conversation by highlighting and responding to this story.
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