What kinds of works have sold as NFT art? The characteristics of the most notable works and why they sell! 

Works that sold for high prices as NFT art

Let’s take a look at what kind of artwork has sold for high prices so far.
Some of the most famous are the works from two projects of BAYC Cryptopunks.
Now, let’s take a look at some specific NFT pieces that have sold for high prices!

Beeple’s “Everydays – The First 5000 Days

Among the most expensive NFTs ever sold, the most representative is Beeple’s every day: the first 5,000 days.
Beeple’s artwork is extremely expensive, but the piece itself is also highly valued within the community.
This piece is essentially a collage of 5000 of his works, and the artwork, created by renowned digital artist Mike “Beeple” Winkelmann, sold for $6.5 million at Christie’s, It sold for $9.3 million.
This was the first time a venerable auction house such as Christie’s had sold a purely digital artwork, so it attracted a lot of attention and resulted in such a high sale price.
Since 2007, he has created one piece of art every day, which was sold by Vignesh Sundaresan (also known as MetaKovan) after a bidding period at the auction that ran from late February to March. 
The sale was the third most expensive piece of artwork by a living artist.

Beeple’s “Human One”

Everyday is not the only expensive work by Beeple.
A work called HUMAN ONE was sold on November 9, 2021, for a fee of $30 million and is closely related to his previous work, Everydays.
Late in 2021, he released his latest major work, HUMAN ONE.
This work depicts a person in a space suit walking through an ever-changing environment and is a sculptural artwork with digital screens on all sides.
HUMAN ONE hit an auction price of $25 million at the November 2021 Christie’s auction, but ultimately sold for $28.9 million, once all fees were added.
Ryan Zurer, a former venture partner at Polychain Capital, won the bid for this piece.

CryptoPunkの#7523

The third will be the work of Cryptopunks.
This “punk” has a scowling physiognomy and wears a bandana, one of 6039 male punks in existence.
This piece is said to be the third rarest NFT in the CryptoPunk collection.
Sold for a whopping $11.75 million, it was the most expensive CryptoPunk in the world until February 2022.

CryptoPunkの#4156

The Cryptopunks project has produced many expensive pieces, with #4156 ranking as the third most expensive punk in history.
It was purchased on December 9, 2021 for $1.25 million, just 10 months later.
Punk 4156 first came to prominence in the burgeoning NFT industry when it purchased an NFT in February 2021 for a then record-breaking $1.25 million worth of ETH.
He also made even more headlines when Beeple, whose image we just mentioned in our high-value piece, used it in his artwork as well.

CryptoPunkの#3100

Wearing only a headband, #3100 is the seventh rarest CryptoPunk.
The day after 7804 punks were sold, #3100 exceeded the value of the other NFTs.
An alien punk with only one headband sold for $7.67 million on March 11, 2021, making it the rarest CryptoPunk in existence.

Notable Features of Notable Works of NFT Art

So what exactly is it about NFT art that attracts so much attention and commands such high prices?
Let’s look at the characteristics and commonalities of works that sell for high prices.
The main characteristics are as follows

  • Rarity and topicality
  • have a meteorological character
  • Can be used as a social networking icon

Unusual and topical

The first is topicality.
Word-of-mouth on social networking sites and celebrities are highly relevant.
Rare items tend to fetch particularly high prices.

Rarity

And secondly, there are those that are rare.
Some NFT projects have rarity levels, and the rarer the item, the higher the price.
Even if there are thousands of NFTs in one collection, rarity and value are not the same.
The best example of this is the CryptoPunks collection: the entire CryptoPunks collection consists of 10,000 NFTs divided into five “punk” types.
Looking at the supply of all these types, only 9 “alien” types are available.
This is the rarest NFT in their collection and is also the most expensive.
On the opposite end of the spectrum, 6039 “male” punks are present and are considered the least scarce in the entire collection.
Naturally, their prices are also lower.

Therefore, we can say that a low supply increases demand and makes the price of NFTs very high.
However, the supply value is not the only factor that determines the scarcity of NFTs.
There are different ways to calculate the overall scarcity of NFTs.
These include scarcity based on the rarest trait, statistical evaluation of scarcity, and even various parameters such as taking the average of the trait’s scarcity.
In all of these methods, the overall characteristics of the NFT are considered, rather than a single trait. Thus, the scarcity score is used to calculate the rarity of an NFT.

It can be used as an icon for social networking sites.

A third characteristic is broad versatility.
Many celebrities on Twitter use it as an icon, which is one of the reasons for its popularity.
In Japan, Mr. Matsuura, the president of Avex, also used Cryptopunks’ NFT as an icon.

It has functions other than artwork, such as a membership card.

Some NFT content also has the ability to become a member of a project, a prime example being BAYC.
When you purchase a work from BAYC, you not only sell it, but also earn a variety of benefits as a member of the project.
These benefits include participation in events, purchase invitations to rare works of art, and much more.

Why NFT Art Sells

Why does NFT art sell for such high prices? Let’s review the reasons why.

  • NFT art can be widely available on the web as a collection
  • NFT’s transaction history is kept, so you can trade with peace of mind
  • Can be resold for a profit

NFT art can be widely displayed on the web as a collection

NFT art created on the Internet can be listed and published.
As mentioned earlier, after listing, you can advertise it on social networking sites to spread it around the world.

NFT transaction history is kept, so transactions can be done with peace of mind.

Since NFTs are created and stored on the blockchain, transaction history remains.
Thus, it is possible to hold tamper-proof assets.
Thanks to this feature, transactions are secure in the marketplace.

You can even resell it for a profit.

The last reason is that it is highly profitable.
NFT works can be resold, so if you sell them on the secondary market, you can sell them at a higher price than when you bought them and make a profit.

What it takes to sell NFT art

Selling NFT art can be difficult.
We would like to explain what you need to do to sell. Specifically, here is what you need to do

  • Create artwork that people want to buy.
  • Focus on trends, but also originality
  • Adding value to your work
  • Consider how to market your work

Create a work of value that people want to buy

In particular, you need to focus on genres and find out which genres are the hottest and most popular.
Find out what is rare and trending.
If you are considering buying NFTs, the most important thing to consider is rarity.
The best NFTs that sell for millions of dollars are very rare and are desired by all collectors.
Rarity.tools is a useful tool for tracking and researching the NFT space.
BitDegree also allows you to build a personal portfolio and easily track the progress of all your favorite NFTs.
Currently, BitDegree tracks 357 different NFT collections from three protocols.
In total, these collections are spread across 58 different NFT marketplaces, and the best thing about this tool is that the tracking feature allows you to make the right decision at the right time.
BitDegree also provides analysis of the top NFT collections. Thus, you can get a good idea of which NFTs are currently booming in the market.
Use these pieces as a reference for your research.

Focus on trends, but also originality

Once you have researched trends, consider adding originality.
It is also important to follow trends to see what genres of NFT are currently popular.
We have scoured the web and compiled a list of the latest and upcoming trends.

  • NFT Games
  • NFT Tickets
  • Avatar and PFPNFT
  • NFT Fragmentation
  • Digital Twin NFT
  • AINFT
  • NFT Streaming
  • NFT Art
  • Medical NFT
  • Financial NFT
  • Blockchain and Website Scaling

Adding value to the work you create

Creating an NFT work and simply selling it does not make any difference, so consider adding value.
An example of adding value is to share the story behind your digital art.
If you are an artist, explain the story behind the art or add a description about the piece.
The description or explanation does not need to be as long as a paragraph or two; try to keep it to one or two sentences if you can keep it brief.
It is also even better if you write about how your NFT came about, what its importance is, and what benefits or perks it offers to the buyer.

Be creative in how you market your work.

Finally, be creative in how you market your work.
In particular, it is important to list your NFTs on multiple marketplaces.
Instead of listing on only one marketplace, you can increase your chances of selling by listing your NFTs on multiple marketplaces.
Each marketplace has its own way of selling, so you need to be aware of this.
Here are a few NFT marketplaces to get you started.

  • OpenSea – a platform for art goods and unusual digital items
  • Rarible – Platform for all forms of crypto assets
  • SuperRare – authentic and unique platform for digital artwork
  • Foundation – Platform for trading digital collectibles

Another way is to share on social networking sites.
It is not enough to simply upload your NFT portfolio to social media platforms.
You need to ask your friends and followers to share your NFT projects on social media.

Summary of the characteristics of works of art and products sold that attract attention in NFT art.

How was it?
The following is a summary of the key points of this article. 
NFTs that have sold for high prices include works by Beeple and Cryptopunks
All NFTs that have sold for high prices have sold for tens to hundreds of millions of yen.
There are many reasons why a piece attracts attention, including buzz, rarity, and versatility.
NFT is a secure transaction and can be monetized
Trends and originality are also important for selling NFT art
If you want to exhibit NFT art for the first time, please refer to this article and give it a try!