In this article, we discuss the 10 most expensive NFTs in the world. If you want to skip our detailed analysis of these NFTs, go directly to the 5 Most Expensive NFTs in the World.
The non-fungible token (NFT) market is one of the fastest-growing sectors of the blockchain sector, topping $40 billion in volume in 2021, a record that looks set to be broken this year. This increased interest is manifested through the volume of smart contracts on Ethereum that are linked to NFT marketplaces. Two types of smart contracts, identified as ERC-721 and ERC-1155, cater specifically to NFTs and have surged in the past few months. NFT-focused companies are also seeing a rise in investment, with OpenSea raising $300 million at a funding round in January, valuing the firm at over $13 billion.
In addition to funding NFT startups, investors are also viewing NFT-linked stocks with bullish views. Some of the top NFT stocks to buy according to hedge funds include Visa Inc. (NYSE:V), NIKE, Inc. (NYSE:NKE), and eBay Inc. (NASDAQ:EBAY), among others discussed in detail below. According to market tracker DappRadar, NFT sales hit a record $25 billion in 2021, a huge jump from the $94 million in sales volume seen during the preceding year. These did not include NFT sales by auction houses. The sales are around the same amount as countries around the world pledged for carbon reduction efforts at COP26.
Our Methodology
These were picked from a careful assessment of the NFT universe in the past few months. The details of each NFT are mentioned alongside a discussion around top companies working in the sector to provide readers with some context for their investment decisions.
Data from around 900 elite hedge funds tracked by Insider Monkey was used to identify the number of hedge funds that hold stakes in each firm.
Most Expensive NFTs in the World
10. A Coin for the Ferryman
Sold For: $6 million
A Coin for the Ferryman is an NFT made by an artist known online as XCopy. The artwork was created in 2018 and sold for around $6 million worth of Ethereum in November 2021. The NFT is presently in the ownership of a social media user known as jPeggyGiffenheim. Previously, the artwork had been in the possession of 0xclipse who had bought it for just around $139 in 2018. Another NFT made by XCopy recently sold for close to $4 million.
NFTs are gaining widespread recognition in the digital realm through the efforts of companies like Twitter, Inc. (NYSE:TWTR), which owns and runs a social networking platform. At the end of the fourth quarter of 2021, 83 hedge funds in the database of Insider Monkey held stakes worth $3.1 billion in Twitter, Inc. (NYSE:TWTR), compared to 94 in the preceding quarter worth $6.3 billion.
Just like Visa Inc. (NYSE:V), NIKE, Inc. (NYSE:NKE), and eBay Inc. (NASDAQ:EBAY), Twitter, Inc. (NYSE:TWTR) is one of the stocks that NFT investors are monitoring.
RGA Investment Advisors, in its Q1 2021 investor letter, mentioned Twitter, Inc. (NYSE:TWTR). Here is what the fund has to say in its letter:
“‘The bird has wings’—Twitter’s quarter started off somewhat ominously, with Twitter, Inc. (NYSE:TWTR) the worst performing stock in the S&P 500 following the January 6th insurrection and questions about the stickiness of the user base after permanently suspending the account of President Trump.8 By the end of the quarter, Twitter, Inc. (NYSE:TWTR) was one of the best performers in the index after exceptionally strong fourth quarter earnings and guidance for the year and an upbeat analyst day that highlighted a rapidly evolving product roadmap placing the timeline at the center of ephemeral (fleets), long form (Revue) and voice (Spaces). The improvements to the experience makes the platform more accessible and provides more opportunity to continue growing the user base. Importantly, Twitter also embraced what we have been calling “creative empowerment” in previewing SuperFollows and a host of features designed to help content creators and contributors monetize their own audience on Twitter itself. These developments, alongside considerable progress on the advertising platform give us growing conviction that Twitter, Inc. (NYSE:TWTR) will deliver on its largely untapped opportunity—in other words, the value creation opportunity on top of the low multiple we were able to build our position at. Elliot spoke at length about these developments on Yet Another Value Podcast with Andrew Walker and The Business Brew with Bill Brewster, which we invite you to check out.”
9. Crossroads
Sold For: $6.6 million
Crossroads is an NFT created by American digital artist Mike Winkelmann, known professionally as Beeple. The NFT was sold for around $6.6 million in February 2021 on online cryptocurrency marketplace Nifty Gateway. Beeple is one of the most renowned digital artists across the globe. Crossroads depicts a reaction to the 2020 US Presidential election and is in the form of a video. It is just 10 seconds in length.
NFT creation is surging Cloudflare, Inc. (NYSE:NET), which runs a cloud business, facilitates the creation and storage of content on digital platforms. Among the hedge funds being tracked by Insider Monkey, New York-based investment firm DE Shaw is a leading shareholder in Cloudflare, Inc. (NYSE:NET) with 2.1 million shares worth more than $281 million.
In its Q4 2020 investor letter, Alger Mid Cap Focus Fund, an asset management firm, highlighted a few stocks and Cloudflare, Inc. (NYSE:NET) was one of them. Here is what the fund said:
“Cloudflare, Inc. (NYSE:NET) provides a broad range of network services to businesses of all sizes across the world. Cloudflare’s intelligent global network spans more than 200 cities in over 100 countries. It offers network security, performance and reliability to a growing portion of global web traffic. Today. over 15% of global internet requests go through Cloudflare. Cloudflare’s serverless network design allows this global network to be a key component layer as new developments for edge cornputing. 5G and Internet of Things increase the importance of secure. reliable edge networks. Cloudflare stock outperformed in the fourth quarter following the announcement of Cloudflare One, a cloud-bas. network-as-a-service platform designed to replace the traditional enterprise network infrastructure. The Cloudflare One solution merges existing Cloudflare, Inc. (NYSE:NET) access and security solutions along with new enterprise-specific features into a unified Zero Trust network that can be managed through a single “pane of glass.” or display screen. With the rapid shift to remote work caused by the pandemic, this product increases Cloudflare’s potential for winning business from enterprise customers seeking to adapt to this new business environment.
While Cloudflare One adoption is still early. Cloudflare, Inc. (NYSE:NET) has already started to demonstrate an improved ability to sell to large customers. When discussing its third quarter results. Cloudflare said that it is continuing to sign up larger enterprise customers. including its first client to generate more than $10 million in annual recurring revenue. Cloudflare has just started to better monetize its more than 100.000 paying customer base. which along with continued product innovation, gives the company strong growth potential.”
8. CryptoPunk #7804
Sold For: $7.6 million
CryptoPunk #7804 is an NFT owned by a social media user known as peruggia-v.eth. The NFT was previously owned by Dylan Field, the CEO of Figma, a software firm. The NFT was sold for 4,200 Ethereum. Field has likened the artwork to the Mona Lisa on several occasions, even terming it as the “digital” version of the iconic masterpiece. CryptoPunk #7804 features a picture of a blue alien wearing a hat and puffing on a pipe.
NFT offerings by companies like Mattel, Inc. (NASDAQ:MAT), a toys and consumer products firm, have helped make their adoption easier. At the end of the fourth quarter of 2021, 29 hedge funds in the database of Insider Monkey held stakes worth $1.3 billion in Mattel, Inc. (NASDAQ:MAT), compared to 34 in the preceding quarter worth $1 billion.
Longleaf Partners Fund, in its Q1 2021 investor letter, mentioned Mattel, Inc. (NASDAQ:MAT). Here is what the fund has to say in its letter:
“Mattel, Inc. (NASDAQ:MAT) (14%, 0.87%), the global toy company, also contributed to the Fund’s positive returns. Fourth quarter sales grew 10%, with Barbie once again leading with an impressive 18% growth, American Girl up 9% due to direct-to-consumer strength, Hot Wheels up 12% and Infant/Toddler growing 7%. Margins also improved to increase EBITDA 53% year-over-year (YoY) during the company’s all-important seasonal peak. CEO Ynon Kreiz’s outlook for 2021-23 includes achievable targets of mid-single-digit revenue growth and continuously improving margins. Mattel’s strategically important IP monetization has also developed well with no fewer than 25 media projects in the works. We expect significant contributions from these high-margin IP revenues over the next several years and do not think the market yet gives the company credit for the scale of this opportunity.”
7. CryptoPunk #3100
Sold For: $7.67 million
CryptoPunk #3100 is another “blue alien” NFT owned by a social media user simply known as 7B8961. It is part of 10,000 uniquely generated characters, none of which are similar to others. Each of these characters can be owned by a single person on the blockchain. CryptoPunk #3100 sold just one day after the sale of CryptoPunk #7804. The former features a blue alien sporting a colored headband.
NFTs are becoming ever more expensive as digital artists use the tools offered by Takung Art Co., Ltd. (NYSE:TKAT), an online art platform, to create sophisticated art pieces. Among the hedge funds being tracked by Insider Monkey, New York-based investment firm Sabby Capital is a leading shareholder in Takung Art Co., Ltd. (NYSE:TKAT) with 576,729 shares worth more than $2.3 million.
6. CryptoPunk #7523
Sold For: $11.75 million
CryptoPunk #7523 is the third-rarest character in the CryptoPunk series and was sold for just under $12 million in June 2021. The CryptoPunk series was created by Larva Labs in 2017. CryptoPunk #7523 was sold by famous auction house Sotheby’s. It was sold during a special online auction that featured work from 27 artists across the globe and fetched a record $171 million in proceeds.
Companies like Funko, Inc. (NASDAQ:FNKO), which markets pop culture products, have been instrumental in the rip-roaring success of NFTs at the marketplace. Among the hedge funds being tracked by Insider Monkey, New York-based investment firm Woodson Capital Management is a leading shareholder in Funko, Inc. (NASDAQ:FNKO) with 4.2 million shares worth more than $80 million.
Along with Visa Inc. (NYSE:V), NIKE, Inc. (NYSE:NKE), and eBay Inc. (NASDAQ:EBAY), Funko, Inc. (NASDAQ:FNKO) is one of the stocks that hedge funds are buying to ride the NFT boom.
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Disclosure. None. 10 Most Expensive NFTs in the World is originally published on Insider Monkey.
