On Wednesday, nine NFTs (Non-Fungible Tokens) sold for for almost $17 million at Christie’s auction house.
The NFTs were modelled by Larva Labs, the company that created the CryptoPunk NFTs. The Non-Fungible Tokens hosted on the Ethereum network are a collection of pixelated digital portraits that resemble little punks, each of them portraying specific combinations and appear in the form of humans, apes, aliens or even Zombies.
The nine separate NFTs are quite rare and quite expensive. They are part of the collection of the 10,000 pixelated heads from CryptoPunk, also a creation of Larva Labs. This huge sale made on Tuesday at the auction house is recorded as the second NFT sale made by Christie. Although this sale appears to be historic, the record appears to leave expectations hanging as a single alien CryptoPunk was sold earlier this year for a whopping $7.6 million. The first sale recorded by Christie’s auction house was made in March for a Beeple NFT which was sold for $69 million.
Christie is yet to disclose the buyer of the nine NFTs, nonetheless, the auction house is expected to make its third sale made by American model Emily Ratajkwoski on Friday.
Why the Increase in NFT Activities?
This year, the NTF fever has been raging. The almost $17 million sales isn’t the biggest sale recorded on NFTs. The biggest sale is highlighted in March for the Beeple NFT artwork made by artist Mike Winkelmann. The distinguishing feature of NFTs lies in the fact that their technology certifies and guarantees the authenticity of the tethered item, this singularly raises its value. NFTs recorded a total of $500 million in February, this figure is twice the amount of sales recorded for NFTs in 2020. by April 26, a total of 191,000 digital arts already sold for an amount exceeding $533 million.
Presently, world stars in various fields are following a thread to tokenize their songs, paintings, and writings as a means to protect their copyrights.
The Future Prospects of Non-Fungible Tokens
In this era, society is witnessing a gradual transition from physical media to the persistent move to virtual experiences. With people getting accustomed to holding digital items as a store of value, it would be safe to say that NFTs would keep selling for hefty prices. The revolutionary advantages of NFTs can modernize copyright control as radio and televisions can use tokens to gain the rights to broadcast music tracks. It is cheaper, faster and easier to perform operations with NFTs, unlike the real objects that they are connected to.
CEO of IoTeX Raullen Chai believes that the future of NFTs will involve the use of facts and realities of the real world to mint digital assets.
“IoTeX is pioneering this new design space to allow users to use trusted data from trusted devices to facilitate the logic via smart contracts across the real world and the blockchain world: if something happens in the real world then a smart contract can trigger something to happen in the digital world”, he said.