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Top 5 Most Expensive NFT Art Sold — Pak, Beeple, CryptoPunk, Who Got the Top Spot? – iTech Post

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NFT has continuously become a new craze in investing since 2020. The world collectively ushered in a new wave of appreciating digital art and valuing them for millions of dollars.
NFTs are artworks created on the blockchain, with unique encryption codes that can be verified for authenticity and ownership. An NFT can be anything from a digital art piece to a song or a whole album, depending on the context.
In 2021, we witnessed a new creator economy born on the blockchain. Throughout the year, artists have risen to NFT superstardom, billion-dollar brands have been forged in the span of a few months and NFTs have changed lives time and time again.
NFT art #5822, a CryptoPunk in the “alien” style that was sold for more than $23 million on February 12, 2022, was the latest in a long line of extremely expensive alien style CryptoPunks.
The CEO of Chain.com, Deepak Thapliyal, recently purchased “CryptoPunk #5822” for $23.6 million, or 8,000 ETH, making it the most expensive non-functional toy in the CryptoPunk collection.
This is also the fourth largest NFT purchase in history, and it dwarfs the previous CryptoPunk sales record, which was set in 2021 with the sale of “CryptoPunk#7523” for $11.8 million.
Beeple has sold some of the most expensive NFTs of all time. Beeple is a digital artist and is currently one of the biggest names in the NFT right now.
According to Christie’s, “HUMAN ONE” sold on November 9, 2021, for a fee just shy of $30 million, and is closely linked to the artist’s previous piece “Everydays.”
Christie’s sold his human-size 3D video sculpture and NFT hybrid in their first live event since the pandemic, which was held in New York City.
As reported by NewsBTC, the real-life installation is nearly 7 feet tall and is made up of four large flat screens. It is equipped with a computer at the base. The environment that the astronaut-like figure traverses is constantly shifting and changing.
“Clock” is a piece created by Pak and Julian Assange that almost literally functions as a clock, counting down the number of days that WikiLeaks founder Assange has been detained.
The purchase of “Clock” became an interesting move knowing how expensive it was. To fund Assange’s legal defense, the NFT was established with the goal of raising funds. The NFT was eventually purchased by AssangeDAO, a collective of over 10,000 people who pooled their money to purchase the NFT and support Assange.
Read Also: NFT Bored Ape Yacht Club: How To Make Billions In NFT Art
This is yet another Beeple piece, and it is also the most expensive NFT ever sold to a single individual, and there is a good reason for this.
According to Dexerto, Beeple’s artwork is of the highest caliber and is widely regarded as such in the community.
“The First 5000 Days” is a piece that is essentially a collage of 5000 pieces of Beeple’s original artwork. His commitment to creating one piece of art every day began in 2007 and culminated in this exhibition of his work. It goes without saying that the effort was well worth it.
Lastly, the top spot for the most expensive NFT sold goes to Pak. “The Merge” by Pak is the most expensive NFT artwork to have ever been sold in the current period. The NFT was valued at $91.8 million at the time of purchase.

what a good merging indeed https://t.co/mdfYjhpaLG

On December 2, 2021, “The Merge,” another Pak creation, officially broke the record for the most expensive NFT ever sold. With 28,000 customers who purchased 266,445 units of a Pak artwork in the $91.8 million sales, “The Merg”e has the potential to unite all of these sales into a single NFT held by a single buyer for a multimillion-dollar sum.
Apart from “Clock,” this is the only NFT on this top 10 list that has had multiple owners, which is reflected in the astronomical price tag attached to it.
 
Related Article: Looking for the Next Axie Infinity? 3 NFT Games That You Should Watch Out For
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Tyler Hobbs' Fidenza NFT Project Gets $1M Pump Over 48 hours – CoinDesk

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DOJ Asks Congress for Tools to Limit NFT Money-Laundering Risk – PYMNTS.com

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Down at the very bottom of the crypto crime report the Justice Department issued last week was a request that could make it a lot harder to buy and sell NFTs.
Citing examples of criminals using the sale of the popular nonfungible tokens that hold art, video, music and collectibles to launder funds, the Justice Department asked Congress to define some of all NFTs as “value that substitutes for currency” under the Bank Secrecy Act (BSA).
Doing so, it said in “The Role of Law Enforcement in Detecting, Investigating, and Prosecuting Criminal Activity Related to Digital Assets,” would “make clear that its key [anti-money-laundering (AML) and countering the financing of terror (CFT)] provisions — including the obligations to have customer identification programs and report suspicious transactions to regulators — apply to NFT platforms, including online auction houses and digital art galleries.”
See also: DOJ Seeks to Double Jail Time for Money Transmission Crimes
The impetus, the department said, is the “explosive growth in the demand and corresponding markets for NFTs, perhaps most notably in the area of digital art.”
Substantial Risk
This “presents substantial money-laundering risks,” it said, citing a February Treasury Department study on money laundering in the broader art market.
“NFTs can be used to conduct self-laundering, a sequence in which criminals purchase an NFT with illicit funds and then resell to a purchaser who pays for it with clean funds unconnected to a prior crime,” that report noted.
It also found that in most cases, “digital assets that are unique, rather than interchangeable, and that are used in practice as collectibles rather than as payment or investment instruments … are generally not considered to be virtual assets under [international regulations].”
The “nonfungible” part of NFT means that each is unique and cannot substitute for any other, as opposed to cryptocurrencies like bitcoin which all have the same uses and value.
NFT marketplaces “may take the view that this definition [of a ‘value that substitutes for currency’] does not apply to their activities — and that they are thus not subject to the BSA’s anti money-laundering and anti-terrorism laws, the department said.
Justice is asking Congress to amend the BSA “to make clear that its key AML/CFT provisions — including the obligations to have customer identification programs and report suspicious transactions to regulators — apply to NFT platforms, including online auction houses and digital art galleries.”
Already There
Redefining NFTs as “value that substitutes for currency” would allow the Treasury Department’s Financial Crimes Enforcement Unit (FinCEN) to “potentially seek to regulate such activity under its money transmission regime,” a trio of lawyers at Skadden, Arps, Slate, Meagher & Flom wrote in an April blog post.
That, according to Jamie Boucher, Eytan Fisch and Javier Urbina, would require NFT marketplaces to register as money services businesses (MSB) with FinCEN.
Some types of NFTs — notably those used to fractionalize tangible assets like physical artworks and real estate, but also other valuable art or collectible tokens — are likely securities, the Securities and Exchange Commission (SEC) has said.
See more: How Did NFTs Become SEC’s Newest Crypto Target?
In FinCEN’s view, the trio noted, those can be repurposed to fit the definition of “value that substitutes for currency” and thus may already require MSB licenses.
 
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FTX Talking With Investors for $1B Fundraising at $32 Billion Valuation – NFTgators

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Quick take:
Although Binance maintains its number one spot in terms of crypto transaction volume, FTX is catching up quick after rising to third, behind Coinbase. This could change soon given the steps FTX is taking in web3.
According to reports, Sam Bankman-Fried’s company is seeking $1 billion in a new round of funding at a valuation of about $32 billion. That values FTX twice the value of Coinbase— whose market cap stands at just over $14 billion, and at least 7-fold Binance’s most recent valuation of $4.5 billion.
And there is a good reason for the disparity in market share (volume-wise) and overall valuation. FTX is more than just a crypto exchange platform. 
The company has expanded its ecosystem to include stock trading, NFTs, crypto lending services and more, all forming significant operational synergies for the rapidly growing web3 company.
It explains why investors are placing such value on FTX. According to sources close to the $1 billion fundraising talks, the figure could change by the time the round is closed, CNBC reported, citing people who did not want to be named.
FTX has been one of the most active investors in the web3 space during the crypto winter. The company is in the process of acquiring the crypto lending platform Blockfi for a reported amount of $240 million.
Last year, it acquired crypto derivatives platform LedgerX allowing it to offer derivatives trading alongside traditional crypto exchange services.
Earlier this year, the company purchased Good Luck Games, the developer of the card battle game Storybook Brawl for an undisclosed amount. The acquisition added another perspective to FTX’s business pouncing on the rapidly growing web3 gaming sector.
The company also recently announced a partnership with online game retailer Gamestop to onboard the gaming community to web3.
In July, Bankman-Fried refuted claims that FTX was planning to buy retail stock brokerage platform Robinhood after Bloomberg published a report suggesting discussions were underway.
News about the new fundraising come hot on the heels of the company’s $900 million raise announced in July. FTX also raised $420 million in October 2021.
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