Art world is captivated by NFTs, the Non-Fungible Tokens. They are digital items that cannot be duplicated and have recently sold for millions of dollars making artists, musicians and celebrities go crazy.

NFTs are digital assets used in representing ownership rights in exclusive things like music, digital art, videos among other creative works. For this to occur, there has to be a blockchain technology which is a decentralized ledger system that enables transparent and secure transactions without banks or payment processors.

An artist can create an NFT by turning their digital art piece into one on a blockchain network such as Ethereum. In this eventuality, there is always a smart contract, which outlines what an NFT should cover including its ownership element, reliability aspect as well as its worthiness.

Once minted, an NFT becomes part of the blockchain where it serves as a special kind of digital commodity that cannot be copied. The blockchain maintains records about who owns the token enabling it to be sold or exchanged just like other physical assets including land property and artworks.

The purchase of an NFT entails the acquisition of digital assets. In other words, it can be showcased on the buyer’s digital platform, distributed to other collectors or borrowed for a given time frame. The market demand of a specific digital asset determines its value as an NFT for example.

To sum up, these NFTs have opened new horizons for artists and collectors alike since they offer novel avenues through which one can make unique digital assets. They will probably become more significant in the digital art and media world, for example, helping to establish clear ownership as well as authenticity.

The following 10 NFTs have made big waves that impacted the NFT market significantly.

  1. “The First 5000 Days” by Beeple- An auction at Christie’s in March 2021 saw this piece sold for $69,346,250. It consists of every picture Beeple has made since 2007 up until now.
  2. They are pixelated cartoons created by Larva Labs which have taken the world by storm because they are a new cultural phenomenon; each of them is composed of ten thousand different CryptoPunks sold at millions of dollars apiece.
  3. Jack Dorsey’s “Genesis” Tweet. Just three words, “just setting up my twttr,” which were written by Twitter CEO Jack Dorsey and sold as an NFT in March 2021 for $2.9m; it also comes with a digitally signed NFT certificate to prove that it is genuine.
  4. Grimes’ “WarNymph Collection.” On February 28th, 2021, artist and musician Grimes made available some NFTs that showcased her digital art and music; the highest selling piece fetched $389,000 in the collection.
  5. NBA Top Shot is a non-fungible token platform where users can buy and sell digitized versions of iconic moments from the NBA basketball court; therefore the most expensive moment was Lebron James’ slam dunk that cost $208k dollars.
  6. Trevor Jones & Alotta Money – “Everydays: The First 5000 Days” It is this nft named Everydays: The First 5000 days created by two artists Trevor Jones and Alotta Money who teamed up to form this collection through which this digital art was bought at a price worth $101593.
  7. "Forever Rose" by Kevin Abosch – Another NFT by Kevin Abosch is a digital image of a rose. It was sold as a digital work for $ 1 million thus making it one of the most costly NFTs.
  8. "First Supper" by Mad Dog Jones - An NFT that is an artwork digitally rendered to show a future dinner party. It was sold at $4 100 000 and this made it the second highest sale for an NFT.
  9. "The Pixel" by Pak - This NFT is a special digital art featuring a pixel that constantly changes. It was once purchased at $1,360,000.
  10. “Ocean Front” by XCOPY – An NFT which is a futuristic cityscape artwork digitally created and it’s worth $1, 500 000.

These have completely redefined how we look at art and ownership in the digital realm. Although the market for these types of assets could change over time, they are already part of the top ten best in this category and will remain relevant in history for some years to come.

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