Why would anyone buy an NFT?

The demand for a unique price of NFT can drive the price up dramatically.

Considering yourself buying a piece of artwork from the art gallery, the same goes with you buying an NFT. Even though it’s not available physically, it offers sentimental value to the owner of the NFT. Moreover, NFTs can also be traded peer-to-peer with no restriction so people buy NFTS as an alternative choice of investment.

Then, why are NFTs so expensive? As roughly mentioned above, NFTs are one-of-a-kind. Thus, there’s only one rightful owner of each piece. The demand for a unique price of NFT can drive the price up dramatically. Moreover, being in the digital world which can be accessed by people globally increases the chances of NFTs being sold at a higher price. Let’s have a look at what is the most expensive NFT ever sold so far:

Pak’s ‘The Merge’ — $91.8m by Pak/Nifty

Everydays: the First 5000 Days — $69.3m by Beeple

Clock — $52.7m by Pak/Julian Assange Beeple’s HUMAN ONE — $28.985 by Beeple

CryptoPunk #5822 — $23.7m by CryptoPunks

Nevertheless, the use cases for NFTs can go far beyond art and gamefi. Let’s stay tuned for what’s coming in the near future for NFT.