The digital world is developing and with that comes additional jargon to match. With the abbreviation ‘NFT’ taking over the internet recently, let’s first clarify what it actually means.
NFT stands for non-fungible token, and therefore means anything digital that cannot be replaced due to its unique qualities. It’s main form is digital art which is sold to bidders through predominantly cryptocurrency. These NFTs are stored in databases called blockchains which ensure maximum safety and security.
These NFTs can be viewed by anyone, but buying one allows you to be the owner of it. Although anyone can download these NFTs on their computer, the flex of owning an original digital piece of art has resulted in some video NFTs selling for millions of dollars.
Some say this is the future of collectible art, while others think they are nothing but a fad which will eventually die down and be laughed about in the future. This heated argument has created a controversial aura emitting from these digital art pieces, and with the prices of the video NFTs below, it’s not hard to see why.
Here’s the top 5 most expensive video NFTs so far.
Not all NFTs are created and sold for the sole purpose of making profit or a silly investment. This particular NFT created by Noora Health was produced in the aim of saving lives, as it’s name aptly states.
A buyer exceeded expectations and bought the NFT for a very generous $5.1 million, 100% of which will be used to train new mothers and families in South Asia on how to properly care for their newborns once they leave hospital.
This video NFT shows a collage of some of the different families and newborn babies in South Asia that this money will go towards. This charity success ponders the question of how NFTs could be used by organisations to provide help to those in need, and how this new digital era of collectible art can make a difference, not only to modern society, but to the relief of poorer countries. This emphasises how powerful unique video can be.
4. This Changed Everything – $5.4 Million
What better way to memorialize the creation of the internet than through NFTs? That’s what creator and father of the internet Sir Tim Berners-Lee thought as he put a video NFT of the World Wide Web’s earliest source code up for sale for $1000. You can view the full 30 minute video here.
Not just this, but the buyer would also receive a letter and poster of code written by Sir Tim Berners-Lee as well as documents spelling out the history of the internet itself.
Describing this NFT as a success is an understatement. Since bidding began, it has now been sold for $5.4 million making it the fourth most expensive video NFT ever.
NFT’s wouldn’t exist without the internet itself so this all important source code was bound to peak some interest. Like the name suggests, the internet really did change life as we know it.
3. A Coin for the Ferryman – $6.034 Million
This unique NFT by digital artist Xcopy was created in 2018 but was recently sold for a whopping $6 million in November 2021. This short GIF consists of a combination of scribbled faces presented on a colourful background which is a common theme in Xcopy’s work.
This piece is said to explore the topics of death, apathy and dystopia through the use of a distorted loop, resulting in a strange and unnerving short video. It’s meaning definitely resonated with the buyer who forked out a fortune for the miscellaneous piece in November 2021.
2. Crossroads – $6.6 Million
Beeple is one of the most famous digital NFT artists in the game and his success is apparent as he takes the top two spots on this list. Although Beeple has created a large number of dystopian art pieces, this is perhaps his most well known.
This 10 second video mocks Donald Trump’s failed 2020 presidential election campaign by depicting a giant Trump-like baby graffitied with insults. A blue bird perches on the shoulder of the figure as it emits a clown emoji through a tweet sound.
This politically-driven NFT offers something slightly different than other digital art pieces through its unique art style and widely popular message. With it selling for $6.6 million in February 2021, this piece must have resonated with the buyer’s views… and their wallet.
This is a popular example of how video NFTs can be used to portray political messages. The controversial nature of Trump here, nicely coincides with the contentious topic of NFTs.
1. HUMAN ONE – $28.9 Million
Here it is. The most expensive video NFT in existence so far, and once again, the artist behind it is Beeple. However, the nature of this NFT is entirely different as it contains both digital and physical elements. It’s hybrid design consists of a human-sized sculpture made of polished aluminium and mahogany, as well as four digital screens displaying a continuous video in 16K.
The most innovative part of this NFT however, is that Beeple himself has said he will continue to update and change the virtual avatar and environment on these screens for as long as he lives. As a result this NFT is a continuously developing piece of digital art with an exciting future ahead of it.
Could we potentially see an increase in these types of NFTs which will replace standard decor with digital video powered sculptures? If that is the case, and you have $28.9 million to spare on NFTs, why not spend it on one as innovative as this.
Is This The Future?
So what does this mean for the future? The answer relies on speculation and depends on the continued success of these digital art pieces. But with the way it’s going, it looks likely that this could be the future of collectible art.
These pieces are selling for more than most physical art and we’re still in the early stages. Video allows a lot more freedom for digital art and this will only progress as technology develops. With celebrities and big companies such as Twitter and NBA now selling and integrating NFTs, the question of their relevance in the collectible art world will most likely slowly dwindle in time.
However you feel about these NFTs, keeping aware of their progress and development is important because who knows? They could become the norm in the not so distant future.
What are your opinions on NFTs? Do you think they are the future of collectible art? Comment below and let us know your thoughts.