Have you heard of individuals paying millions or even tens of millions for NFT art?
If you’ve been following cryptocurrency news for any time in 2021, you’re likely to have. It’s hard to see why somebody would spend millions of dollars for what amounts to a JPEG.
No one who spent that much for an NFT art is accessible to talk, but we have a fair understanding of why someone would pay that much for an NFTs. Several factors contribute to this. This blog will present some of the explanations.
Paying Millions for NFTs?
NFTs indeed fetch astronomical sums of money. The floor price for the most expensive NFT art collection, CryptoPunks, is $314,000. CryptoPunks have brought as much as $7.8 million in NFT in sales.
NFT collections other than CryptoPunks also have such a high floor price. The floor price for the Bored Ape Yacht Club NFT collection is 51 ETH ($220,000). Bored Ape NFTs sold for a maximum cost of $2.3 million.
Also recently, an NFT collection by artist Beeple (Mike…