Sales of non-fungible tokens (NFTs) took off in 2021 and soared to an all-time high, based on the number of sales, hitting a peak on 29 August with $411m.

Sales by value totalled $15.57bn in 2021 and rose above $100m on 2 and 3 January, data from NonFungible.com showed.

However the buzz seems to have died down as daily sales have dropped as low as $37m on 20 February.

NFTs are tokens that run on smart contracts on a blockchain and represent digital or physical assets. They can be used to authenticate works of art, create limited edition collectibles or represent characters in game universes.

Choosing an NFT marketplace

First, remember that an NFT (non-fungible token) simply represents ownership of an asset. Before choosing an NFT marketplace, firstly decide the kind of digital asset you are interested in buying, selling, or creating.

Just about anything digital — the written word, videos, video games, art, collectors items, etc. — can be tokenized on a blockchain (such as Ethereum (CRYPTO:ETH), the most common blockchain network NFTs are built on), so narrowing down your interest is a good place to start.

Another consideration is the type of tokens supported on a marketplace. Some support a wide variety of tokens.

Others are closed marketplaces and utilize a specific proprietary token. When opening an NFT marketplace account, be sure to fund your blockchain wallet with the right crypto or token required to participate in the site’s activity.

What Are NFTs Used For?

Blockchain technology and NFTs afford artists and content creators a unique opportunity to monetize their wares. For example, artists no longer have to rely on galleries or auction houses to sell their art.

Instead, the artist can sell it directly to the consumer as an NFT, which also lets them keep more of the profits. In addition, artists can program in royalties so they’ll receive a percentage of sales whenever their art is sold to a new owner.

This is an attractive feature as artists generally do not receive future proceeds after their art is first sold.

Popular NFT Marketplaces

There’s no shortage of NFT sites to shop. Currently, the largest NFT marketplaces are:

•  OpenSea.io: This peer-to-peer platform bills itself a purveyor of “rare digital items and collectibles.” To get started, all you need to do is create an account to browse NFT collections. You can also sort pieces by sales volume to discover new artists.

•  Rarible: Similar to OpenSea, Rarible is a democratic, open marketplace that allows artists and creators to issue and sell NFTs. RARI tokens issued on the platform enable holders to weigh in on features like fees and community rules.

•  Foundation: Here, artists must receive “upvotes” or an invitation from fellow creators to post their art. The community’s exclusivity and cost of entry—artists must also purchase “gas” to mint NFTs—means it may boast higher-caliber artwork.

Top 10 NFTs By Value

Here are the top 10 NFTs by value, based on sales through December 18, 2021

1. The Merge ($91.8 mil)

“The Merge”, by an artist called Pak, was purchased by a syndicate of nearly 30,000 collectors on December 2, 2021.

These collectors cobbled together an investment of $91.8 million. It is the only one of the top sellers to be purchased by a group rather than an individual.

2. Human One ($28.9 mil)

“Human One” is both a physical and digital artwork. It was described as a “kinetic video sculpture” and consists of four video screens on polished aluminum metal, a mahogany wood frame and dual media servers.

The physical exhibit included a digital token. It was sold for $28.9 million at auction in November 2021.

3. CryptoPunk #7523 ($11.75 mil)

“CryptoPunks” occupy several spots on the Top-10 list of most expensive NFTs. This stems partly from the fact that there were initially 10,000 of them created.

They were free at first but have since gained enormous value through resales. Nine of the original creations are referred to as ‘COVID aliens’ due to their appearance and are the most sought after and expensive.

4. CryptoPunk #3100 ($7.67 mil)

Another of the alien CryptoPunk series made it into the top-10 list after being purchased by the leading shareholder of DraftKings, a sports betting company that now offers sports memorabilia NFTs.

5. CryptoPunk #7804 ($7.57 mil)

“CryptoPunk #7804” is another ‘alien’ that has a cap, wears dark glasses, and smokes a pipe.

6. Crossroads ($6.6 mil)

“Crossroads” is another Beeple work, this one sold just days before Everydays. The artwork is related to the presidential election in 2020. The artist originally created two versions: one if Donald Trump won and the other if he lost. 

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