What the numbers say: A recent report from crypto data website CoinGecko revealed the 10 most expensive NFT artworks ever sold. Everydays: The First 5000 Days by the famous NFT artist Michael Joseph Winkelmann, known professionally as Beeple, ranked first on the list, with its $69.34M sales price. In the top five, the NFT fine art piece was followed by Clock, HUMAN ONE, Right-click and Save As Guy, and Crossroads. Beeple dominated the list with four NFTs, while XCOPY followed him with three pieces. Seven of the 10 NFTs on the list were sold in 2021 when the NFT hype reached a peak. Details: The report also showed that NFT artwork is still quite far away from being as valuable as physical paintings. The five most expensive physical paintings were sold in a range from $218M to $475M. Leonardo da Vinci's Salvator Mundi, the most expensive painting ever sold, holds a value 6.8 times higher than the price of the most expensive NFT artwork, Everydays: The First 5000 Days. In the top five, the distance in value increased by up to 33 times. Relevance: On the other hand, several state-level institutions have already started classifying NFTs like physical collectibles. Most recently, the U.S. Internal Revenue Service (IRS) began collecting feedback from the public on whether NFTs should be taxed at the same rate as other collectibles, including artworks, stamps, and fine wine, under the tax law. The public consultation will continue until June 19. After collecting opinions on issues such as whether an NFT is an artwork, the IRS will determine whether it would treat an NFT as a collectible while taxing. Brands that should care: Over the last several years, some of the most famous traditional auction houses, including Sotheby's and Christie's, have also integrated several NFT artworks into their portfolio, attributing a similar value to them as the conventional art pieces. |
