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<ul class="summary-list"><li>Infamous German art forger Wolfgang Beltracchi is selling thousands of NFTs based on "<keyword id="12272857" type="UNKNOWN" weightage="60" keywordseo="salvator-mundi" source="Orion">Salvator Mundi</keyword>."</li><li>"Salvator Mundi," which sold for a record $450.3 million in 2017, has been attributed to <keyword id="12272858" type="UNKNOWN" weightage="60" keywordseo="leonardo-da-vinci" source="Orion">Leonardo da Vinci</keyword>.</li></ul>Wolfgang Beltracchi - the infamous German art forger - is selling thousands of NFTs of the world's most valuable painting.Beltracchi, who is best known for his decades-long scheme of forging famous works of art, is joining the world of nonfungible tokens, where digital assets <a href="https://www.businessinsider.com/what-does-nft-mean-crytpo-non-fungible-tokens-art-explained-2021-2">operate as a type of collector's item </a>and can't be duplicated.He's selling 4,608 original digital artworks of the 500-year-old "Salvator Mundi" painting, according to his website. The collection, called "<a href="https://www.greats.art/era">The Greats</a>," is a "a digital journey through the history of art," as each version of the "Salvator Mundi" recreation incorporates the style of seven art eras, including painters such as Picasso, Van Gogh, and Da Vinci. The original "Salvator Mundi" painting, which is Latin for "Savior of the World," sold for a whopping $450.3 million at a Christie's auction in 2017 to Saudi Arabian Crown Prince, Mohammed bin Salman. Experts, however, have struggled with <a href="https://www.businessinsider.com/is-leonardo-da-vinci-salvator-mundi-fake-crystal-orb-2017-10">wether Da Vinci truly painted the piece</a>. Beltracchi's recreations of the piece will be on display when the sale starts in eight to 10 days, a spokesperson told the Block, adding that the artist chose to do the collection because he's "the only person with the necessary skills to implement it. He has managed to fool the 'art experts' hundreds of times with his re-creations of famous painters' work."Beltracchi was sentenced to six years in prison after being convicted in 2011 of forging 14 famous works of art and selling them for millions of dollars. His scheme began in the 1970s and <a href="https://www.businessinsider.com/one-of-the-worlds-most-notorious-art-forgers-admits-he-may-have-faked-2000-paintings-2012-3">shook the art world</a> when it was discovered. In a statement to <a href="https://www.theblockcrypto.com/post/119834/notorious-art-forger-wolfgang-beltracchi-nft-ethereum">the Block</a>, Beltracchi said, "The <keyword id="11919795" type="UNKNOWN" weightage="60" keywordseo="nft" source="Orion">NFT</keyword> market offers artists a platform to market themselves independently and makes them independent from traditional art market mechanisms." The artist did not immediately respond to Insider's request for comment.

Infamous German art forger Wolfgang Beltracchi is selling recreations of the world's most valuable painting as a collection of NFTs

<ul class="summary-list"><li>Investing in <keyword id="10871093" type="General" weightage="60" keywordseo="crypto-art" source="Orion">crypto art</keyword> is about assuming ownership of a digital image in hopes it will gain value.</li><li>"This stuff will absolutely go to zero," Mike Winkelmann said on The New York Times' "Sway" podcast.</li><li>The <keyword id="4668945" type="PERSON" weightage="60" keywordseo="nft" source="Orion">NFT</keyword> market has surged in the past few months, generating over $1 billion within 30 days.</li></ul>After <a href="https://www.businessinsider.com/art-auction-nft-beeple-top-selling-most-expensive-sale-millions-2021-3">selling a crypto art piece for nearly $70 million</a>, digital artist Mike Winkelmann - also known as Beeple - said the crypto art market is likely in a bubble. "[Investing in crypto art] is for people who are looking to take some risks," Winkelmann said in an interview with <a href="https://open.spotify.com/episode/0KMVSLQBMvPyUYOo7TM2WR">The New York Times' "Sway" podcast</a>. "This stuff will absolutely go to zero." Beeple previously told Insider that he believed <a href="https://wazirx.com/signup?invite=2kpah6gr&amp;utm_source=business-insider&amp;utm_medium=referral&amp;utm_campaign=article-editorial">NFT</a> prices could be in a precarious position. "I think there's a very good chance it's in a bubble," Winkelmann told Insider. Winkelmann compared the market of non-fungible tokens, or <keyword id="902592" type="PERSON" weightage="60" keywordseo="NFTS" source="Orion">NFTs</keyword>, to the internet boom. He said, much like the dawn of the internet, buyers may realize further down the line that prices for NFTs went overboard. "Just making an NFT does not give it any value," Winkelmann said on the podcast. "There's going to be a moment where we realize we got a little crazy and assigned insane value to crap." Over the past few months, interest in the NFT market has surged, with NFT marketplaces generating over $1 billion in sales in the past 30 days alone, according to <a href="https://cryptoslam.io/">CryptoSlam</a>. <a href="https://www.businessinsider.com/nft-marketplaces-where-to-buy-sell-non-fungible-tokens-online-2021-3">Across numerous NFT marketplaces</a>, people can buy anything from NBA clips to trading cards, 3-D art or music. The <a href="https://wazirx.com/signup?invite=2kpah6gr&amp;utm_source=business-insider&amp;utm_medium=referral&amp;utm_campaign=article-editorial">crypto-art</a> pieces maintain value based on their scarcity. When someone buys an NFT they assume ownership of the artwork, inasmuch as they can tie their name to the creator. However, purchasing an NFT does not usually give the buyer any rights to the distribution or use of the NFT on the internet. Beeple has become something of a symbol in the NFT world - leading the marketplace in multimillion-dollar sales. Winkelmann said NFTs can seem complicated, but it's actually really simple. It's all about proving ownership. "The more something is widely shared, the more popular it becomes, the more valuable it will become," Winkelmann said. "When you go to The Louvre and take a picture of the Mona Lisa and share it on the internet no one is like 'Wow, I just devalued the Mona Lisa.'" Miami-based art collector and Beeple collector Pablo Rodriguez-Fraile <a href="https://www.businessinsider.com/why-are-people-buying-nfts-investing-in-nft-crypto-art-2021-3">compared NFTs to gold or Bitcoin.</a> "People have long used art to store value," Rodriguez-Fraile told Insider. "Crypto extends easily into digital art. This is just a more modern approach to investing in art and using it like someone would use gold or bitcoin." Even though crypto art may be under a bubble, Winkelmann said he believes it is here to stay and will likely become the future of the traditional art world. "When the [internet] bubble burst, it didn't wipe out the internet," Winkelmann said. "It wiped out the crap." Winkelmann just entered the crypto market in October and became one of the most valuable artists within a matter of months. He said the crypto art market will be just as competitive and difficult to earn a living as the traditional art world, despite flack he has been receiving from the art world due to his historic NFT sales. "It won't be easy for digital artists," Winkelmann said on the podcast. "Nothing has changed in terms of ... some things will have value and a bunch of things will not have value. Just because something's an NFT does not magically give it value." Ultimately, Winkelmann believes NFTs were inevitable. He sees a future where art is not static, it will not decay or age, but can be updated and viewed across a variety of screens. Winkelmann has already begun reinvesting his $69.3 million into his art - hiring engineers to work on technology that will bring digital art into the physical world and make it more accessible.

Beeple, the third-most valuable artist alive, says investing in crypto art is risky as a lot of NFTs 'will absolutely go to zero'

<ul class="summary-list"><li><keyword id="10848595" type="UNKNOWN" weightage="60" keywordseo="beeple">Beeple</keyword> watched the last minutes of the auction for his digital art on Thursday in his family room.</li><li>The piece, titled "Everydays: The First 5000 Days," sold for about $69 million.</li><li>With the sale, he said, "digital art is here to stay."</li></ul>Mike Winkelmann, the digital artist known as <a href="https://twitter.com/beeple">Beeple</a>, gathered with family in his living room to watch as dozens of bidders took part in the auction for his <keyword id="10871093" type="UNKNOWN" weightage="60" keywordseo="crypto-art">crypto art</keyword> on Thursday.The auction closed with a bid of over $69 million, making him <a href="https://www.wsj.com/articles/beeple-nft-fetches-record-breaking-69-million-in-christies-sale-11615477732">the third-most-valuable living artist</a>.He jumped off the couch and said, "I'm going to Disney World!"In the final 30 minutes, the price for his unique digital art jumped from $15 million to $69 million. Justin Sun, the founder of Tron, was outbid at the last minute, a representative for Sun told Insider.As he watched the last moments, Beeple said, "I think it probably means digital art is here to stay."The transaction was the historic auction house Christie's first sale of an <keyword id="4668945" type="PERSON" weightage="60" keywordseo="nft">NFT</keyword>, or nonfungible token, a digital asset that <a href="https://www.businessinsider.com/what-does-nft-mean-crytpo-non-fungible-tokens-art-explained-2021-2">operates as a type of collector's item</a> and can't be duplicated.Beeple's piece, titled "Everydays: The First 5000 Days," was the highest-valued crypto-art sale. The second highest was another Beeple piece that <a href="https://www.businessinsider.com/art-nft-beeple-blockchain-pieces-sell-for-millions-2021-3">sold for $6.6 million</a> in February.<div type="image" title="Beeple &quot;Everydays&quot; piece on Christie's." height="675" width="1350" msid="81471458" hostid="261"></div>Beeple has previously said he hasn't valued his art at more than $1,000. But now his pieces are leading the crypto-art boom as digital tokens gain popularity during the <keyword id="43587" type="ORGANIZATION" weightage="60" keywordseo="pandemic">pandemic</keyword>.

Watch Beeple react to his crypto art selling for $69 million, making him the 3rd-most-valuable living artist: 'I'm going to Disney World!'

<ul class="summary-list"><li><keyword id="10848595" type="UNKNOWN" weightage="60" keywordseo="beeple">Beeple</keyword>'s latest <keyword id="1105" type="PERSON" weightage="60" keywordseo="art">art</keyword> ranks among some of the most expensive pieces sold by living artists.</li><li>The price for the digital art piece jumped from $15 million to nearly $70 million in under an hour.</li><li>It was the first <keyword id="4668945" type="PERSON" weightage="60" keywordseo="nft">NFT</keyword> to be sold by a historic auction house.</li></ul>Digital artist Mike Winkelmann - known online as Beeple - has smashed crypto-art records yet again with a nearly $70 million sale. On Thursday, Winkelmann became one of the top three most valuable living artists, according to Christie's, as his sale became the highest for any online bid to date.His piece <a href="https://onlineonly.christies.com/s/beeple-first-5000-days/beeple-b-1981-1/112924">sold for nearly $70 million</a> in an auction that saw furious bidding activity down to the very last minute. The price for the piece jumped from $15 million to over $69 million in under 30 minutes. <a href="https://www.bloomberg.com/news/articles/2021-03-11/beeple-everydays-nft-sells-at-art-auction-for-60-million-paid-in-ether?sref=LspfQlRv">Bloomberg</a> reported that Tron founder Justin Sun had the winning bid on the piece at $60.25 million, but a representative for the crypto tycoon told Insider that Sun was outbid at the last minute. "NFT is definitely a revolution to the industry for the our generation," the spokesperson told Insider. "Both Justin and TRON Foundation are super excited for the techonolgy and will to heavily support the ecosystem development around that."Previously, the most expensive crypto-art sale was another <a href="https://www.businessinsider.com/art-nft-beeple-blockchain-pieces-sell-for-millions-2021-3">Beeple piece that was resold for $6.6 million on Nifty Gateway.</a>This new piece, titled "Everydays: The First 5000 Days," represented a collection of 5,000 Beeple digital art pieces. Christie's specialist Noah Davis calls the piece Beeple's "opus," as it shows his development as an artist. The auction lasted over a week and ended on Thursday.Winkelmann <a href="https://www.businessinsider.com/nft-artists-make-millions-traditional-galleries-adapt-cryptoart-2021-3">told Insider in a previous interview</a> that prior to recent months, he'd never expected to sell a piece for more than $1,000.Winkelmann's piece is a <a href="https://www.businessinsider.com/what-does-nft-mean-crytpo-non-fungible-tokens-art-explained-2021-2">non-fungible token or NFT. NFTs operate as a new type of digital asset</a>. The digital tokens have rapidly gained popularity during the pandemic, as brands like the NBA and Nike got in on the trend and artists like <a href="https://www.businessinsider.com/grimes-nft-art-warnymph-sells-for-millions-20-minutes-2021-3">Grimes sold art collections for nearly $6 million in under 20 minutes.</a>In the past month alone, top NFT platforms have sold nearly $500 million in digital assets, according to<a href="https://www.cryptoslam.io/"> CryptoSlam</a>.Beeple's $69 million sale represented the first NFT sale for Christie's - an auction house that was founded in 1766. Prior to the auction, the historic auction house said it was unable to estimate the price of Beeple's work. 33 individuals bid on the piece and over 90% of them were new visitors to Christie's site.Read more: <a href="https://www.businessinsider.com/nft-startups-non-fungible-tokens-the-art-world-2021-3">Here are 4 NFT startups transforming the way we buy art and sports memorabilia</a>"We're replacing our typical Estimate on Request with Estimate Unknown," Christie's specialist Noah Davis said in the initial press release. "We're breaking such new ground with this piece, your guess is as good as ours."Miami-based art collector Pablo Rodriguez-Fraile told Insider that, after selling a Beeple piece for $6.6 million, he thinks Winkelmann is a symbol for the entire NFT movement."This will become the art world over time," Rodriguez-Fraile told Insider. "<keyword id="902592" type="PERSON" weightage="60" keywordseo="NFTS">NFTs</keyword> are going to become more desirable than a physical piece. They give collectors a closer connection to the artist."Rodriguez-Fraile told Insider that NFTs give power back to the artists and for many artists like Winkelmann, it gives them the power to finally receive recognition for their work. "I believe we are witnessing the beginning of the next chapter in art history, digital art," Winkelmann said in a press release. "Artists have been using hardware and software to create artwork and distribute it on the internet for the last 20+ years but there was never a real way to truly own and collect it. With NFT's that has now changed."Winkelmann will also be able to continue to profit off future sales of his piece, as most NFT platforms allow artists to receive at least 10% royalties.

This digital art just sold for nearly $70 million - the highest crypto-art sale in history - making its creator one of the top three most valuable living artists

<ul class="summary-list"><li>As the <keyword id="4668945" type="PERSON" weightage="60" keywordseo="nft">NFT</keyword> market booms, records are constantly being broken.</li><li>Here's a guide to some of the highest-value NFT transactions to date. </li></ul>The market for <keyword id="10871093" type="UNKNOWN" weightage="60" keywordseo="crypto-art">crypto art</keyword> is booming - everyone from <a href="https://www.businessinsider.com/how-nfts-went-mainstream-cryptocurrency-blockchain-2021-3">Mark Cuban to Paris Hilton to Taco Bell</a> has gotten in on the action.Since NFTs, or non-fungible tokens, are mostly bought and sold via cryptocurrency transactions that are tied to the blockchain, which is by nature decentralized, rounding up the highest-value individual sales can be challenging. But per Insider's reporting and data from the crypto-art auction site Nifty Gateway, here are some of the highest-value NFT transactions to date. Are there any high-value sales you think should be included? Contact this reporter at <a href="mailto:awilliams@insider.com">awilliams@insider.com</a> with any high-value single NFT transactions you'd like to see. <h3><a href="https://foundation.app/NyanCat/nyan-cat-219">Nyan Cat by Chris</a>, on Foundation - $590,000</h3>An NFT featuring the popular piece of internet history that is the Nyan Cat meme sold for 300 ETH, or about $590,000, in February. <a href="https://www.businessinsider.com/ethereum-nft-meme-art-nyan-cat-sells-for-300-eth-2021-2">Insider reported</a> that a 24-hour auction took place on Foundation, a platform for crypto art. <h3><a href="https://niftygateway.com/itemdetail/primary/0x6e5dc5405baefb8c0166bcc78d2692777f2cbffb/21">THE COMPLETE MF COLLECTION by Beeple</a>, on Nifty Gateway - $777,777.77</h3>This NFT sale is unusual because it includes a physical component as well as the blockchain-based art. This collection of Beeple's art includes many of the digital artist's pieces along with a "physical artifact of the NFT featuring a signed, numbered titanium backplate." Beeple even included a hair sample. <h3> </h3><h3><a href="https://niftygateway.com/itemdetail/primary/0xbeccd9e4a80d4b7b642760275f60b62608d464f7/1">Hairy by Steve Aoki</a>, on Nifty Gateway - $888,888.88 </h3>Earlier this month, musician Steve Aoki collaborated with Antoni Tudisco to produce this high-value NFT with a clip of Aoki's music and a dancing blue-and-purple figure. When it sold on March 8, it was a <a href="https://twitter.com/niftygateway/status/1369314124765814795">record-breaking single sale</a> for Nifty Gateway. <h3><a href="https://niftygateway.com/itemdetail/primary/0x9c55cc89feddc087474d39e4e0259401b57bd455/1">Not Forgotten, But Gone by WhIsBe</a>, on Nifty Gateway - $1 million </h3>This 16-second clip of a spinning gold skeleton gummy bear sold for $1 million on Nifty Gateway. Artist WhIsBe sells several different gummy bear-based NFTs on the platform as well.<h3><a href="https://niftygateway.com/itemdetail/primary/0xc92ca2b5b8a996ad2a6fdd97c6d7ed038e61c7222/1">Auction Winner Picks Name by SSX3LAU</a>, on Nifty Gateway - $1.33 million</h3>Electronic music artist 3LAU has gotten into the NFT game and made a major sale in collaboration with Slimesunday. This sale allows the winner of the auction to name the song that plays in the music video NFT. <h3><a href="https://www.larvalabs.com/cryptopunks/details/6965">CryptoPunk #6965</a>, on Larva Labs - $1.54 million</h3>This token, which features a funky fedora, became the third-highest CryptoPunk sale to date when it was last sold on February 19. Several other CryptoPunk tokens have crossed the $1 million threshold, depending on the valuation of the crypto-currency at the time of sale. Find the full list <a href="https://www.larvalabs.com/cryptopunks/topsales">here</a>.<h3><a href="https://v.cent.co/tweet/20">First Tweet by Jack Dorsey</a>, on Valuables - $2.5 million or more</h3>Though the auction closes on March 21, <a href="https://v.cent.co/tweet/20">Jack Dorsey's sale of the first-ever Twee</a>t as an NFT is sure to break the top 10; the current bid is $2.5 million, and it's been stagnant since March 6. Dorsey announced the auction earlier this month and plans to donate the proceeds to charity. <h3><a href="https://niftygateway.com/itemdetail/secondary/0x12f28e2106ce8fd8464885b80ea865e98b465149/100010001">CROSSROAD by Beeple</a>, at Nifty Gateway - $6.66 million</h3>On February 24, the digital art platform Nifty Gateway <a href="https://twitter.com/niftygateway/status/1364752651439767556">announced on Twitter</a> that a work from Beeple netted $6.6 million on the secondary sale market, brokered through the Nifty Gateway buying services. The NFT <a href="https://niftygateway.com/itemdetail/secondary/0x12f28e2106ce8fd8464885b80ea865e98b465149/100010001">features an anti-Trump message</a>.<h3>CryptoPunks <a href="https://www.larvalabs.com/cryptopunks/details/7804">#7804</a> and <a href="https://www.larvalabs.com/cryptopunks/details/3100">#3100</a> at Larva Labs - $7.6 million each</h3>These tradable CryptoPunk collectibles were both sold on March 11 for a value of 4.2k Ethereum, marking the top two sales of all time for CryptoPunk tokens. <a href="https://www.larvalabs.com/cryptopunks">The Larva Labs website</a> describes the CryptoPunks as "unique collectible characters with proof of ownership stored on the Ethereum blockchain."<h3><a href="https://www.businessinsider.com/art-auction-nft-beeple-top-selling-most-expensive-sale-millions-2021-3">"Everydays: The First 5,000 Days" by Beeple</a>, at Christie's - $69 million</h3>The highest-value NFT sale to date is a piece by crypto-artist Beeple put on auction at Christie's. It was the first NFT to be sold at the historic auction house and pointed to a newfound institutional legitimacy for the burgeoning market. The art piece, titled "Everydays: The First 5000 Days," was a compilation of 5,000 pieces of Beeple's work.

11 of the most expensive pieces of crypto art ever sold, from Beeple to Steve Aoki

<ul class="summary-list"><li>Beeple, who sold an NFT for $69.3 million this year, will return to the market with a new piece. </li><li>A 7-foot-tall physical sculpture will be auctioned at Christie's, according to WSJ. </li></ul>Beeple, who this year sold the most expensive work of digital art, is returning to the $769 billion NFT marketplace with a life-size sculpture and corresponding NFT that will be auctioned by Christie's. "Human One" could sell for $15 million, according to an estimate from the 255-year-old auction house, <a href="https://www.wsj.com/articles/nft-artist-beeple-to-auction-a-real-life-sculpture-for-about-15-million-at-christies-11635422400?mod=hp_listc_pos4">first reported by The Wall Street Journal</a>. It will be featured as part of Christie's "21st Century Evening Sale" on November 9.<a href="https://www.christies.com/features/Beeple-gets-real-with-human-one-11940-7.aspx?sc_lang=en">Christie's describes the 7-foot-tall piece</a> depicting a helmeted astronaut as a "kinetic video sculpture" with four video screens and made in part with polished aluminum metal.The <a href="https://twitter.com/NonFungibleNoah/status/1453726009883123728">accompanying NFT</a> slowly rotates, and the figure appears to walk through sci-fi landscapes, the report said, adding that Beeple plans to alter the backdrops several times a day and update them during his career. NFTs - or non-fungible tokens - are digital representations of artworks and collectibles that exist on a blockchain ledger. Beeple made a big splash in the art and crypto worlds in March when his <a href="https://www.businessinsider.com/beeple-nft-mike-winkelmann-digital-art-christies-2021-3">"Everydays: The First 500 Days" NFT sold for $69.3 million</a>, marking the first entirely digital art piece sold by Christie's. That sale propelled Beeple, whose real name is Mike Winkelmann, to stand among the top three most valuable living artists. The sale of "Human One" will add to the fast-growing NFT market that carried a sales volume of $10.9 billion, <a href="https://coinmarketcap.com/nft/">according to CoinMarketCap</a>, with the site also showing that more than 2 billion NFTs have been sold.

The artist who sold an NFT for a staggering $69 million will auction a $15 million sculpture and NFT at Christie's, report says

<ul class="summary-list"><li>Daily sales volume for CryptoPunks NFTs hit a record high on Monday, according to CoinDesk.</li><li>In the last 30 days, sales volume for the digital art collection has grown 881% to top $461 million. </li><li>Meanwhile, a <keyword id="11939874" type="UNKNOWN" weightage="60" keywordseo="zombie-cryptopunk" source="Orion">Zombie CryptoPunk</keyword> sold for $5.3 million on Tuesday to become the fourth-most valuable <keyword id="11939873" type="UNKNOWN" weightage="60" keywordseo="cryptopunk" source="Orion">CryptoPunk</keyword> in the collection of 10,000.</li></ul>Look no further than the numbers behind the CryptoPunks <keyword id="11919795" type="UNKNOWN" weightage="60" keywordseo="nft" source="Orion">NFT</keyword> collection to see just how much the market for non-fungible tokens is booming.On Monday, daily sales volume of CryptoPunks hit a record $86 million, according to <a href="https://www.coindesk.com/cryptopunk-nfts-break-sales-record-as-visa-sparks-buying-frenzy">CoinDesk,</a> which cited industry tracking website CryptoSlam. In the last 30 days, sales volume for CryptoPunks has grown 881% to top $461 million, per <a href="https://www.cryptoslam.io/">CryptoSlam. </a>Meanwhile, a single Zombie CryptoPunk sold for 1,600 ether, or $5.3 million on Tuesday. <a href="https://cryptoslam.io/cryptopunks/mint/7252">CryptoPunk #7252</a> is the fourth most valuable CryptoPunk and the highest in the rare green-faced zombie category. The seller originally paid $2.5 million for the NFT, more than doubling their investment through the transaction.Most of the 10,000 CryptoPunks don't sell in the seven figures, but the art collection's NFTs still sell for higher than the average project. Visa, for example, paid $150,000 to <a href="https://markets.businessinsider.com/news/currencies/visa-cryptopunks-nft-150000-cryptocurrency-blockchain-fungible-token-digital-asset-2021-8">buy CryptoPunk #7610 on Monday.</a>The banking giant's purchase is a sign of mainstream interest in the non-fungible token space. Visa's head of <keyword id="11893898" type="UNKNOWN" weightage="60" keywordseo="crypto" source="Orion">crypto</keyword> said NFTs have the potential to become a "powerful accelerator for the creator economy and lower the barrier to entry for individual creatives to earn a living through digital commerce."Read more: <a href="https://www.businessinsider.com/reddit-best-meme-stocks-today-tesla-amc-gamestop-alibaba-nvidia-2021-8" target="_blank" rel="noopener">Top 16 meme stocks this week on Reddit: Alibaba comes back from the dead, and Nvidia catches fire, while AMC and GameStop stick around</a>

Daily sales of CryptoPunk NFTs are hitting record levels, with one rare zombie token selling for $5.3 million

<ul class="summary-list"><li>Value for <keyword id="12453019" type="General" weightage="60" keywordseo="play-to-earn" source="Orion">play-to-earn</keyword> <keyword id="2721952" type="General" weightage="60" keywordseo="crypto" source="Orion">crypto</keyword> games comes from a variety of sources, not just one thing.</li><li>A game's popularity and demand for its underlying crypto token are all part of the equation, along with transaction fees.</li><li>Such a business model relies on a constant new flow of players entering the ecosystem and adding value that can be extracted by others. </li></ul>Play-to-earn games like <a href="https://markets.businessinsider.com/news/currencies/ethereum-axie-infinity-cryptocurrencies-tokens-slp-axs-markets-2021-8">Axie Infinity</a> and <a href="https://markets.businessinsider.com/news/currencies/metaverse-real-estate-property-sales-virtual-land-sandbox-decentraland-2021-11">Decentraland</a> are blowing up across the crypto world. They seem to be revolutionizing the gaming industry with a new, <a href="https://markets.businessinsider.com/news/currencies/play-to-earn-crypto-gamefi-nft-games-axie-infinity-huobi-2021-10">highly engaging format</a> with huge appeal. <cmsannotation type="cmsannotation" annotationid="wazirx" comment="wazirx" text="wazirx">wazirx</cmsannotation> What is the source of the money? The value across all play-to-earn games comes from the currency that players earn within the platform. But not every game has the same model, and some small names are only looking to cash in on the <a href="https://markets.businessinsider.com/news/currencies/metaverse-crypto-blockchain-battle-facebook-meta-big-tech-axie-sandbox-2021-12?utm_medium=ingest&amp;utm_medium=ingest&amp;utm_source=markets&amp;utm_source=markets">metaverse craze</a>. Most games have native tokens for in-game purchases and trading between players. They derive value through the use of their tokens which users and cryptocurrency traders <a href="https://markets.businessinsider.com/news/currencies/best-performing-cryptocurrencies-metaverse-tokens-of-the-year-2021-12">deem valuable</a>, according to blockchain developer James Bachini. For instance, the model used by <keyword id="11919548" type="General" weightage="60" keywordseo="axie-infinity" source="Orion">Axie Infinity</keyword> counts on players making a chunky upfront investment in game-specific NFTs (or Axies, in this case). Gamers can then trade their in-game digital assets — earned from playing — at an appreciated price with other gamers, who continue the loop to inject value into the gaming economy. "If everyone decides to leave and exchange their Axie tokens for other digital currencies, then the token value collapses," Bachini said. "If the game continues to be successful, then demand for the token continues." The game's owners and investors have the belief that <a href="https://www.businessinsider.com/how-to-invest-in-axie-infinity-play-to-earn-gaming?r=US&amp;IR=T">people will continue playing and funneling money</a> into it. That's because digital asset ownership is gaining mainstream acceptance. Indeed, Axie's axs cryptocurrency gained an eye-watering 18,000% over the course of 2021, while <keyword id="12222085" type="General" weightage="60" keywordseo="decentraland" source="Orion">Decentraland</keyword>'s mana token rose by 4,000%, ranking the two of them among the best performers overall last year from the crypto space, all thanks to the popularity of play-to-earn games and the metaverse. Am I guaranteed to earn money through playing? No. But it depends on the amount of time you invest in the game, its popularity, and the demand for the in-game assets or underlying token. "Play-to-earn is not a magic pill that will make any game profitable for players, yet it sets a precedent and a canvas for such a value-distributing game," said Diego Di Tommaso, cofounder of open-source AR platform OVR. Is the business model sustainable? Possibly, but there are a number of problems associated with this concept because the appeal of earning money could dilute the gaming experience. One major risk is a game's ability to continue growing the economy it intends to build. The only way a play-to-earn model can be sustainable is having the game's users be of high quality, according to Adrian Kolody, founder of DeFi startup Domination Finance. Being entertained and actually having a good time while playing could be watered down by <a href="https://www.bloomberg.com/news/articles/2022-01-15/gamefi-is-a-new-crypto-craze-what-s-it-all-about-quicktake">people using bot-farmers</a> as a way to make the most of the game purely for the sake of residual income, he said. "Bot behavior also incentivizes the auto-dumping of the token rewards that you receive from these games," he said. "This leads to negative price action, and can mean certain death for some of these projects who rely on their token to do well for sufficient runway." Moreover, continuous trading of in-game assets creates the need for a constant inflow of new players to maintain the business model and develop revenue streams. How is the game itself earning anything? Easy one. Transaction fees! New players incur a fee for purchasing in-game currency, and this represents a major revenue stream for the game. The most appealing part of the game is the price appreciation of native tokens. Games with solid communities and brands have an edge over others. "Axie's sustainability will be based on how fast it can grow its player base and drive additional utility to its in-game assets," said Koh Kim, head of ecosystem at blockchain infrastructure startup Mysten Labs. "Axie has literally changed people's lives – that's their competitive advantage. No other play-to-earn game has that level of loyalty."

Play-to-earn crypto games have exploded onto the scene and are shaking up gaming business models. Here's how they work, and where the value comes from for investors.

<ul class="summary-list"><li><keyword id="6355315" type="UNKNOWN" weightage="60" keywordseo="elon-musk">Elon Musk</keyword> pulled out of selling one of his tweets as an <keyword id="4668945" type="PERSON" weightage="60" keywordseo="nft">NFT</keyword>, but users of NFT platform Valuables are still trying to buy them.</li><li>Valuables, owned by the social media platform Cent, allows users to turn tweets into NFTs and buy or sell them.</li><li>The thrill of the chase and fandom culture attract users, Cent CEO and co-founder Cameron Hejazi told Insider.</li></ul>Earlier this year, at the height of NFT-mania, Tesla chief executive Elon Musk first minted a <a href="https://twitter.com/elonmusk/status/1371549960030842893">tweet</a> of his as an NFT and then <a href="https://markets.businessinsider.com/news/stocks/elon-musk-nft-non-fungible-token-tweet-for-1-million-2021-3-1030218330">retracted the offer</a> to sell it after receiving bids of up to $1 million. "Actually, doesn't feel quite right selling this. Will pass," he <a href="https://twitter.com/elonmusk/status/1371969967176957956">tweeted</a>. His admirers however have not stopped trying to buy his tweets. Through the platform <a href="https://v.cent.co/">Valuables</a>, which also sold <keyword id="6354616" type="UNKNOWN" weightage="60" keywordseo="Twitter">Twitter</keyword> CEO <keyword id="265395" type="PERSON" weightage="60" keywordseo="Jack-Dorsey">Jack Dorsey</keyword>'s first ever <a href="https://www.businessinsider.com/twitter-ceo-jack-dorsey-sell-first-tweet-nft-sunday-2021-3">tweet as an NFT</a>, offers have been pouring in for Musk. So far this week, 29 bids have been made on Musk tweets, worth over $15,000 in the cryptocurrency ether. "It is very much thrill-oriented and status-oriented and, you know, frankly fandom-oriented. Elon has the most bids on his tweets because he has so many fans. And these are fans expressing their fandom...It's that fandom that really drives them to engage in this behaviour," Cameron Hejazi, CEO and co-founder of Cent, the blockchain based social media company that created Valuables, told Insider in an interview this week. Valuables' concept is simple - anyone can bid on tweets, or mint their own tweets to then sell. The authors of tweets can accept, or reject offers, users can out-bid one another or re-sell NFTs they previously purchased. Transactions are made with the cryptocurrency ether. Minting a tweet through Valuables turns it into a NFT, a non-fungible token that is based on blockchain technology. NFTs are digital assets, like images, video, audio - or tweets. Ownership is recorded on blockchain ledgers. Since its 2020 launch, Valuables has accumulated 53,000 users who have made transactions worth $3.2 million. "Behind every NFT there is a person, story and a message. Those three elements combined give it value. Art works in the same way, but NFTs can move faster and they are more transparent and accessible to the public," one user explained. "It's a new type of human interaction that never existed before", he continued. Others go even further: "NFTs become a part of your identity", another NFT trader said. Fandom and admiration play a key role in users bidding on NFTs. "I felt like I had to have that tweet signed by Charles Hoskinson," one bidder told us. Over the past month, he spent over $6,762 on NFT tweets. 'I found out there's something addictive about these things!" the trader told Insider. "I definitely think that there's aspects of gamification that can go into play here. Things like for instance trading specific moments or building a collection of moments...I do think that it will definitely solidify as a collectible like trading cards." Hejazi told Insider. At the moment, most of the excitement comes from the bidding process before a purchase is made, he said. But some users are starting to see an increased post-purchase value. "When people buy one of those tweets, I'm autographing a piece of history and then also sharing with them a backstory that nobody has ever heard before," another seller said. Valuables is also trying to expand the thrill and experience beyond bidding. "The goal for us is to even get it beyond that right, even beyond just the fandom collecting aspect, it's to really make it so that it ultimately fosters a connection in some meaningful way that's real, that's not just one sided, that's not just on the fan side, it's between the fan and the creator and so that's where we're actively exploring." Hejazi said.

The CEO of an NFT platform featuring tweets from Elon Musk and Jack Dorsey breaks down where the market goes from here - and dissects the Tesla founder's cult-like personality

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