Three-year-old NFT surges over 20,000 times in value to sell for over $2.3 million

A non-fungible token (NFT) art piece by London-based crypto artist, who goes under the alias XCopy, has been recently sold for 550 ETH (Ether), or about $2.3 million (approx. Rs 17.4 crore). The latter was adjudged to have accounted for the top two NFT sales in the world between November 29 and December 5, with the two XCopy NFT artworks fetching a cumulative value of over $3.7 million (approx. Rs 27.9 crore).

Xcopy’s NFT pieces have incidentally reflected a massive surge in value. The animated image, titled ‘Some other a**hole’, was published under the ‘SuperRare’ NFT marketplace. The first sale of the artwork was listed at 0.8 ETH, fetching about $106 at an NFT auction in March 2019. The second sale of the animated artwork took place in November 2019, when it fetched 3 ETH, or about $483.

The recent sale, listed on Monday, December 6, fetched the appreciated price. The surge in its price accounts for an increase of over 20,000 times since the pricing of its first listing on NFT marketplaces.

This is not the first NFT artwork that has seen such massive appreciation in pricing. An NFT artwork under the CryptoPunks series by Larva Labs, called CryptoPunk 1422, was bought some time in 2017 for $74. In October this year, the artwork resurfaced as an NFT, and was sold at around $2 million.

So far, the highest price paid for an NFT is the digital artwork by artist Mike Winkelmann, aka Beeple, whose ‘Everydays: The First 5000 Days’ was sold at a whopping $69.3 million. It remains the most expensive NFT sold till date.