Non-fungible tokens are special kinds of crypto tokens. They thrive on their rarity, scarcity, and the ability to represent valuable physical assets such as art, and real estate. One-of-One NFTs are even rarer due to their limited edition. This class of NFT only has one NFT edition, thus, 1:1 NFTs usually command huge prices.
TL;DR
- One-of-One NFTs are extremely rare and they often command huge prices
- It is quite common for famous artists to create one-of-one art
- “Everyday: The First 5000 Days”, “HUMAN ONE”, and “Clock”, are some of the most popular One-of-One NFT art.
What is a One-of-One NFT?
One-of-One NFT is a kind of NFT class that only contains a single artwork. It is quite common for NFT collections to have a few thousand pieces of art. These collections are often replicas of an image drawn with different attributes and characteristics. One-of-One NFTs do not follow this norm. 1:1 artworks exist as single editions with no replicas.
This attribute, therefore, makes one-of-one art to be extremely rare. It is quite common that 1:1 NFT command a huge price due to this scarcity. In other words, 1:1 art is special among NFTs and they are one-of-a-kind artworks.
The Domain of Famous Artists
More often than not, One-of-One NFTs are created by famous NFT artists. While this assertion is not cast in stone, it is quite common that established digital artists are the ones who create one-of-one artworks that command the highest fees.
NFT artists such as Beeple, XCOPY, and Pak, are known to have created some of the most popular single-edition NFTs ever created. On the other hand, the most popular NFT collections are often created by NFT studios.
Essentially, while Beeple, Pak, and the likes channel their creativity to create single-edition NFTs, studios such as Larva Labs, and Yuga Labs, have launched some of the most expensive NFT collections that exist today.
Also read: Top use cases of DAOs
Why are 1:1 NFTs Expensive?
One-of-One NFTs are often expensive for a few reasons. The first directly relates to their value and rarity. Unlike collections, 1:1 NFT only has one edition on the blockchain. There are no replicas and the issuing artist cannot issue the piece twice.
This means that a collector who is fortunate to buy such NFT has earned a bragging right that no other collector has. The rare attribute of single-edition NFT often means that they are sold in auction houses such as Christie’s. There, collectors can bid on rare art like they would for old artifacts and ancient relics.
The second reason One-of-One NFTs are often expensive relates to the pedigree of the artist who created the piece. This is the reason famous NFT artists like Pak and XCOPY usually command huge prices for their works. We can liken one-of-one NFTs by famous artists to physical artworks such as Monalisa, The Birth of Venus, The Last Supper, and Salvatore Mundi.
Also read: How NFTs could transform global Insurance
Examples of One-of-One NFT
Some of the most popular 1:1 NFTs include Beeple’s “Everyday; The First 5000 Days”, “HUMAN ONE; Crossroad; XCOPY’s “Right Click and save a Guy”, and Pak’s “The Merge”. All of these NFT artworks were sold for millions of dollars in cryptocurrency.
Today, Pak’s “The Merge” is regarded as the most expensive NFT artwork ever. The artwork sold for $91.8 million.
Conclusion
One-of-One NFTs are the golden jewel among digital collectibles. They are rare and often command huge sale prices. This is especially the case if famous digital artists create them.
