In March 2021, Beeple surprised the crypto market when it announced that its digital artwork “Everydays: the First 5000 Days” fetched $69.3 million at a Christie’s auction, making it the most expensive NFT at that point in time. Since then, NFTs have set the crypto market ablaze, and many celebrities and brands have thrown their hats into the ring by launching their collection of NFTs.
The most successful ones are the Bored Ape Yacht Club (BAYC) NFTs and Crypto Punk NFT series, which now account for the bulk of trading volume on NFT marketplaces. However, the most expensive NFT sold to date is “The Merge” from digital artist Pak which raked in $91.8 million on Nifty Gateway.
If NFTs made it big on the global stage, can India be far behind? This blog post will look at some of the most expensive NFTs sold in India. Let’s take a ringside view.
5 most expensive NFTs ever sold in India
Amitabh Bachchan’s NFT collection
By a big margin, Amitabh Bachchan’s NFT series continues to be the most expensive NFT ever sold in India. The NFT series titled “BeyondLife.club” fetched $966,000 or about ₹7.18 crore in the auction held in November 2021.
The NFT series includes Madhushala NFTs—Amitabh’s rendition of his father Harivansh Rai Bachchan’s refined poetry in his inimitable baritone. The Bollywood doyen’s art pieces in NFT format also featured in the list.
All 5,000 NFTs received a total of 6 million bids in the first minute and sold out in just 54 minutes.
Ishita Banerjee’s rendition of the fourth avatar of Vishnu
The second-most expensive NFT ever sold in India is the digital avatar of Vishnu by Ishita Banerjee.
Ishita Banerjee is an Indian-origin artist based in Montreal. Ms. Banerjee’s NFT rendition of the fourth avatar of Vishnu raked in 3,200 WRX or ₹2,66,616 on the WazirX NFT marketplace in June 2021, according to the then prevailing exchange rate.
Moreover, her two other artworks depicting Kali and Phoenix fetched ₹2,49,743.36 and ₹2,42,019.34, respectively.
NFTs based on Ranveer Singh starrer 83
The NFT collectibles that included digital movie posters, famous scenes from the movie, songs, and dialogue, were minted on Polygon blockchain and launched in December 2021.
All the NFTs were sold out within an hour of the launch, raking in a cool Rs 10 lakh.
Manish Malhotra’s fashion NFT collection
Celebrity fashion designer Manish Malhotra jumped on the crypto bandwagon in October 2021 by launching five exclusive sketches and runway GIFs of his couture featuring Lisa Ray, Deepika Padukone, Kareena Kapoor, and Alia Bhatt.
Buyers lapped up the NFTs within minutes of the launch with each piece selling for $4,000.
NFT blockbuster from Rajinikanth
South Indian megastar Rajinikanth too joined the NFT party in July 2022. The matinee idol partnered with Singapore-based NFT marketplace Diginoor.io to launch the NFT series based on the 2007 action thriller “Shivaji the Boss.”
Investors lapped up the NFTs within minutes of the launch.
How do NFTs derive their value?
As with all traded commodities, supply and demand determine the price of an NFT. However, the fact that NFTs exist only digitally complicates the valuation process.
As a general rule, rarity and supply lend uniqueness to NFTs. But there are other factors at play as well. The founding team, the NFT community, and the artists can spur demand for a particular NFT. Limited series NFTs with unique use cases can also command a premium.
It is clear that the value of an NFT has much to do with its producer, its worth in games, and above all, the market sentiment. In this article, we have listed NFTs that fetched a fortune for their creators. Yet, there is a failure for every success, and NFTs are no exception. Always do your research before dabbling in NFTs.
How to create NFTs?
Creating an NFT and listing it for sale is simple. However, you should note that it’s rarity that makes NFTs valuable. Here’s a step-by-step guide to creating NFTs:
- First of all, create the digital artwork. Ensure that it should be your own creation, and you own absolute digital media rights for sharing and selling it on online platforms.
- Choose a blockchain protocol that supports the minting of NFTs such as Ethereum and Solana, and set up a crypto wallet.
- Choose an NFT marketplace such as OpenSea, Rarible, and Solanart that lets you create NFTs.
- Create the NFT by connecting your wallet to the NFT marketplace. Upload the media, fill in the details, select the blockchain, pay the gas fees, and your NFT will be created.
- You can now list the NFT for sale on the NFT marketplace of your choice.
How to sell your NFTs?
If you are holding an NFT and wish to sell it, you can either list it on an NFT marketplace and call for bids or do a peer-to-peer transaction.
For selling it through the NFT marketplace, link the crypto wallet where the NFT is stored. Now set a price of your NFT based on the 30-day average price, rarity, utility, and creator rapport. Once you have decided on the price, create a listing, provide a detailed description of the NFT, and mention if the holder gets any benefit beyond the ownership of the asset. You need to pay the gas fees and commission to list your NFT on the platform.
If you want to sell your NFT for a fixed price, list it under “On Sale” tab and if you’re going to place it under auction—set the minimum price.
The platform will notify you and enable the transaction once someone makes a buy request. If you accept the offer, the NFT will go to the highest bidder in the auction.
Compared to the developed world, the ticket size of NFTs in India is minuscule. However, they continue to attract attention on par with other crypto-friendly countries. As institutions explore multiple use cases for NFTs, the adoption rate is likely to increase significantly and drive the prices of NFTs higher.
What is the highest amount of NFTs sold?
Digital artist Pak’s artwork “Merge” sold for a record-breaking $91.8 million on Nifty Gateway, but whether it is considered a single piece is up for debate. The sale involved 28,983 collectors purchasing 312,686 NFT units. Pak is known for creating Archillect and had a previous NFT collection sell for $16.8 million.
Can you sell NFTs in India?
LEGALITY. Presently, no laws in India expressly regulate commercial dealing in NFTs. The only statutory reference is the Income Tax Act, 1961, which has been amended to include NFTs under the definition of virtual digital assets (VDAs). Income generated from trading in NFTs is consequently taxed at 30%.
What are the 5 most expensive NFT transactions?
The Merge: $91.8M. Everyday: The First 5000 Days: $69.3M. Clock: $52.7M. HUMAN ONE: $28.9M. CryptoPunk #5822: $23.7M. These are the 5 most expensive NFTs.
What makes an NFT so expensive?
NFTs can be expensive due to factors like scarcity, rarity, artist reputation, historical significance, and market demand, with buyers determining the ultimate value.