Welcome to the cryptohunt jam where we spend one minute a day to explain crypto. In plain english.

Today: Let’s look at some examples of NFTs that sold for millions and speculate why.

One to make mainstream media news was a digital collage called “Everydays: the First 5000 Days”. Interestingly sold by old-school auction house Christie’s, this piece by digital artist Beeple went for almost 70 million dollars. Beeple, whose real name is Mike Winkelmann, has since sold a few more NFTs for millions each. He is a well known artist and star in the NFT world, and thus his pieces have become highly collectible. Beeple is bullish on NFTs. He believes artwork will be consumed entirely on screens and NFTs are ideally suited for that.

Now a completely different example: Charity auctions. Edward Snowden’s “Stay Free” sold for about $5.5 million. It is an image showing the text of a court decision ruling that the NSA's mass surveillance violated the law. So what makes that artwork so valuable? People’s willingness to give to a charitable cause. Whistleblower Snowden didn’t pocket the money himself, but gave it to the Freedom of the Press Foundation, of which he is the president.

And - yes, we’ve talked about them before - we can’t end without mentioning those cryptopunks again. With current offers reaching over a 100 million dollars on some, they are one of the most prolific NFT collections ever, attracting speculators who can afford them. Listen to our previous podcast for more details on those.

We hope those examples illustrate a few reasons that NFTs change hands for a lot of money.

And tomorrow we talk about why there are so many different cryptocurrencies and tokens out there instead of just one or two.

Disclaimer: This podcast references our opinion and is for information purposes only. It is not intended to be investment advice. Do your own research and seek a duly licensed professional for investment advice.