When exploring the history of the most expensive NFTs, you come across stories that would have been unthinkable just a few years ago. Millions for digital artworks—and this is no longer a sensation in this scene.

The most expensive NFT of all time to date remains Pak’s The Merge. Sold in December 2021 for $91.8 million, but with a twist: it wasn’t one single buyer, but nearly 29,000 collectors who purchased units of this work together. Each unit cost about $575, but combined it added up to an unimaginable sum. The concept was revolutionary—the more units you bought, the larger your share of the overall work. Pak, this anonymous artist active in the digital art scene for two decades, has shown how NFTs can be completely reimagined.

Right on its heels is Beeple with his Everydays: The First 5000 Days. $69 million at Christie’s in March 2021—starting with a bid of just $100. This is the story of someone who created a work of art every day for 5,000 days and assembled them into a massive collage. The buyer, MetaKovan from Singapore, paid in Ethereum. This sale marked a turning point: the traditional art world suddenly had to take NFTs seriously.

But it’s not just about high prices. Pak’s The Clock, for example—$52.7 million—is a political artwork. A timer that counts the days of Julian Assange’s detention and updates every day. AssangeDAO, a group of over 100,000 supporters, acquired this work to support Assange’s legal defense. Here, NFTs become an activism platform.

Beeple’s Human One is something different—a physical kinetic sculpture with 16K video that is constantly changing. $29 million for an artwork that isn’t static, but lives and evolves. That’s the future Beeple envisions: the fusion of the physical and digital worlds.

Then there are the CryptoPunks. These 10,000 pixel avatars from 2017 have grown into one of the most coveted collections. CryptoPunk #5822, a rare blue-skinned alien, sold for $23 million. There are only nine of these alien punks, which makes them valuable. But #7804 und #3100 also reached million-dollar prices—each with its own rare attributes.

What makes the most expensive NFT valuable in the first place? Rarity, of course. But history, the artist’s reputation, and community engagement also play a role. XCOPY’s Right-Click and Save As Guy—$7 million—is a meta-artwork about the irony of NFTs. It was originally sold for 1 Ethereum (then $90), and later for many times that amount. This shows how the market has evolved.

Dmitri Cherniak’s Ringers #109—$6.93 million—is generative art on Art Blocks. Each Ringer NFT is unique, composed of virtual strings and nails. Even the cheapest one still costs about $88,000 today. This is the most expensive NFT on this platform and proof that generative art has earned its place in the top tier.

Beeple’s Crossroad was a shock moment in 2021—$6.6 million for a 10-second video in response to the US elections. At the time, that was unimaginable. Today, no one would even raise an eyebrow.

The question is: Are NFTs still profitable? The market is volatile, yes. But established collections like CryptoPunks or Bored Ape Yacht Club maintain their value. Many other NFTs are practically worthless—dappGambl estimates that 95 percent have little to no value anymore. Still, the total market capitalization of NFTs is estimated at around $2.6 billion. There’s still potential.

What fascinates me about this development? It’s not just about prices. It’s about the question of what “art value” means in a digital world. Pak and Beeple have redefined it. They’ve shown that the most expensive NFT doesn’t necessarily have to be the most beautiful—it must have a story, a concept, a meaning. The Merge isn’t even an image. It’s a thought that became a work of art.

The next most expensive NFTs will probably come soon. The market is maturing, new artists are emerging, and new concepts are being tested. But these 15 works— they remain milestones. They show where the journey has gone.