What Is the Most Expensive NFT? Pak’s “The Merge” Sold for $91.8 Million
As of July 2025, the most expensive NFT in history remains the dynamic artwork “The Merge” created by digital artist Pak (Murat Pak), which was sold for 91.8 million dollars in December 2021. Its uniqueness lies in:
- Dynamic Fusion Mechanism: The artwork consists of 312,686 “mass” (units of quality). After purchase, these units will automatically merge in the holder’s wallet, forming a single NFT with visually dynamic changes, and the scarcity will continue to increase with the merging.
- Collective ownership: Acquired by 28,983 collectors, it has disrupted the traditional model of single ownership of artworks, becoming an iconic case of decentralized art.
Top Three Expensive NFTs: Dual Value of Art and Society
“Everydays: The First 5000 Days” (Beeple):
- Sale price of 69.3 million USD (2021), Christie’s first auction of NFT artwork.
- Composed of 5000 image collages created daily over 13 years, purchased by NFT investor Metakovan.
“Clock” (Pak and Julian Assange):
- Price: $52.8 million (2022), displays in real-time the number of days that WikiLeaks founder Assange has been imprisoned.
- All proceeds will be donated to the Assange Defense Fund, won by the decentralized organization AssangeDAO.
CryptoPunks: The Benchmark for Top Collectibles
Among the top ten most expensive NFTs, CryptoPunks occupies six spots, highlighting its market position as the pioneer of NFTs:
- Number 5822 (Alien Attribute): Sold for $23.7 million (2022), ranking fifth on the list.
- Number 7523 (Unique Medical Mask Alien): Pandemic cultural symbol, sold for 11.75 million USD (2021).
Its value comes from scarcity (only 9 Alien Punks) and cultural resonance, becoming a symbol of digital identity.
2025 Market Trends: Recovery and Innovation
After four consecutive months of decline, the NFT market saw a significant rebound in May 2025:
- Total sales reached 468 million USD, a month-on-month increase of 20%, with independent buyers surging 50% to 936,000.
- Emerging fields drive growth:
- RWA (Real World Asset) tokenization: Courtyard NFT (digital jewelry certificate) on the Polygon chain monthly sales reach $60 million, topping the May charts.
- AI and NFT Integration: The ERC-7857 standard promotes the development of iNFTs (intelligent NFTs), supporting secure transfer of AI agents and dynamic art interaction.
Conclusion: The Evolution of Value Beyond Speculation
The NFT market is shifting from speculation to deep exploration of technology empowerment and practical scenarios. Historically high-priced works have established the cultural status of digital art, while innovations such as RWA and AI have opened up sustainable application paths in areas like rights confirmation, gaming, and social interaction. With the activity of Bitcoin NFTs (Ordinals) and Layer 2 chains, market diversity will continue to reshape the boundaries of collection and investment.
