@hattiehughs14 posed the question "What are the most popular NFTs and why are they better than others?"
Some of the more popular NFTs today are generally from certain collections. Celebrities such as Eminem, Shaquille O'Neal, and Mark Cuban have all been investing in NFTs from the Bored Ape Yacht Club collection. According to OpenSea.com, Bored Ape Yacht Club is "a collection of 10,000 unique Bored Ape NFTs— unique digital collectibles living on the Ethereum blockchain. Your Bored Ape doubles as your Yacht Club membership card and grants access to members-only benefits". Essentially, this collection has created a club with a capped number of members with access to a virtual hangout spot.
Other popular NFT collections include Mutant Ape Yacht Club, CryptoPunks, mfers, and NBA Top Shot. The NBA Top Shot collection includes GIFs or images of rare NFTs of the NBA's best moments. These are very similar to buying a pack of baseball cards, basketball cards, football cards, or Pokemon cards and hoping to find a rare card in your pack, which you can then sell individually based on its scarcity.
So why are certain NFTs selling for up to $91.8 million? In large part, scarcity. Buying a one-of-a-kind piece of digital art is similar to buying a da Vinci painting. There are only so many to go around. Additionally, exclusive membership into an online club can reap huge rewards. Many people are using NFTs as an investment in digital art. As spots in the virtual club become more and more limited, the resell value goes up, making certain NFTs very valuable. These virtual clubs are also being seen as huge investments due to the rising confidence in the metaverse. So the most expensive NFTs are more valuable than others for the same reasons that the Mona Lisa is more expensive than buying a three-year-old's handprint painting. There is rarity, skill, and perception of the buyer in play here.
Utility (using NFTs to gain access to a club), underlying value, ownership history, liquidity value, and future value are all huge influences on why some NFTs are "better" than others.
