Thanksgiving NFTs Being Auctioned Off By Macy's--Bids Are Topping Six Figures As Of The Moment

Thanksgiving Day NFTs are on the auction floor courtesy of Macy's, and people are bidding crazy amounts of money just for the chance to own them.

A total of 10 holiday graphics are being auctioned off, reports The Huffington Post. All of the NFTs are designed to portray the Macy's Thanksgiving Parade in New York City, which has become almost synonymous with the holiday as a whole.

All the proceeds from the bidding on the non-fungible tokens will go to the Make-A-Wish foundation, with which Macy's has been in close partnership since 2003.

You can check out the auction on Macy's official website to see what the NFTs are all about. The bidding is scheduled to end on November 30th.

As of this writing, the Thanksgiving NFT with the most bids is the Happy Dragon Balloon Art, which features a--you guessed it--a green dragon. The current bid stands at a cool $310,000, with 10 people already having bid on it.

The second-most-bid-on Thanksgiving NFT is the Dachshund Balloon Art. Current bid stands at $41,000, with also 10 people on the list so far.

All of the non-fungible tokens celebrating the Macy's Thanksgiving Parade have dates on them. Each date is celebrates a decade of the parade, starting from the 1920s when it first launched.

Aside from the tokens, Macy's will also give away a total of 9,500 individual parade-inspired pieces of different levels of rarity on the actual Thanksgiving holiday, writes The Verge.

These pieces, however, will not be auctioned off and will instead be distributed on a first-come, first-serve basis. All proceeds earned from the sale of the aforementioned pieces will also go to Make-A-Wish foundation.

With this Thanksgiving Day announcement, Macy's is joining other big-name companies who have bought into the hype of non-fungible tokens, including Pringles and Taco Bell.

Macy's Thanksgiving Parade NFTs: Why Are They So Valuable?

Looking at the bid prices for all the Macy's Thanksgiving Parade NFTs, your head might start to spin. But that's just what these digital assets are these days. Under the right circumstances, they can be extremely valuable. But why?

The hype and value of non-fungible tokens lies in how they work.

According to BusinessUpside, these digital assets are considered valuable because their uniqueness and ownership can be verified at the drop of a hat. This gives NFTs the flexibility to be used for a wide variety of purposes, which can eventually lead to new, potentially lucrative business models.

Furthermore, non-fungible tokens can be considered valuable just because of how unique they are. While there's always a chance that a digital asset can be copied and pasted endlessly, the fact that these tokens are linked to blockchain technology is what makes them unique--and therefore, valuable.

The Most Valuable NFTs Ever Sold

A quick Google search will give you an idea of just how valuable NFTs can get. Spoiler alert: the most valuable Thanksgiving NFT from Macy's doesn't even come close.

While it could be hard to confirm an actual sale, experts argue that Cryptopunk #9998 is the most valuable non-fungible token ever sold--at least on paper. According to CNET, Cryptopunk sold for a whopping $530 million, or 124,457 Ether.

Another example is a digital artwork from an artist called Beeple (Mike Winkelmann in real life) sold for $69 million at a Christie's auction, writes The Verge.

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Written by RJ Pierce