The Real Story Behind $532M CryptoPunk Sell

Anonymous CryptoPunk owner tries to make his NFT the ‘Most Expensive Art’ in human history with a half-billion dollar transaction.
The Real Story Behind $532M CryptoPunk Sell

In Brief:

  • Anonymous Punk holder creates a delusion around the price of CryptoPunk NFT #9998 with a transaction of $534 million. 
  • The Punk owner tried to make his NFT world’s most expensive NFT as well as the most expensive art in human history.
  • Experts are calling the sale a publicity stunt as the transaction record shows the amount returned back to the buyer.

Once again, CryptoPunk NFT came into focus as Punk 9998 seems to have been sold for a whopping $534 million. In reality this was just a delusion created by the Punk owner. The owner tried to make his NFT world’s most expensive NFT as well as the most expensive art in human history.

However, this sale was just a publicity stunt as transaction history shows that after the sale execution, the seller had immediately transferred the amount back to the buyer’s address.

Punk owner deployed a smart contract to achieve their goal. The contract shows that first the owner supplied Dai using one of his accounts to the compound protocol and borrowed  87,639.51 ETH, then transferred 16,401.08 ETH from his second address, also borrowed 20,416.47 ETH from dYdX. 

Now they bought the CryptoPunk using 124,457.06 ETH and then transferred the amount back to the account which was in Debt. Next they repays the Debt and withdraw the collateral.

CryptoPunk #9998 contains the pixelated image of a mid-age female with wild white hair, Clown Green Eyes, and a mouth with black lipstick. The rarity score of the NFT is 136.49.

At present, the NFT market is in the hype and crypto lovers are collecting NFTs from the popular NFT collection such as Bored Ape Yacht Club, CryptoPunk, and many others. Moreover, famous rapper Snoop Dogg is also holding a CryptoPunk NFT #3831, which is now on sale for indeed 7000 ETH, which is equivalent to $29 million. 

Recently, Many Bored Ape Yacht Club NFTs sold in the number of millions, which shows the NFT demand in the market.

Currently, in the blur vision of authenticity, The NFT is only expensive based on technical transactions. 

Related Posts
Total
6
Share