CryptoPunk NFT Sell for $500 Million

In what seems to be one of the most significant NFT sales so far, Cryptopunk#9998 sold for 124,457.07 ETH, which is over $532 million as announced by the sales feeds.

However, there has been suspicion roving around the purchase of such magnitude. Many believe the buyer and the seller are the same people because the CryptoPunk NFT was ultimately sold to the same address that held it hours before the sale. Others think that the funds to facilitate the purchase was obtained via a flash loan.

A similar incident happened in February when a Cryptopunk holder used a flash loan to purchase the NFT. The loan was reversed while the holder only got a small fraction of the sale price. This particular transaction allows holders to move the NFT between their addresses, thereby evading transaction fees.

Netizens on Twitter have had their share of opinions regarding the sold Cryptopunk. Sola believes the owner is just tossing the NFT for merriment. In his words, the owner is “Just someone having some fun getting attention, and boy did it work.”

Some believe there are more concrete reasons for the sale. They see the purchase as a strategic move to inflate activity metrics in the owner’s Opensea state front, increasing the chances of attracting buyers.

Others see the purchase as a money-laundering scheme. Irrespective of the inadequacies attached to the transaction, it is now the largest sale size for Cryptopunk, surpassing the #7523 NFT, which sold for $11.8 million.

Views and opinions expressed are solely those of the author and not of The DeChained or any affiliated party. Views or opinions expressed in this article (or any article on the website) are not financial advice. Articles are for informational purposes only. The author and The DeChained may hold positions in assets discussed in this or other articles.
Related Posts