CryptoPunks NFT Worth $1.5 Million Just Sold for $23,000—Here's How - Decrypt
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One of these rare variants just sold for nearly $1.5 million last week, making it the last comparable sale. In the case of Punk #2386, its owner had fractionalized it through a short-lived website called Niftex. The NFT itself was locked in escrow on the Ethereum blockchain, and ownership rights wer
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Summary
- 🖼️ **CryptoPunk #2386**: Originally valued at **600 ETH** (~$1.5 million), it was sold for just **10 ETH** (~$23,000) due to a unique situation.
- 🔒 **Locked in Escrow**: The NFT was fractionalized and locked on a now-defunct platform, Niftex, which led to it being overlooked.
- 🐒 **Rare Variant**: This CryptoPunk is one of only **24 apes** in the entire collection of 10,000, making it particularly desirable.
- 📉 **Market Dynamics**: The sale highlights the volatility and unpredictability of NFT valuations, especially for fractionalized assets.
- 🔗 **Blockchain Immutable**: The incident underscores the immutable nature of blockchain, where ownership and transaction records are permanent, regardless of market changes.
Top Highlights
- One of these rare variants just sold for nearly $1.5 million last week, making it the last comparable sale.
- In the case of Punk #2386, its owner had fractionalized it through a short-lived website called Niftex. The NFT itself was locked in escrow on the Ethereum blockchain, and ownership rights were split into 10,000 ERC-20 tokens in 2020.
- The immutable nature of the blockchain was put in stark relief on Wednesday when CryptoPunk #2386, which is valued around 600 ETH (about $1.5 million), was acquired for a fraction of that price at 10 ETH (or just over $23,000)—after being locked up and overlooked thanks to a now-defunct website.
- Someone had their eye on Punk #2386, however, and because the smart contract remained valid on the blockchain, they were able to trigger a buyout feature and ultimately take ownership of the NFT for a fraction of its current value
- “The setup is such that any shareholder can propose a ‘shotgun,’ whereby any shareholder can propose a buyout price, and if nobody counters, they can purchase the asset after 14 days,” @0XQuit wrote on Twitter, adding that the unknown person initiated the “shotgun” offer on August 28.
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