The Reason Behind NFT “Almost” Becoming The Expensive Punk in The Realm of Digital Asset

People are now calling NFT the new champ. Why? Because it is the NFT that has been sold on the market for a whopping half a million. Moreover, Crypto Twitter along with the trade community has gone ablaze Thursday night because of the occurrence. Someone bought CryptoPunk non-fungible tokens for a shocking half-billion dollars. It is a figure that would have made the sale one of the largest ever. Although, in all of art history, it came close but missed. 

While many are still in shock because of the purchase, some still cannot grasp their head around it. Hopefully, the reason why, or should we say, how it sold for half-million may clear out some confusion. The on-chain analyst quickly pointed out that the sale may have just been an elaborate stunt for publicity. So, it brings out the question, “what is the truth?”

How did the sale unfold?

A Twitter bot that is responsible for tracking the sales of Crypto Pink flagged transactions. Recently the bot noticed the flagged transaction before 8 p.m ET. If it is real news, then the 124,457.07 ETH sale worth over $530 million would have easily shadowed the 4,200 ETH sale. Although it is an ultra-rare alien punk in March, nonetheless, it did not matter.

Currently, CryptoPunk has a floor price. But what do we understand by this term? It is a term that refers to the lowest price. It is the price at which one can buy the NFT collection. Although the set amount went to 100 ETH, according to sources, the punk in question, #9998 lacks certain features from a collector’s vision. 

So, this factor made many believe that the purchase is nothing but a misleading pointer. Many even call it a “fat finger”. This term refers to the irreversible, firm errors endemic in the blockchain realm. However, if you look at the chain, you will notice that the purchase is clever contract magic. 

More About The Purchase

The flash loan contract made the purchase. The address for the contract has been flagged by wallet profiler Nansen as a prolific decentralized finance user. Sources have revealed that the buyer is an NFT collector, smart contract deployed. Further, he is the owner of blurr.eth Ethereum Name Service NFT.

A contributor to on-chain analysis publication OurNetwork, Banterlytics has claimed that the transaction was banter. Moreover, they are claiming that the whole thing happens “for the bantz.” We all know how the transaction cost only 0.19 ETH. In terms of dollars, it hardly cost $800. Moreover, the address includes a message in the metadata of the trade. The message said, “looks rare.”

Ending note:

Whether the whole thing is a trick or an economic move is still a mystery. Since someone also conducted a similar flash loan transaction to purchase HashMask NFT for 139,000 ETH. It is the currently largest NFT sale on record. Although it is a technical term, it still has managed to rake up the chart.

You may also read: How A Bitcoin Meme Got Sold As An NFT At Almost $20K After Memelord Elon Musk Reposted It