29/10/2021 Here’s Why a CryptoPunk Sold for $530M

A half-billion-dollar NFT “sale”? On-chain analysts say it may have just been an elaborate publicity stunt. Crypto Twitter was briefly set ablaze Thursday night as a CryptoPunk non-fungible token (NFT) was purchased for a staggering half-billion dollars – a figure that would have made the sale one of the largest ever not just in NFT-land, but in all of art history.

However, on-chain analysts were quick to point out that the sale may have just been an elaborate publicity stunt.

A Twitter bot that tracks the sales of CryptoPunks first flagged the transaction shortly before 8 p.m. ET. If real, the 124,457.07 ETH sale worth over $530 million would have easily eclipsed the 4,200 ETH sale of an ultra-rarealien punk in March.

A look at the chain, however, reveals that the purchase was just a clever bit of smart contract magic.

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The purchase was made by a flash loan contract deployed by an address flagged by wallet profiler Nansen as a prolific DeFi user, NFT collector and smart contract deployer who also owns the blurr.eth Ethereum Name Service NFT.

Banterlytics, a contributor to on-chain analysis publication Our Network, told CoinDesk that the transaction was likely conducted solely “for the bantz.”

The transaction cost 0.19 ETH, or roughly $800, and the address included a message in the metadata of the transaction, saying “looks rare.”

A similar flash loan transaction was conducted in February to purchase a HashMask NFT for 139,000 ETH, currently the largest NFT sale on record – even if on a technicality.

Arts

https://www.coindesk.com/tech/2021/10/29/heres-why-a-cryptopunk-sold-for-530m/

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