30/11/2021 The CryptoPunk NFT that sold for $532 million. Sort of

On paper, it's the most expensive NFT sale of all time. The only problem? The buyer and seller are the same person.


CryptoPunk #9998, part of a collection of 10,000 NFTs, "sold" for $530 million on Thursday.

OpenSea/User 0xef764bac8a438e7e498c2e5fccf0f174c3e3f8db

What's the most expensive NFT ever sold? It depends. Officially, it's Beeple's Everydays, a collage of digital art that sold atChristie's auction for $69 million. Then there's the case of an NFT that sold for $532 million in October. As is often the case with NFTs and cryptocurrency though, it's complicated.

The NFT in question is a CryptoPunk, parta set of 10,000 NFTsthat are some of the first to ever be created. Being the OG NFT collection, these are costly. They usually sell for between $350,000 and $500,000, though some fetch millions.

Whoever is behind this particular transaction, however, they bought the Cryptopunk from themselves. Like cryptocurrency, NFTs are held in digital wallets. There's no limit to how many wallets one person can create. This person transferred the NFT from Wallet A to Wallet B. Then, Wallet C bought the NFT for $532 million from Wallet B -- and immediately transferred it back to Wallet A.

Why use three wallets instead of just simply selling it from one wallet to another? It's because the buyer didn't pay for the transaction himself but instead was loaned the money from others via a "flash loan." Flash loans are a complicated decentralized finance tool, but the gist of it is they allow you to loan huge sums of cryptocurrency onlyifthe criteria of a smart contract are met. Imagine if you would buying a $1 million house using a loan, but only if you already had another buyer lined up, who was willing to pay enough for you to make a profit and pay back interest from the lenders. This person did that, except he was both the buyer and the seller.

NFTs, am I right?

Twitter and Discord, the platforms where most NFT discourse happens, quickly discovered the sale and speculated on the motives behind it. The smoke consensus is that it was a publicity stunt, with the owner probably trying to drive up the price of his CryptoPunk.

There are broadly two types of art NFTs. One type is a one-of-its-kind, where an artist creates a piece of digital art and then sells it, just like what happens in real-world art sales. Then there are NFT collections, like Cryptopunks. These are when artists and developers create many -- usually 10,000 -- NFTs that have the same template with different characteristics. TheBored Ape Yacht Club, for instance, features 10,000 apes all wearing different articles of clothing, with different backgrounds and facial expressions. The rarer the properties, the more valuable the NFT -- think Pokemon cards. In the case of Bored Apes, the "floor" price is $190,000 but rare ones sometimes sell for millions. (An auction of 101recently went for $24 million.)

CryptoPunksis considered the original NFT collection, starting in 2017 when much of the world was just beginning its infatuation with Bitcoin. The highestlegitimate sale for a CryptoPunk is $11.7 million.



Interesting NFTs
Inspired by and for the 2018 North American Bitcoin conference in Miami, Florida. The palm tree that has a cracked open Bitcoin coconut suggests that by traveling you can enjoy this tropical digital fruit. The peacock nesting in the tree has spread its wings to flaunt other integrated crypto logos as well. The famous Miami skyline at the bottom incorporates the coins, as well as the code that is transforming the banking buildings that made it. The origin of that skyline is in the 80's cocaine craze, so it is all incorporated into the story of foundational transformation, linked to a global movement. The file size is suitable for an 8K TV. Mr. Moe Levin, the founder of the conference is a collector a physical print of the work. Explainer video: https://www.youtube.com/watch?v=2J0ZfPCJdxY&feature=emb_title Upload resolution 8000x4000 PX at 300DPI
Who Is The Creator 2
The idea for this piece was borne out of a tweet of mine that caused a bit of a stir. I’d posted a link to a blog article I’d written a number of months previous titled ‘Who is the Creator’ discussing various types of creative collaborations and why I hire people to work on my animations. It generated a lot of debate around creation and attribution with the community split on whether it’s right or wrong for an artist to hire other professionals to help them realize their art projects. I decided to push the boundaries even further and see how the cryptoart community responded. What if I quite literally had nothing to do with the physical or digital elements of the work other than coming up with the concept and coordinating it? I decided there was one artist in the space who could add huge value to this idea on levels that none other could and so I gathered my courage and contacted the great José Delbo to ask him if he’d be interested in a very unique collaboration. I explained to him that to make this piece ‘work’ he couldn't have any say in what I produced and moreover, he wouldn’t even be allowed to see the animation until it was dropped on MakersPlace. To my surprise, Mr Delbo agreed to my proposal. The animation tells the story of the creative process, which includes my roles as writer, director, and producer working with a team and making edits and changes ‘in real time’. The dialogue between myself and my ‘hired guns’ plays out in front of the viewer. The music written for the piece adds to the nostalgia of the comic book superhero theme but other elements such as the snapping and kicking of the pencil and the signing of my signature at the bottom incorporates further layers and challenges the viewer to ask important questions, such as, is the ‘Art’ the final animation (the creation) or is the ‘Art’ the concept/credit for the creation itself?
What's up! I'm Tiger|Gen10|Sphynx|Crazy|Brisk. My friends describe me as raunchy and tantalizing. I'm often described as stinky, and I own it. I like your face.
By OthersideDeployer