Crypto Punk #9988 "sells" for $532M

Left twitter confused

Yesterday, CryptoPunks #9998 sold for over half a billion worth of ETH, leaving many NFT enthusiasts confused about how it was valued so high.

Multiple bots on Twitter reported that the white-haired, green-eyed NFT got sold for 124,457 ETH, an amount worth $532,414,877.01 at the time of sale, making it the most expensive NFT ever sold. However, not long after the transaction, it was discovered that it was illegitimate.

Larva Labs, the creators behind CryptoPunks, explained the transaction, saying, “PSA: This transaction (and a number of others) are not a bug or an exploit, they are being done with “Flash Loans” In a nutshell, someone bought this punk from themselves with borrowed money and repaid the loan in the same transaction.” It’s likely the owner of CryptoPunks #9998 was trying to trick everyone for no reason.

The most expensive legitimate CryptoPunk sale, Covid Alien, was sold at a Sotheby’s auction in June for $11.8 million.

CryptoPunks is one of the most sought-after collections, starting in 2017, long before NFTs became as popular as they are now. There are 10,000 Cryptopunks in the collection, with the cheapest starting at 100 Ethereum, or about $400,000.

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