tldr; CryptoPunk #2386, valued at about $1.5 million, was sold for just over $23,000 due to a unique situation involving a now-defunct website, Niftex, where it was fractionalized into 10,000 shares. The NFT, one of only 24 ape-themed Punks, was locked in escrow on the Ethereum blockchain. An unknown buyer triggered a buyout feature in the smart contract, offering 0.001 ETH per share, totaling 10 ETH for all shares. The bid went unchallenged, allowing the purchase at a fraction of its value, dubbed ‘the steal of the century’.
*This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.
WineMakerBg on
Here’s how it was done:
“dude walks into a long abandoned, robot-operated art gallery.
he shouts into the air that he wants to buy one of its most valuable assets for 1% of its actual value.
nobody hears his intent, except for the robots. he waits 1 week. the robots perfunctorily hand it over, paying no mind to the major discrepancy in purchase price and value.
he walks out with the piece. (soon) he flips it for a 50x. robots await further instruction.”
There’s still money to be made from NFTs, it simply requires a lot more knowledge and preparation than simply holding it.
Immediate_Let_9373 on
I thought everyone had forgotten about them by now
hiorea on
No sane person wants to buy it?
letsdrinktothat on
Let me know how much he actually flips it for though.
MartyMcFleww on
No one on this planet is into NFTs anymore, this article must be a lie
PVZiiAK on
“Worth $1.5 Million”, there is a difference between worth and last sold price you know.
rusty0004 on
and tomorrow it going to be worth $23
70000 on
This sub so disappointing on NFTs
[deleted] on
[removed]
Extreme_Nectarine_29 on
These people always fail to separate the basics of NFT (which at the end of the day is just some hashes) from the actual technology that implements a given use case.
If you were able to reuse an item in various games, the fundamental ability to do so would be available, like _right_ _now_, without NFTs?
There would be some kind of common format for items and games would implement this universal format.
Perfectgame1919 on
Worth is a strong word here……..
Abdeliq on
I remember when Gary Vee shill NFTs…. Where’s he now?
Dmoan on
Since only url is stored in blockchain you place the value on the url, which could be swapped to point to anything
whiteycnbr on
Likely a wash sale
Drizznarte on
Immutable nature of the blockchain and Ethereum don’t go togeather . Ethereum has had more soft forks than a vegan potluck — and it’s still never “immutable”!
excubitor15379 on
Really worth 1.5M? How is it assessed? It was bought for 1.5M but if u buy a tulip for 1M does it mean it is worth 1M? I don’t think so tbh.
17 Comments
tldr; CryptoPunk #2386, valued at about $1.5 million, was sold for just over $23,000 due to a unique situation involving a now-defunct website, Niftex, where it was fractionalized into 10,000 shares. The NFT, one of only 24 ape-themed Punks, was locked in escrow on the Ethereum blockchain. An unknown buyer triggered a buyout feature in the smart contract, offering 0.001 ETH per share, totaling 10 ETH for all shares. The bid went unchallenged, allowing the purchase at a fraction of its value, dubbed ‘the steal of the century’.
*This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.
Here’s how it was done:
“dude walks into a long abandoned, robot-operated art gallery.
he shouts into the air that he wants to buy one of its most valuable assets for 1% of its actual value.
nobody hears his intent, except for the robots. he waits 1 week. the robots perfunctorily hand it over, paying no mind to the major discrepancy in purchase price and value.
he walks out with the piece. (soon) he flips it for a 50x. robots await further instruction.”
There’s still money to be made from NFTs, it simply requires a lot more knowledge and preparation than simply holding it.
I thought everyone had forgotten about them by now
No sane person wants to buy it?
Let me know how much he actually flips it for though.
No one on this planet is into NFTs anymore, this article must be a lie
“Worth $1.5 Million”, there is a difference between worth and last sold price you know.
and tomorrow it going to be worth $23
This sub so disappointing on NFTs
[removed]
These people always fail to separate the basics of NFT (which at the end of the day is just some hashes) from the actual technology that implements a given use case.
If you were able to reuse an item in various games, the fundamental ability to do so would be available, like _right_ _now_, without NFTs?
There would be some kind of common format for items and games would implement this universal format.
Worth is a strong word here……..
I remember when Gary Vee shill NFTs…. Where’s he now?
Since only url is stored in blockchain you place the value on the url, which could be swapped to point to anything
Likely a wash sale
Immutable nature of the blockchain and Ethereum don’t go togeather . Ethereum has had more soft forks than a vegan potluck — and it’s still never “immutable”!
Really worth 1.5M? How is it assessed? It was bought for 1.5M but if u buy a tulip for 1M does it mean it is worth 1M? I don’t think so tbh.