Behind the Scenes of the CryptoPunks NFT Transaction, Which Is Said to Have Been Sold For $532 Million

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Non-fungible token’s (NFT) have been getting all the attention lately. In this case, the fact that some NFTs have found buyers for serious figures also has an impact. Recently, according to reports, an NFT of CryptoPunks has been sold for $ 532 million. however, things may not be as they seem.

NFT $532 Million

CryptoPunks, It is one of the largest members of the NFT sector and its realized NFT sales and transaction volumes attract attention. However, the announcement of a $532 million NFT sale caused all attention to turn to this project. According to the information obtained, this sale was not a legitimate sale.

The fact that the NFT called CryptoPunk #9998 was sold for a price of 124,457 ETH, or approximately $ 532 million, means that NFTit means that the company has settled in the position of NFT, which has been sold to the largest figure so far.

In addition, the most expensive NFT of CryptoPunks is october 11.8 million, while the largest NFT sale that has occurred at the moment is $ 69 million Beeple it was done by. Therefore, the fact that CryptoPunk #9998 has already been sold for 532 million dollars has cast doubt on it.

Has There Been a $532 Million NFT Sale?

However, on closer inspection, the DeFi flash loan or it seems that it is the work of someone who deals with unsecured crypto loans. In other words, this was not an abuse.

The creator of CryptoPunks is Larva Labs, “In short, someone bought this NFT with money borrowed from him and repaid the loan in the same transaction. Some recent major proposals have been made in the same way. ETH is presented and removed in a single transaction. Therefore, even if it is technically valid for a short time, the offer can never be accepted.” he made his statement.

On the other hand, the trading platform of Larva Labs still lists the transaction made for the sale, but it also shows that the buyer’s wallet eventually transferred the NFT back to the seller’s wallet.

In addition, Larva Labs tweeted that it will october filters to transaction notifications so that such flash loan-induced, non-valid transactions are no longer shared. CryptoSlam, also a popular NFT analytics platform, said it would delete the sale from its dataset.

Therefore, although it is a $ 532 million NFT although the sale did not take place, this situation really attracted attention, especially in the NFT sector.

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