According to the project’s sale announcement, CryptoPunk #9998, one of the most popular NFT coin projects, has been sold for more than $532 million. However, the transaction met with backlash in the crypto universe. Here is why…
NFT coin project CryptoPunk #9998 sells for $500 million
CryptoPunks NFT was sold for 124,457.07 ETH, which was worth $532,414,877.01 at the time of the sale. Given the unusually large transaction size, the crypto community has speculated about this purchase. A suspicious element is that CryptoPunk was sold back to the original address where it was held within a few hours. This means that the recipient and the original owner are most likely one and the same.
Some claimed that funds for the purchase could be obtained through a flash loan or a flash loan exploit. cryptocoin.com As we reported, a related incident occurred in February when a flash loan used to purchase CryptoPunk was canceled, leaving only a fraction of the final sale price to the original owner. However, in CryptoPunk #9998’s case, the credit would have been used by the token holder to send the token to them, not steal the token. According to the cryptocurrency community, flash credit may have helped avoid transaction fees.
What could be the reason for this process?
Given the lack of specific reason, it’s possible that the owner moved the NFT for his own amusement. “Just someone having fun for attention,” Twitter user Sola said. Others speculate that NFT’s activity metrics are inflated, attracting more potential buyers, as one of the reasons behind this move.
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