CryptoPunk Seller Pulls Off Publicity Stunt of $534-Million Purchase

CryptoPunk Seller Pulls Off Publicity Stunt of $534-Million Purchase article feature image
Credit:

Dia Dipasupil/Getty Images.

At 7:50 p.m. ET on Thursday night, the sale ledger of Larva Labs, creators of  the popular NFT CryptoPunks, recorded a sale of $534.4 million on #9998.

The transaction history shows that the sale went through, but the seller then immediately transferred it back to himself.

The seller executed a flash loan, selling to himself on the blockchain as a publicity stunt.

The must-have app for bettors

The best betting scoreboard

Free picks from proven pros

Live win probabilities for your bets

While some have applauded the jokester for pulling off the stunt, others have questioned whether the execution was more damaging. Many have accused NFT owners of selling to their own wallets in order to garner interest in their particular NFT class.

Larva Labs says this person owns seven CryptoPunks and has sold 11 for $1 million combined. This particular CryptoPunk last sold for 346,575 on August 11. The actual CryptoPunk is not particularly rare. The black lipstick and green eyes are not rare. This is not a CryptoPunk that would have gotten among the highest prices.

This is not the first time a flash sale has happened for a large amount. A HashMask NFT sold for 139,000 ETH, compared to this purchase worth 124,457.07 ETH.

How would you rate this article?