Crypto Twitter was quickly fired Thursday night as a CryptoPunk non-fungible token (NFT) was bought for a shocking half-billion dollars – a figure that would have made the sale among the biggest ever not simply in NFT-land, however in all of art history.
Nevertheless, on-chain experts fasted to mention that the sale might have simply been an intricate promotion stunt.
A Twitter bot that tracks the sales of CryptoPunks initially flagged the Deal quickly prior to 8 p.m. ET. If genuine, the 124,457.07 ETH sale worth over $530 million would have quickly eclipsed the 4,200 ETH sale of an ultra-rare alien punk in March.
Punk 9998 purchased for 124,457.07 ETH ($532,414,877.01 USD) by 0x9b5a5c from 0x8e3983. https://t.co/dmT6jDRC1W #cryptopunks #ethereum pic.twitter.com/UQlmm1oqkj
— CryptoPunks Bot (@cryptopunksbot) October 28, 2021
CryptoPunks have a flooring cost – a term describing the most affordable cost at which a piece from a specific NFT collection can be purchased – of 100 ETH, and the punk in concern, #9998, does not have preferable functions from a collector’s point of view, leading some to think the purchase was a “fat finger,” a term describing the immutable, permanent mistakes endemic in blockchain.
A take a look at the chain, nevertheless, exposes that the purchase was simply a smart little bit of clever agreement magic.
The purchase was made by a Flash Loan agreement released by an address flagged by wallet profiler Nansen as a respected DeFi user, NFT collector and clever agreement deployer who likewise owns the blurr.eth Ethereum Call Service NFT.
you can see it here:
0x9b5a flash loans 124,457 ETH from lots of sources
0x9b5a pays 124,457 ETH to the punk agreement
punk agreement sends it to 0x8e39
0x8e39 returns to 0x9b5a
0x9b5a pays back loangenius 😄https://t.co/nlo24twyEx pic.twitter.com/suPOMHRV7O
— mariano.eth ✨ᕙ༼💦༽ᕗ✨ | 🦇🔊 (@nanexcool) October 29, 2021
Banterlytics, a factor to on-chain analysis publication OurNetwork, informed CoinDesk that the deal was most likely performed exclusively “for the bantz.”
The deal expense 0.19 ETH, or approximately $800, and the address consisted of a message in the metadata of the deal, stating “looks unusual.”
A comparable flash loan deal was performed in February to buy a HashMask NFT for 139,000 ETH, presently the biggest NFT sale on record – even if on a technicality.
Find Out More: What Is a Flash Loan?
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