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Over the past few weeks, the CryptoPunks non-fungible token collection has seen its sales volume increase, with some of its rare tiers selling for millions of dollars. But in a surprising turn of events, a CryptoPunks NFT collection, with a recent high bid of 600 ETH, has just sold for just 10 ETH. In this article, we’ll take a closer look at what could happen to this NFT.
Punks #2386, worth $1.5 million, sold for just $23,000 million
Data compiled by Etherscan.io, a popular block mining and analysis platform on the Ethereum blockchain, shows that the CryptoPunks #2386 NFT collection sold for 10 ETH, or about $23,000, a few hours ago. This collectible sale came as a surprise to many, as the same CryptoPunks NFT collection had reached a high bid of 600 ETH a few hours ago.
Punk 2386 has a new bid of 600 ETH ($1,405,818.02) placed by 0xb9eb79. #cryptopunks #ethereum pic.twitter.com/3A629r0EP0
— CryptoPunks Bot (@cryptopunksbot) September 11, 2024
Launched in June 2017, CryptoPunks is a collection of non-fungible tokens from digital asset incubation Larva Labs. The CryptoPunks NFT collection features a limited edition of 10,000 pixelated profile pictures hosted exclusively on the Ethereum blockchain network. For the past two years, the NFT collection has been under the stewardship of Yuga Labs, developer of the Bored Apes Yacht Club and Mutant Ape Yacht Club NFT collections.
Over the past few weeks, CryptoPunks have seen a surge in sales volume, with some of their rare tiers trading for millions of dollars. Some of the punks that have recently sold for astronomical sums include Punk#6915, which sold for over $1.4 million before being resold for over $1.5 million last week, Punk #9368, which sold for $1.2 million last week, and many more.
$1.5 Million Punk Sold For Just $23,000 – What Happened?
In a blog post on September 12, Quit, a renowned cryptocurrency and NFT investor, used jpeg reseller, solidity developer, and auditor, shared his perspective on what might have happened to the recent drop in sales of the Punk #2386 NFT collection. According to Quit, this punk monkey was split into 10,000 ERC-20 tokens on September 9, 2020, and distributed among what is now 257 holders.
Punk 2386, with a current bid of 600 eth, sold for 10 ETH today.
A combination of clever investigations, followed by an unfortunate miscalculation, leads to a 7-figure salary for 0x282.
— Quit (@0xQuit) September 11, 2024
The fractionalization of CryptoPunks #2386 was done on a now decommissioned platform called Niftex, the contracts that live on forever. The setup was that any shareholder could propose a “shotgun,” whereby any shareholder could propose a buyout price, and if no one objected to the counters, they could buy the asset after 14 days. In a recent episode, 0x282, the new holder launched a shotgun on August 28, 2024 (14 days ago).
Some shareholders took note of the new offer at the time, and at least two of them tried to counter it. One immediately rejected the offer because he thought he had more time, but the other tried to block it. As the shotgun contract provides, shareholders must buy the proposer’s shares at a higher price than they offered to block the proposed buyout.
The new owner of Punk #2386 initially offered a price of 0.001 ETH per share (10 ETH for all shares). In this case, a shareholder had to be 0.0010000001. Gmoney, one of the shareholders who tried to block the buyout, submitted a counterclaim of 0.000001 ETH (10000000000000 wei), which was just short of the requirement. Since no one could block the shotgun, 0x282 walked away with the Punk NFT collection.
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