A CryptoPunk nft has made headlines for selling for $56.3 million.
This comes amid claims that it was a carefully orchestrated promotional tactic for an upcoming meme coin called “Kamala Harris Punk.”
The sale of nft
Punk 1563, depicting a pixelated woman with dark hair and blue eyes, was x.com/cryptopunksbot/status/1841924882868707530″ target=”_blank” rel=”noopener” data-wpel-link=”external”>recently sold for 24,000 ether (eth), worth around $56.3 million. However, several red flags raise questions about the legitimacy of the sale..
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Punk 1563 purchased for 24,000 eth ($56,292,000.00 USD) by 0x9cbb3d of 0xba1349. https://t.co/FqDvGZvg05 twitter.com/hashtag/cryptopunks?src=hash&ref_src=twsrc%5Etfw” data-wpel-link=”external” target=”_blank”>#cryptopunks
— CryptoPunks Bot (@cryptopunksbot) twitter.com/cryptopunksbot/status/1841924882868707530?ref_src=twsrc%5Etfw” data-wpel-link=”external” target=”_blank”>October 3, 2024
Just last month, the nft sold for less than 30 eth, approximately $69,000, indicating that this latest transaction represents a nearly 81,000% markup compared to previous listings. Punk 1563 also lacks rare features, typically putting it at the lower end of the set's price range.
Chain data too reveals that this sale was facilitated through flash loans, which are unsecured crypto loans that must be repaid in the same transaction. In this case, the buyer borrowed 24,000 eth from the DeFi Balancer protocol, which was then returned by the seller. Although the nft was transferred to a different wallet, no actual profit was made and the transaction only incurred network fees.
Token Pre-Sale Marketing Tactic
Additional investigation by anonymous detective on chain 0xQuit x.com/0xQuit/status/1841945533453369807″ target=”_blank” rel=”noopener” data-wpel-link=”external”>suggests that the flash loan is tied to the anticipated launch of the Kamala Harris Punk meme coin, indicating that the sale may have been designed to generate excitement for the token's upcoming pre-sale.
According to 0xQuit, Punk 1563 will finally be sold to the highest bidder after a week-long pre-sale phase.
“The contract will accept the highest bid for Punk #1563 after a seven-day period, as long as the bid meets or exceeds the amount raised in the pre-sale,” they explained.
They x.com/0xQuit/status/1841945535189782605″ target=”_blank” rel=”noopener” data-wpel-link=”external”>aggregate that the developer would receive 10% of the token supply and 10% of the funds raised from both the pre-sale and Punk sale, while the remaining profits would be combined with a new batch of tokens to establish a liquidity pool in Uniswap.
However, this ambitious plan comes with risks. They are confident of earning more than the actual value of the nft, currently estimated at around $63,400. The blockchain detective x.com/0xQuit/status/1841945538109047176″ target=”_blank” rel=”noopener” data-wpel-link=”external”>believe that if the plan fails, the contract can be updated, which offers some protection.
In short, OxQuit characterized the entire transaction as a “psych operation,” stating that it is a marketing ploy for a pre-sale rather than a genuine nft sale. they too x.com/0xQuit/status/1841946770240421897″ target=”_blank” rel=”noopener” data-wpel-link=”external”>suggested could be a political statement given the “clown name and makeup.”
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