A CryptoPunk NFT has actually made headings for being cost $56.3 million.
This comes amidst claims that it was a thoroughly managed marketing strategy for an approaching meme coin called “Kamala Harris Punk.”
The NFT Sale
Punk 1563, illustrating a pixelated female with dark hair and blue eyes, was just recently cost 24,000 ether (ETH), worth around $56.3 million. A number of red flags raise concerns about the authenticity of the sale.
Punk 1563 purchased for 24,000 ETH ($56,292,000.00 USD) by 0x9cbb3d from 0xba1349. https://t.co/FqDvGZvg05 #cryptopunks #ethereum pic.twitter.com/hWimHKYb0x
— CryptoPunks Bot (@cryptopunksbot) October 3, 2024
Simply last month, the NFT was cost under 30 ETH, approximately $69,000, showing that this most current deal represents a markup of almost 81,000% compared to previous listings. Punk 1563 likewise does not have any uncommon functions, generally positioning it at the lower end of the rate variety for the collection.
On-chain information likewise exposes that this sale was assisted in through flash loans, which are uncollateralized crypto loans that need to be paid back within the exact same deal. In this case, the purchaser obtained 24,000 ETH from the DeFi procedure Balancer, which was then paid back by the seller. The NFT was moved to a various wallet, no real earnings was recognized, and the deal just sustained network costs.
Token Pre-sale Marketing Tactic
More examination by confidential on-chain sleuth 0xQuit recommends that the flash loan is connected to the awaited launch of the Kamala Harris Punk meme coin, showing that the sale might have been developed to create buzz for the token’s upcoming pre-sale.
According to 0xQuit, Punk 1563 will become offered to the greatest bidder after a week-long pre-sale stage,
“The agreement is set to accept the greatest quote for Punk # 1563 after a seven-day duration, as long as the quote fulfills or goes beyond the quantity raised in the pre-sale,” they described.”
They included that the designer would get 10% of the token supply and 10% of the funds raised from both the pre-sale and the Punk sale, while the staying profits would be integrated with a brand-new batch of tokens to develop a liquidity swimming pool on Uniswap.
This enthusiastic strategy comes with dangers. They are counting on making more than the NFT’s real worth, presently approximated at around $63,400. The blockchain investigator thinks that if the strategy stops working, the agreement can be updated, which provides some security.
In summary, OxQuit defined the whole deal as a “psyop,” asserting it is a marketing technique for a pre-sale instead of an authentic NFT sale. They likewise recommended it might be a political declaration provided the “name and the clown makeup.”
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