Industry Updates
The Most Expensive NFT Ever Sold. With a Twist
Writen by Andrei Vandy on 08.12.2021
The Most Expensive NFT Ever Sold. With a Twist
Officially, Beeple’s art collage known as “Everydays” is the most expensive NFT ever sold. But there’s another piece of digital art that has a claim to that title: an NFT that was sold for a whopping $532 million back in October. Only there’s a twist to the story. 

The digital artwork in question is a white-haired, green-eyed character known as CryptoPunk #9998. It is part of the CryptoPunks collection, a set of 10,000 NFTs developed and released in 2017. Since these are some of the first NFTs to ever be created, they are typically expensive, with price tags between $350,000 and $500,000. And while this particular artwork got sold for an impressive $532 million, it didn’t change owners.

This NFT was moved from Wallet A to Wallet B, then Wallet C came into play and bought the NFT from Wallet B for $532 million only to instantly transfer it back to Wallet A. Why did that happen? The buyer didn’t make the transaction using his own money. Instead, he was loaned the money through a “flash loan”, a decentralized finance tool that allows people to loan cryptocurrency if the criteria of a smart contract are met. 

The sale was first discovered by Twitter and Discord, the two platforms where most NFT discourse happens. The main hypothesis circulating in the crypto community is that the whole sale was a publicity stunt designed to drive up the price of that owner’s CryptoPunk. 

There are three CryptoPunks among the top five most expensive NFTs ever sold, but the highest legitimate sale of a CryptoPunk generated $11.7 million. Not bad, but not nearly close to the $532 million generated by this controversial sale. 

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