CryptoPunk NFT Sold for $530 Million, Is the Transaction Real or Just a Publicity Stunt?

Vinod Dsouza

A CryptoPunk non-fungible token (NFT) was just sold for a staggering $530 million on Thursday. The purchase makes it the largest ever sale recorded not just in the NFT-sphere, but in all of the world’s art history combined.

The more than half a million art purchase has shocked the crypto and NFT world. CryptoPunks bot was the first to report the mammoth transaction.

”Punk 9998 bought for 124,457.07 ETH ($532,414,877.01 USD) by 0x9b5a5c from 0x8e3983. #cryptopunks #ethereum,” tweeted CryptoPunks bot along with the link of the bids.

The link to the bid shows many enthusiasts have an eye on the NFT and were looking to own it.

CryptoPunk Transaction is Real? Or A Publicity Stunt?

However, not everyone were impressed with the sale and shed doubt on the truth behind the transaction. NFT enthusiasts on Twitter claim that the sale is just a publicity stunt to gain limelight and attract new users.

Many others claim that the purchase was a ‘buy and give me back the money’ type of transaction. This sort of action will make it to the headlines and introduce new users to to CryptoPunk. In addition, the enormous amount will make it look larger-than-life in the eyes of the newly introduced people towards NFT.

A user casted doubt on the $530 million NFT sale and tweeted that the amount was paid back. The user also detailed the steps on how the transaction was initiated from the start to the end.

”This is so good 🙂 – Flash loan as much as you can – List your punk for an insane amount of $ETH – Buy it – Other account gives you the ETH back – Repay,” tweeted Mariano.eth.

Moreover, CryptoPunks have a floor price and the lowest NFT can be purchased for 100 ETH. Nonetheless, users pointed out that the buyer lacks all the features of a collector and the purchase could be a ”fat finger”.

Mariano.eth also claimed that the transaction was made using flash smart contract magic. A tactic that uses flash loan contract that is deployed by an address flagged by wallet profiler Nansen.

The user also shared details from to prove his allegation and shared screenshots of the transactions.

”You can see it here: 0x9b5a flash loans 124,457 ETH from many sources 0x9b5a pays 124,457 ETH to the punk contract punk contract sends it to 0x8e39 0x8e39 sends back to 0x9b5a 0x9b5a repays loan genius.,” he tweeted.