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A CryptoPunk NFT worth more than $1M sells at 98% off

A rare CryptoPunk NFT recently sniped for a fraction of its market worth.
It’s part of Larva Labs’ CryptoPunks series, which is one of Ethereum’s most prized and valuable NFT collections.

Every CryptoPunk character has unique characteristics that set them apart from the rest of the cast. Punk #7557 is one of just 55 characters in the 10,000-strong collection who wears a tiara, making it one of the most valuable. Latest week, the last tiara punk sale ended at 196.69 ETH or a little under $828,000 USD. Several sold for between 150 and 275 ETH in August.

Image Source: The Economics Times

Punk #7557 is not much less valuable than other tiara punks, despite the low retail price. In reality, it was last sold in July for just under 60 ETH, which was a typical price for a CryptoPunk NFT at the time, and it has since had many offers totaling more than $1 million.

According to Etherscan data, the buyer paid an f2pool miner a premium of 3.33 ETH for their transaction (miners typically receive significantly less ETH as tips for processing transactions).

This is likely because they utilized Flashbots and sought to bribe the miner to reorder their transaction so that the bid would go through as soon as the NFT was announced, as Twitter user big shades. eth pointed out.

It’s likely that the NFT’s owner listed the token for 4.44 ETH instead of 444 ETH, which would be more in line with the market pricing. Because Ethereum transactions are irreversible, the seller would have been unable to stop the sale after the miner added it to the block.

Surprisingly, the buyer’s Ethereum wallet shows that they have bid on CryptoPunks multiple times in the last several months. They made a one-wei bid for one of the NFTs in September. The buyer spent a total of roughly 7.8 ETH on the NFT, including transaction fees.

Surprisingly, the buyer’s Ethereum wallet shows that they have placed a bid on CryptoPunks multiple times in the last several months. They made a one-wei bid for one of the NFTs in September. The buyer spent a total of roughly 7.8 ETH on the NFT, including transaction fees.

On the Larva Labs marketplace, there are only four tiara punks for sale right now, with the cheapest one going for 350 ETH (about $1.52 million).

The sale of Punk #7557 isn’t the only unexpected CryptoPunks sale in recent weeks. A rare “wild white hair” punk appeared to sell for over $500 million last week after the buyer was able to wash trade the NFT with a flash loan.

Since Visa stated in September that it had purchased its own piece, many CryptoPunks have sold for seven figures or more. The payments corporation paid $150,000 in Ethereum for its punk, causing a price spike across the board and media coverage in mainstream news sites throughout the world.

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Also read: Best bitcoin wallets – Why should you use a Bitcoin wallet?

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