Connect with us

ART & COLLECTABLES

A CryptoPunk NFT Worth More Than $1 Million Sold at a 98 Percent Discount

A CryptoPunk NFT “tiara” recently sold for 4.44 ETH. The cheapest one is priced for more over $1.5 million.

Published

on

The buyer was suspected of bribing a miner to get the NFT as soon as it was listed incorrectly.

NFT Buyer Secures CryptoPunks Bargain

A rare CryptoPunk NFT recently sniped for a fraction of its market worth.

This afternoon, Punk #7557 sold for 4.44 ETH, which is almost $19,300.

It’s part of Larva Labs’ CryptoPunks series, 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. For example, punk #7557 is 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. Several sold for between 150 and 275 ETH in August.

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. Furthermore, 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 marketing so that the bid would go through as soon as the NFT was announced, as Twitter user bigshades.eth pointed out.

Surprisingly, the buyer’s Ethereum wallet shows that they have bid on CryptoPunks multiple times in the last several months. For example, 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 could wash trade the NFT with a flash loan. Since Visa stated that it had purchased its piece in September, 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 worldwide.

ART & COLLECTABLES

Ford is getting ready to enter the Metaverse with digital cars and NFTs

A month after the company announced significant personnel reductions, it has filed a trademark application covering its future initiatives in the Metaverse and NFT space.

Published

on

Ford Motor Company, an American automaker, has filed 19 trademark applications across its key automobile brands as it prepares to enter the realm of nonfungible tokens (NFTs) and the Metaverse.

Mike Kondoudis, a trademark attorney licensed by the United States Patent and Trade Office (USPTO), disclosed in a tweet on Wednesday that the business had submitted a total of 19 trademark applications covering its car brands, including Mustang, Bronco, Lincoln, Explorer, and F-150 Lightning, among others.

The trademark applications include a projected online marketplace for NFTs and virtual versions of its businesses’ automobiles, trucks, vans, SUVs, and clothes.

Ford intends to produce digital images of its vehicles, SUVs, trucks, and vans that will be verified by NFTs, according to USPTO filings submitted by the automaker on September 2.

The business also disclosed plans for “downloadable virtual commodities,” or “computer programs,” that would include apparel, accessories, and parts for vehicles for usage in “online virtual environments,” such as virtual and augmented reality trade exhibitions.

Additionally, there are plans to develop an online marketplace for “others’ digital artwork” as well as “online retail shop services featuring non-fungible tokens (NFTs) and digital collectibles.”

Less than a month after Ford Executive Chairman Bill Ford and CEO Jim Farley announced significant personnel reductions from its global workforce to decrease corporate expenses; Ford has decided to enter the Web3 area.

Ford isn’t the first automaker to enter the Metaverse market.

While premium automakers like Bentley and Lamborghini have already launched NFT collections, automakers including Nissan, Toyota, and Hyundai have indicated ambitions to enter the fast-expanding Metaverse market.

Continue Reading

ART & COLLECTABLES

Crypto-Vultures Profit from the Death of Queen Elizabeth

Only a few hours after the Queen’s passing, more than 40 meme tokens bearing her name have been released.

Published

on

Yesterday, according to Buckingham Palace, Her Majesty Queen Elizabeth II passed away. Although her loss triggered a global outpouring of sympathy and grief, it has also been exploited as a money-grab.

Elizabeth II, monarch
Grift endures eternally, but the Queen is gone.

There are over 40 meme coins on Ethereum and the Binance Smart Chain thanks to Queen Elizabeth’s passing (and at least one exploitative NFT collection).

While the news of the British monarch’s demise saddened people worldwide, cryptocurrency scammers took advantage of the occasion to launch dozens of meme coins with Queen themes on Ethereum and Binance’s BNB Chain.

Among the new crypto coins that were introduced are “Queen Elizabeth Inu,” “Queen Doge,” “God Save The Queen,” “London Bridge Is Down,” “Queen Grow,” “Rip Queen Elizabeth,” “Elizabeth II,” and “Queen Inu II.” Other tokens with the name of the next king, King Charles III, have also appeared. According to DexScreener, at least 40 separate meme coins appear to have been produced in the previous six hours.

The most liquid tokens, Save The Queen and Queen Elizabeth Inu, have already processed trade volumes of around $700,000 and $200,000 since their debut. At the time of writing, the price of Queen Elizabeth Inu is up 1,517%, while it has increased by 23,271% on Binance Smart Chain and 3,708% on Uniswap. Prices are incredibly unstable and exceedingly unlikely to persist.

The “Queen Elizabeth 69 Years NFT” NFT set has reportedly been produced. One image is said to represent each year of the Queen’s reign in the collection. The project’s aims should be questioned because Elizabeth II reigned for 70 years, not 69.

The crypto community, typically known for its gallows humor, mainly reacted negatively to the initiatives. When told about the NFT collection, NFT aficionado ThreadGuy said, “You’re going to hell.” Trader Byzantine General declared, “We’ve got to stop this crypto stuff.”

In 1926, Queen Elizabeth was born. She was the longest-reigning British monarch in history and passed away in Balmoral Castle at 96.

Continue Reading

ART & COLLECTABLES

One crypto sector, according to billionaire Chamath Palihapitiya, is experiencing a classic bubble cycle

One crypto sector may be going through a typical hype cycle, according to billionaire investor and software entrepreneur Chamath Palihapitiya.

Published

on

In a new episode of the All-In podcast, the CEO of Social Capital discusses the sharp decline in trading volume in the non-fungible token (NFT) market.

Palihapitiya offers Coachella and Burning Man as examples of major music festivals that strive to be distinctive but may wind up being mostly the same.

The billionaire contrasts NFTs and the overall art market with the two music events.

“I do believe that there is something going on; the simplest way to explain this is with the Burning Man/Coachella scenario. Many of these things are similar, but when some people approach anything new, they are too insecure to accept that it is similar to another item, so they spend a lot of time attempting to convince you that it is different. When someone says that a time is different, it’s probably not that different, as stated in the Warren Buffett quote, is an example. Or consider the other famous historical adage, “Things don’t always repeat in history, but they rhyme.”

All of this is meant to imply that, aside from major advances in science, not much new has been discovered recently. We keep repeating the same patterns, and one of them is the social capital that comes from making certain decisions and then having those decisions validated by others in order to feel valuable. And this occurred in NFTs, as well as, I’m sure, in the initial stages of several artistic movements. These events are more comparable than dissimilar because they have presumably occurred in a number of other markets as well.

Burning man and Coachella are same. The art market and NFTs are both the same. It doesn’t need to be unusual; you can simply appreciate it because you think it’s cool. I would just take it with a grain of salt and tell anyone who comes to you asking why it’s so different.

DappRadar reports that earlier last week, trading volume on popular NFT marketplace OpenSea reached a one-year low.

Continue Reading

Trending

bitcoin
Bitcoin (BTC) $ 18,745.73 6.92%
ethereum
Ethereum (ETH) $ 1,281.17 7.04%
tether
Tether (USDT) $ 1.00 0.16%
chiliz
Chiliz (CHZ) $ 0.235143 8.90%
enjincoin
Enjin Coin (ENJ) $ 0.449419 6.15%
decentraland
Decentraland (MANA) $ 0.684976 4.61%
flow
Flow (FLOW) $ 1.60 5.79%
the-sandbox
The Sandbox (SAND) $ 0.824950 6.26%
wax
WAX (WAXP) $ 0.083121 4.55%
ecomi
ECOMI (OMI) $ 0.001281 1.00%