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Why Did a CryptoPunk Owner Refuse to Accept $9.5 Million in Ethereum for His NFT?

Is it possible to place a price on a rapidly expanding NFT brand? Maybe, but not for the Punk avatar’s owner.



With a beginning price of approximately $400,000 worth of ETH on the secondary market and dozens of sales over $1 million to date, CryptoPunks is the most valuable NFT avatar collection. When a $9.5 million offer for his CryptoPunk came through, one owner could have cashed in big, but he swiftly declined.

Richerd Chen is the co-founder of Manifold, an NFT smart contract developer, but to his 59,000 Twitter followers, he’s the Punk with 3D glasses, black “frumpy hair,” and a cigarette dangling from his mouth. “My punk is not for sale,” Chen tweeted last week in a conversation. “I’m not interested in anything someone has to give.”

It’s a big statement, and someone decided to put it to the test. Chen was offered 2,500 ETH ($9.5 million) on Friday via the CryptoPunks secondary market, which developer Larva Labs administer. Chen could have accepted the offer and promptly swapped his ownership of CryptoPunk #6046 for the ETH stash because of how the site operates.

Patricio Worthalter, the author of the Proof of Attendance Protocol (POAP), an increasingly popular mechanism to reward communities with NFT badges for attending events, submitted the bid. “Come on Richerd,” Worthalter tweeted from the POAP Twitter account, challenging Chen to make a move. Don’t you want to be remembered as the #1 CryptoPunk sale of all time?”

In terms of dollars, it would be the largest on-chain CryptoPunk sale to date, with the current record sitting at $7.58 million (4,200 ETH at the time). In June, a CryptoPunk sold for $11.8 million at a Sotheby’s auction; however, the transaction did not occur on the Ethereum blockchain via Larva’s platform and thus did not appear on the site’s leaderboard.

In any event, $9.5 million in ETH for a JPEG avatar is a lot of money. Chen, on the other hand, rejected.

Late Friday, he explained his reasoning on Twitter, explaining that he has “built up a significant brand around” his CryptoPunk, including the connection to Manifold, a studio behind some of the most inventive NFT projects around—including work by Mad Dog Jones and Pplpleasr—that recently raised funds from Andreessen Horowitz and Initialized Capital.

“My identity, as well as the identities of other great Punks and Apes, has worth outside of the NFT.” He tweeted, “We have our brands, just like any other brand, and they have worth. This was an easy refusal for me because I respect my brand and personality.”

That’s why NFT avatars exist: they represent people on social media and in communities, and CryptoPunks and other high-end collections (like the Bored Ape Yacht Club he mentioned) are also status symbols. On Twitter, even rapper Snoop Dogg uses a CryptoPunk, and his NFT-collecting persona Cozomo de’ Medici also uses a CryptoPunk that he owns.

Some NFT collectors and producers even go by the name of their Punk. Punk 6529, for example, is well-known for his lengthy Twitter threads describing his vision for the future of NFTs and the metaverse. Meanwhile, Punk 4156 is a co-creator of the innovative Nouns NFT initiative, in which purchasers contribute to the creation of intellectual property based on the characters. Finally, Artchick, a well-known NFT developer, has changed her identity to 2476 after her CryptoPunk alter ego.

An NFT functions as a deed of ownership for valuable digital property, such as an avatar, an image, a video game item, or something else entirely. CryptoPunks was created in 2017, long before the NFT market explosion this year, and even before Ethereum established an NFT standard. There are 10,000 CryptoPunks in all, with the majority of them being given away for free when the game first launched. Since then, they’ve generated roughly $1.5 billion in trading volume between them.

Even though $9.5 million in ETH is significantly more than the average recent CryptoPunk selling price, Chen sees more value in keeping his NFT and retaining his brand. In addition, many in the NFT community have lauded him for having “diamond hands,” a term used to describe someone who is steadfast in the face of intense pressure to sell.

“In the NFT space and Punks, I have a lot of faith. I think quite a long term when it comes to [the] NFTs space,” he tweeted. “In the long run, I believe my brand, identity, and what I’m doing in the NFT area will be far more important.”


The Chainsmokers are the First in the Music Industry to Share their new Album Royalties with Fans via the NFT Drop

The famed music duo The Chainsmokers’ new album features an NFT giveaway, which provides 5000 fans a 1% royalty split.



#nft #nfthours #chainsmokers #royalties #cut

The electronic music duo, The Chainsmokers, are best known for classics like “Closer” and “Paris,” but they’ve also established a reputation as Web3 pioneers. The most recent example is their new album “So Far So Good,” which will include a drop of 5,000 NFTs that will allow fans to share in 1% of the revenues.

This is the most high-profile case of musicians using NFTs to distribute royalties to fans to date. While artists such as Nas and Diplo have published royalty-generating NFTs for individual songs, this is the first time a band has done so for an entire album for free.

In an interview, Taggart and bandmate Alex Pall said that they chose their most devoted followers, of which 5000 will receive an NFT, by examining data from concert purchases, song streaming, and Discord engagement.

In this scenario, the NFTs will grant fans access to a members-only area of The Chainsmokers’ Discord channel and the opportunity to meet with the duo personally.

Those who get the NFTs will be notified when they receive a payment on a quarterly or semi-annual basis. If customers decide to sell the NFT, a smart contract (basically a computer program) will transfer 7.5 percent of the earnings to The Chainsmokers (one of the benefits of NFTs for artists is the opportunity to receive a share of secondary sales), which the duo plans to gift to the album’s songwriters.

The new record will be released on Friday, and the NFTs will be handed out on May 17. The Chainsmokers use Royal, a platform that uses the Polygon network and was behind Nas’ and other significant artists’ recent NFT drops, to distribute the NFTs.

The Chainsmokers claim to have arranged for the NFTs to be released in a fashion that does not require their supporters to have any crypto knowledge. While crypto enthusiasts can request that the NFT be sent straight to their Web3 wallet, beginners can request that Royal construct a wallet and rely on the site to display and store it.

To reduce fan friction, the duo has arranged for them to be able to acquire and transfer NFTs without incurring any transaction fees. So allow Royal to establish a wallet for them, which will be shown and stored on the site.

The music industry is entering the Web 3 era

The Chainsmokers aren’t new to the crypto industry, but this is their first time issuing NFTs. For years, the two have run an investment group that has sponsored various Web3 projects, including Royal, created by another artist, Justin Blau, aka DJ 3Lau.

According to Pall, Pall and Taggart first discovered bitcoin six years ago while playing a corporate gig for Google. A random guy approached their trailer during a break between scenes and gave them a blue streak about the revolutionary power of blockchain. This event convinced them of the technology’s promise.

Pall claims that they recognized right away how an immutable blockchain record might help them create new relationships with their fans and, potentially, solve the problem of secondary ticket sales. Scalpers (sometimes using bots) sweep up large blocks of tickets and resale them for an enormous profit, which has long irritated fans and singers alike.

Using NFTs on a blockchain can help bands avoid scalpers and ensure that resale earnings go to them or their fans.

The Chainsmokers are a rising number of musicians who have realized that blockchains can be a better alternative to traditional economic structures that include layers of attorneys and music industry middlemen.

Blockchain-based record and distribution platforms give musicians a new method to communicate with listeners and provide the most dependable approach for monitoring royalties, which has been a long-standing issue in the industry.

The Chainsmokers are eager to point out that NFTs and other blockchain-based technologies have yet to be demonstrated in the music industry. “Everyone is still trying to figure this out,” Taggart says.

However, the rising popularity of platforms like Royal, which just funded $55 million, and the growing number of prominent musicians adopting crypto suggest that Web3 is likely to be the way forward for the music industry.

If that’s the case, the NFTs linked with their record will be yet another win for The Chainsmokers, both as musicians and businesspeople. One of the duo’s other businesses is a successful tequila brand.

When asked how they got their entrepreneurial spirit, the duo praised Jimmy Buffett, claiming that the Margaritaville singer built a corporate empire by carefully selecting ventures that fit his brand and personality.

Pall remarked that the duo’s Web3 endeavors would come in handy if his stage appeal wanes. But, he joked, “I’m not going to look amazing in leather pants forever.”

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Madonna’s Nude NFT Debut Elicits a Range of Reactions from the Community

The community reacted to Madonna and Beeple’s latest NFT release in a variety of ways, from being inspired to criticizing the artwork’s “flaws.”



#nft #nfthours #madonna #beeple #mothernature

Mother of Creation is a series of nonfungible tokens created by the queen of pop and record-breaking performer Beeple. It includes three NFTs titled Mother of Technology, Mother of Nature, and Mother of Evolution. The NFTs depict Madonna in 3D, giving birth to robot centipedes, butterflies, and plants.

While the markets were going crazy over stablecoins displaying instability, Madonna and Beeple thought it was time to show the community something even crazier: NFTs depicting a 3D model of the 63-year-old singer’s vagina. 

Following the release, the community reacted in various ways, with some being inspired and others criticizing the artwork. Emiko Inoue, a Twitter user, stated that the artwork is “the most motivating” and would “gladly buy one without thinking” if she could afford it.

Twitter user artbyjstelco, on the other hand, stated that he “totally despises” the artwork. Many aspects of the NFT were attacked, including how nature should “not wear make-up” and have “artificial tits and hair.” According to the Twitter user, giving birth is a painful process, and the artwork does not reflect this.

The NFTs are presently valued 28 Ether (ETH), which is around $56,000 at writing. The auction will conclude in 35 hours. The money raised from the drop will go to three separate charities that help women and children worldwide, according to the collection’s description on the NFT marketplace SuperRare.

Three-dimensional NFTs are becoming more popular. Sony announced a partnership with Theta Labs to launch 3D NFTs last week. This, according to the electronics company, illustrates the capabilities of its new product, the Spatial Reality Display. Users can examine objects in 3D on the monitor without having to wear standard 3D equipment.

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Lina Valentina’s NFT Collection “No More” was released to raise awareness about domestic violence

Since the outbreak of the war between Russia and Ukraine, the full usefulness of NFTs has been recognized as a revolutionary tool.



NFTs have evolved from hype-driven collectibles to become a means of expression, making them more than merely an investment tool. With these NFTs, Lina Valentina’s latest collection wants to make a much more profound change.

People from all across the world who supported Ukraine did everything they could to help the country. The Ukraine NFT flag, for example, was broken down into 3,271 individual components and was able to raise $6.75 million for the country.

Today, the No More collection uses a similar method to raise awareness to a critical issue affecting women. The collection attempts to transmit the message of rejecting domestic violence around the world by using the power of web3 and NFTs.

Lina Valentina, one of the most notable feminist artists, discussed her NFT collection with Cointribune, which was developed to bring courage to those women who are still silent while enduring this awful violence.

Each of the collection’s 7,777 individual NFTs will reflect a feminine face – the aesthetic touch that made Lina Valentina renowned (primarily the mouth and the open zipper).

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