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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.

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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.”

ART & COLLECTABLES

NFT Show Europe was all about innovators of the Future of the Internet: web 3.0, metaverse, blockchain, and digital art

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Valencia, October 10th 2022: NFT Show Europe, the leading event on Web 3.0, Blockchain, Metaverse and Digital Art took place in the futuristic venue of the City of Arts and Sciences in Valencia, Spain. From the 17th to the 18th of September 2022, #NFTSE attracted over 2300 visitors from 59 countries.

The show featured a packed conference programme with world-renowned speakers. Topics covered included the use of Blockchain and Web 3.0 oriented technologies in traditional businesses, gaming, sports, fashion, art and collectibles, among others.

First edition beyond expectations

“The event showcased the very best in European talent, demonstrating the unstoppable growth of these technologies and its potential in both business and artistic innovation.” explains Patrick Cyrus, Marketing Manager of #NFTSE22.

“We already count with the support of big players such as Tezos, Polkadot, Zeroframe, Crypto Page, Block Ape Scissors or Wert. All of us were equally impressed with the level of potential collaborations and we are already looking forward to the next edition.”

NFT Show beyond Europe

#NFTSE gathers some of the most influential companies and artists to discuss the latest trends and developments. The event was a major boost for the web 3.0 industry companies, fostering new partnerships and collaborations, which helped to solidify its position as a major meeting point in this world.

With visitors from 59 countries attending, the event showcased the latest in blockchain and web3 technologies and its potential applications in the real world.

The speaker line-up was formed by industry leaders such as Takayaki Suzuki, CEO of Metatokio and Esen Tümer, Founder of Metaverse Hub. Other notable speakers included Hide Uehara, Director of Business Development for Square Enix or Sam Hamilton, the Creative Director of Decentraland Foundation.

Showcasing more than 170 artworks by artists such as Zancan, Solimán López, Pablo Alpe, Ulysses, A.L. Crego or Jenni Pasanen, the art exhibition included exclusive minting by fxhash.com, workshops, interactive installations, panel discussions and XR experiences.

Conclusions & Trends

“Web 3.0 technologies provide a way for users to create and interact with digital assets in a virtual space. These technologies have the potential to revolutionize many industries, including gaming, art and finance. NFT Show Europe provided a platform for leading experts to share their insights on those industries in a futuristic business-art atmosphere.” adds Esen Tümer, Founder of MetaverseHub based in Turkey, Istambul.

NFTs and crypto are transforming the art industry by providing creators with a new way to monetize their work and by giving collectors a new way to invest in art. They can be used to track and prove ownership of everything from digital art to in-game items. One of the barriers is the acquisition of cryptocurrencies which is already approached by companies such as Wert.

“We enable the consumers to purchase NFTs with credit or debit cards just like normal or virtual goods … if you’re in the NFT, Generative Art and Web 3.0 space (NFTSE) is just the perfect spot to do that.” explains George Basiladze, Founder of Wert.io.

There is no doubt that the web 3.0 users have the potential to change the way we live, work and play. By harnessing the power of the internet, these technologies can help us to connect with others in new and innovative ways and help us to access information and services that were previously out of reach. With the right support and investment, web 3.0 content will help us to create a more inclusive and connected world.

The producers of NFT Show Europe are already planning the next stages for 2023.

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ART & COLLECTABLES

Logan Paul’s unsuccessful NFT Investment: Over $620K to $10

Logan Paul, a well-known YouTuber, has lost millions of dollars as a result of the current crypto winter.

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Logan Paul, an American YouTuber, actor, and social media star, holds a $623,000 unrealized loss as a result of his investment in an NFT from the Azuki line.

Also unsuccessful is his involvement with cryptocurrency. The market collapse has reduced the value of his possessions by more than $500,000.

Losses in Logan Paul’s Critical Papers
The well-known YouTuber joined the cryptocurrency bandwagon last spring when the values of most assets were surging, just like many other people. A few months later, he spent almost $2.5 million on NFTs, joining the trend. The most expensive thing he bought was a piece from the Azuki collection, which cost him $623,000.

However, the YouTube celebrity has suffered significant financial losses as a result of the unstable state of the bitcoin market and the NFT niche, at least on paper. The Azuki NFT currently trades around $10, as Paul recently made known, a drastic decline that sparked debate in the cryptocurrency world.

Many Twitter users made fun of the celebrity for using non-fungible tokens to transact at a time when there was obviously excitement in the industry. Others asserted that digital collectibles are frauds and should not be purchased. Some, however, contend that the price decline is a result of the current bad market and that once the next bull run begins, the valuation will rise.

It’s important to note that the NFT transactions were booming at the time he purchased the things. OpenSea’s trade volume spiked to almost $500 million for a single day at one time last summer, but in recent months, it has struggled to reach $10 million.

Paul has added bitcoin and other alternative currency to his portfolio in addition to NFTs. He recently acknowledged that he had lost almost $500,000 on such investments when he first entered the ecosystem at its peak last year.

Unfortunately for others that followed suit, this year has seen a significant decline in the value of the cryptocurrency market, which now has a total valuation of less than $1 billion (down from $3 billion a year ago).

Millions are Lost by KSI
The British rapper JJ Olatunji, a.k.a. KSI, was another prominent YouTuber who was severely hurt by the crypto market decline.

When Terra’s native token, LUNA, began to fall in price in May, he took the chance to predict that the price will eventually rise again. When the asset was going for about $25, KSI invested $2.8 million of his wealth in it.

He had no idea that the token would keep declining and eventually fall to almost nothing, wiping away the rapper’s multi-million dollar investment.

KSI is a strong supporter of the cryptocurrency market, especially bitcoin. He claimed that BTC will be crucial to the monetary system of the future last year. The rapper continued, claiming that he would have given each UK citizen £100 worth of bitcoin if he were the Prime Minister.

BTC is the ideal investment vehicle in KSI’s opinion. He believes that after ten years, individuals who have some exposure to the asset will “be laughing”:

“I feel like a lot of people are trying to search for quick money like, ‘Oh, I want to get in and out,’ but they’re not really seeing that. I’m prepared to travel a considerable distance for this.

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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.

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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.

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