CryptoPunk 9998 Sold Today for $532 Million

Yes, you have read that right! a person just paid $500 million for a piece of digital art.

CryptoPunk 9998 Sold Today for $532 Million
CryptoPunk 9998 | Image: CryptoPunk 9998

On October 28, Cryptopunk #9998 sold for 124,457 ETH, worth around $533 million at ETH's current price. As a result, this becomes the largest NFT sale in history to date at over half a billion dollars.

CryptoPunk non-fungible token (NFT) collection consists of 10,000 uniquely created characters. In 2021, these pixelated personas have shaken the world with wild multi-million deals many times. However, this latest $532 million deal seems clearly not a natural supply and demand relationship, according to Bloomberg.

Moreover, the NFT has a rare green-eyed with the name CryptoPunk 9998 that has been traded on the market for over $500 million. However, the catch in this sale is that the money received by the seller has been returned to the buyer as per reports. Thus, this raised several questions all across the NFT space.

Briefly, the buyer transferred the #9998 punk address to wallet 0x8e39. Just after that, 0x8e39 sold the NFT to another address, 0x9b5a, for $532 million, which was borrowed from the Compound, according to reports.

Furthermore, the transaction was made to CryptoPunk's smart contract and then sent to the seller, which is a standard NFT trading process. However, in this case, the seller's address sent about 120,000 ETH back to the buyer.