Twitter is abuzz with talks of a massive NFT transaction from a single account. The purchase of this Non-Fungible involved over half a billion dollars. Here’s all about the CryptoPunk NFT that made history.
What’s special about this CryptoPunk NFT?
NTFs are the hottest thing in the market. The hype is also fueled by celebrities investing in the Non-Fungibles. However, this CryptoPunk NFT is gaining extra attention due to the jaw-dropping price tag attached to it. The sale of Punk #9998 for 124,457.07 ETH was made public on Twitter. It costs approximately $532.414 million and was first captured by a Twitter bot that tracks CryptoPunk sales. CryptoPunks are an NFT project based on Ethereum. What began in 2017 has gained a lot of popularity and interest now.
It’s safe to say that the tweet became to sole focus of Twitter for quite a while as everyone went gaga over the sale. Usually, a sale of an NFT that huge would be the biggest buzz online. However, there is always more than meets the eye. In this case, this move was just a sales gimmick to capture attention. However, don’t assume that the sale never took place. Because it did. But, in true online fashion, when you buy something you don’t like, you return it. Similarly, the account that purchased the CryptoPunk, sold it back and, managed to get a full refund.
The story of the biggest refund and sale
While the ‘refund’ sounds simple, it is not the full story. A refund that big is not something you see every day. According to Robert Miller, a Twitter user, the NFT was sold by A and bought by B for the mentioned ether. However, right after the sale, A sent all the ether back to B. However, this raises a few important questions.
How did B have such a huge amount of Ether (or money)?
According to sources, the account holder took out a flash loan to make the transaction. Flash loans are where users can borrow unsecured loans from a lender. Moreover, a flash loan does not need an intermediate or third party since they are governed by smart contracts. The smart contract can reverse the loan if the borrower does not pay it back. In this case, since B got the ‘refund’ they paid back the loan right away.
Also, who made this viral transaction? The answer to this is a mystery. While the involved parties are currently known, reports suggest that it might have been one person. Nevertheless, the transaction forced all eyes on NFTs and made crypto fans very happy.