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An Unknown User Buys CryptoPunk Number 3860 For 99 Wei

Report said that an unknown user purchased CryptoPunk number 3860 for 99 Wei, worth next to nothing, yesterday after the artwork featuring a male character smoking a cigarette had sold for 30 Ether (ETH) around $69,369 at the time.

It has been reported that the user was then able to resell the figure for 52 ETH, or $136,675 at the time of the sale.

However, according to Float Capital's co-founder, Jonathan Clark, the previous owner of the CryptoPunk may have mistakenly listed the artwork at the absurdly low price “instead of creating a whitelist sale so only they could buy it.”

The buyer, most likely in an attempt to snatch up the valuable CryptoPunk before everyone else, paid 22 ETH, around $57,000, in “bribes” using Flashbots, a protocol that allows private communications between Ethereum users and miners. These funds seemingly encouraged a miner to prioritize the user’s bid.

The report said that after scooping up the CryptoPunk and reselling it within six hours, the user made a profit of around $80,000. It appears that they are not lacking funds, the same user has bought and resold 78 CryptoPunks, apparently resulting in a net loss of around $10,000, as of August 4.

Thus, CryptoPunks, the predecessor of many nonfungible tokens (NFTs), are small pixelated depictions of people, apes, zombies, and aliens. In June, Sotheby's auction house set a world record for the sale of an alien CryptoPunk at $11.8 million.

Source: Cointelegraph




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