Deepak.eth, the founder of the blockchain infrastructure Chain, has listed their nonfungible token (NFT) collection for sale on OpenSea starting at 8,000 ETH.
It has been reported that Deepak.eth tweeted that the collection will either be sold to the highest bidder or else placed in a “fractional DAO” in which they would sell 80% of the ownership. According to the Chain founder, the collection is going for 8,000, which is around $10, 258,720 million, as of November 11.
However, the collection includes high-ticket NFTs such as Tiffany Punks which will include the NFTiff and physical pendants, some Bored Ape Yacht Club characters (BAYC), and Mutants, among others. On November 10, Deepak.eth began a thread on Twitter, which pointed the finger at the recent FTX turmoil as the reason for dipping into the liquidity via their NFTs.
The report said that they said although the company cut ties with Alameda in the summer, it continued to keep holdings in FTX and recently made a major deposit into the exchange.
According to Deekpak.eth, those funds are stuck and waiting for withdrawal, which led them to dig into their other digital assets. Despite recent trading volumes of popular collections such as Bored Ape Yacht Club (BAYC) hitting lows, NFTs in these series have previously seen market values into the millions.
Thus, this is one of many aftershocks from the FTX scandal. It has left the industry scathed, regulators ready to pounce and other exchanges rushing to prove transparency. Genesis Trading, a market maker and lending subsidiary, came out stating that it has around $175 million worth of funds locked away in an FTX trading account. Along with Galaxy Digital, who claimed to have $48 million locked in FTX withdrawals.