5 ms·

An NFT Just Sold for $532M, but Didn’t Sell at All

24 points by joering2 5y ago

HahaReally 5y ago
This is some really sloppy money laundering.
- dropnerd 5y ago
  there's no net money transfer to these operations, and no one possibly believes that this was a real transaction. it's much more likely that this was a practical joke, or an attempt to turn punk #9998 into a meme
- bdonlan 5y ago
  Or just market manipulation.
  - HahaReally 5y ago
    That’s more than a fair point… I think at a basic level most can sense this trading is without merits. NFTs simply do not have value.
  - kopos 5y ago
    In any other TradFi (as the DeFi guys want to call it), it would be simply labelled market manipulation and there would be real life consequences
user1980 5y ago
To execute what amounted to a no-op on the EVM global computer, this individual deployed this [1] smart contract, and then ran it [2]. The compute cost involved, measured in so-called gas fees, were 0.496 ETH for the contract deployment, and 0.197 ETH for the execution, around $3,000 USD total. Transaction fees are through the roof. To buy 0.025 ETH (~$110 USD) worth of SHIB tokens, the memecoin de jour, I'd have to pay an equal amount in gas fees. Yes, 100% transaction fee. Buying $20 worth is completely out of the question. [1]: https://etherscan.io/address/0x9b5a5c5800c91af9c965b3bf06ad29caa6d00f9b https://etherscan.io/address/0x9b5a5c5800c91af9c965b3bf06ad2... [2]: https://etherscan.io/tx/0x92488a00dfa0746c300c66a716e6cc11ba9c0f9d40d8c58e792cc7fcebf432d0 https://etherscan.io/tx/0x92488a00dfa0746c300c66a716e6cc11ba...
- short12 5y ago
  Am I missing something. I just looked and the gas fees on shib seem pretty low
RandyGoldy 5y ago
Well, I'm not surprised at all. I mean, have you ever seen the price of Bitcoin? I know that it's not more than $532M, but still. I think NFT can be more valuable than cryptocurrency since it's a piece of art. I mean, personally, I'd never spend so much money on a token, my maximum is a card from myimpactpower. But I guess there are some people that don't care about money that much, and I'm confident that they're the same people who can buy a picture of a few splashes of paint for millions of dollars.

24 points by joering2 5y ago

HahaReally 5y ago

This is some really sloppy money laundering.

dropnerd 5y ago
there's no net money transfer to these operations, and no one possibly believes that this was a real transaction. it's much more likely that this was a practical joke, or an attempt to turn punk #9998 into a meme
bdonlan 5y ago
Or just market manipulation.
- HahaReally 5y ago
  That’s more than a fair point… I think at a basic level most can sense this trading is without merits. NFTs simply do not have value.
- kopos 5y ago
  In any other TradFi (as the DeFi guys want to call it), it would be simply labelled market manipulation and there would be real life consequences

user1980 5y ago

To execute what amounted to a no-op on the EVM global computer, this individual deployed this [1] smart contract, and then ran it [2]. The compute cost involved, measured in so-called gas fees, were 0.496 ETH for the contract deployment, and 0.197 ETH for the execution, around $3,000 USD total. Transaction fees are through the roof. To buy 0.025 ETH (~$110 USD) worth of SHIB tokens, the memecoin de jour, I'd have to pay an equal amount in gas fees. Yes, 100% transaction fee. Buying $20 worth is completely out of the question. [1]: https://etherscan.io/address/0x9b5a5c5800c91af9c965b3bf06ad29caa6d00f9b https://etherscan.io/address/0x9b5a5c5800c91af9c965b3bf06ad2... [2]: https://etherscan.io/tx/0x92488a00dfa0746c300c66a716e6cc11ba9c0f9d40d8c58e792cc7fcebf432d0 https://etherscan.io/tx/0x92488a00dfa0746c300c66a716e6cc11ba...

short12 5y ago
Am I missing something. I just looked and the gas fees on shib seem pretty low

RandyGoldy 5y ago

Well, I'm not surprised at all. I mean, have you ever seen the price of Bitcoin? I know that it's not more than $532M, but still. I think NFT can be more valuable than cryptocurrency since it's a piece of art. I mean, personally, I'd never spend so much money on a token, my maximum is a card from myimpactpower. But I guess there are some people that don't care about money that much, and I'm confident that they're the same people who can buy a picture of a few splashes of paint for millions of dollars.