CryptoPunk NFT Dumped For Just 4.2 WETH

A crypto trader has dumped his Punk NFT collection into bids for just 4.2 WETH.

The Punk bid has sparked a heated debate among crypto users, with many considering it to be an error.

CryptoPunks is one of the leading NFT collections in the NFT market.

An anonymous crypto trader has dumped his Punk NFT collection into bids for just 4.2 WETH.

The Punk bid has sparked a heated debate among crypto users, with many considering it to be an error.

"Humungous L for the seller, appears to be accidental," one user wrote.

Launched in 2017, CryptoPunks is a renowned non-fungible token collection from the digital asset incubation studio Larva Labs, featuring a limited edition of 10,000 pixilated NFTs hosted on the Ethereum blockchain network.

The CryptoPunks NFT collection has grown to become one of the leading NFT collections in the NFT market, holding a market capitalization of nearly $1 billion. Several rare Punks from the CryptoPunks collection are worth millions of dollars.

In March 2022, Yuga Labs, the creator of the globally acknowledged Bored Ape Yacht Club NFT collection, acquired the intellectual property of the CryptoPunks NFT collection. During the auction, the Bored Ape creator bought the Meebits NFT collection along with the CryptoPunks NFT collection. Meebits is a non-fungible token collection featuring a limited edition of 20,000 3D vowel characters hosted on the Ethereum blockchain network.

Yuga Labs is also home to some of the leading NFT collections, including the Mutant Ape Yacht Club, a non-fungible token collection featuring a limited supply of 20,000 NFTs hosted on the Ethereum blockchain network, Otherside, Kodamara, Bored Ape Kennel Club, and Twelvefold. The Bored Ape Yacht creator, Yuga Labs, also holds intellectual property (IP) for the Moonbird Oddities, Grails, and Emotes NFT collections.

What went wrong?

Crypto users have regarded the controversial CryptoPunks bid as an ‘accident’ or an ‘error,’ with some claiming that maybe he intended to sell it for 42 WETH, which is an average floor price for the entire CryptoPunks NFT collection.

Another NFT user has described this controversial bid as tax loss harvesting.

In the meantime, the anonymous trader appears to have retracted this Punk bid.