A Collector’s Incredible Deal: Snagging a Rare CryptoPunk for a Bargain
An art heist typically conjures the specter of balaclava-clad figures descending ladders, bamboozling security, and speeding away in getaway cars. But in the world of NFTs, the seizure of a multimillion dollar work of art can be achieved simply by knowing the rules of the decentralized system.
So it proved in the case of CryptoPunk #2386, which was acquired by an unknown person on September 11 for 10 ETH ($23,500), far below the market value for a CryptoPunk. Just days before, on September 6, for example, CryptoPunk #6915 sold for $1.5 million.
The story begins in 2020, a time when CryptoPunks, a collection of 10,000 randomly generated 24-by-24 pixel images, became among the most valuable and iconic NFTs. With CryptoPunks regularly selling for millions of dollars, a practice of fractionalized NFTs emerged, which segmented the collectibles into shares and thereby enabled many investors to own a piece of punk.
One platform that offered fractionalized NFTs was called Niftex and it allowed investors to buy and sell their shares via a smart contract on the blockchain. In 2020, the owner of CryptoPunk #2386 fractionalized it into 10,000 shares through Niftex, resulting in 257 fractional holders.
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