Good day everyone,
I hope you are all well and having an excellent day, welcome to CryptoGod-1’s blog on all things crypto. Today I am going to look at an interesting story from way back in 2021, which when looking at the value of NFT's and crypto in today's market, might just be the biggest ever regret in crypto. Cryptopunks, the famous NFT collection, saw one of their NFT get an offer of 2,500 ETH, or $9.5m USD at the time of bidding. It was rejected, although would have been one of the largest ever NFT sales had it gone through. I will look at the story and timeline of these events below.
Late 2021 was Wild
For those of us around at the time, I think we can all agree that late 2021 was wild and crazy times. Bitcoin hit its all time high of nearly $70,000 in November 2021, but in October of that year something just as mad happened in the NFT space. The twitter user @richerd owns Cryptopunk #6046, and tweeted on the 16th of October that a bid of 2,500 ETH, or $9.5m had been rejected.
The NFT had been purchased on the 31st of March 2021 by @richerd for 45 ETH, which given the price of ETH at the time, was around $82,643. The sale, had it been approved by @richerd would have gone down as the largest sale of a Cryptopunk in history, while also being the largest ever on-chain sale of an NFT. However, @richerd was adamant that he would not sell, no matter how much the offer was. This was confirmed in another tweet where it was stated had an offer of $1 Billion been made then he would have sold, although he refutes that and claims no price would ever have resulted in a sale.
Market Value in July 2023
Taking a look at todays market value and how NFT's have crashed, along with ETH, it is easy to see why so many would consider this one hell of a regret. The current value for cryptopunks is sitting at around the 50-80 ETH mark. That would roughly translate to about $98,000 - $157,000. A far cry from the almost $10 million that was on offer two years ago.
So why would about sane person reject such an amount of money? @richerd explained exactly why in a tweet on the same day, the 16th of October 2021, as the bid was received. The biggest incentive behind rejecting the offer was not just because the NFT was not really worth it. Instead, it was because of the brand which @richerd had built off of owning the NFT. As stated below, they have made use of #6046 to co found businesses, work in crypto security, giving NFT insights, and of course the influencer status owning such an NFT brings. As things stand, @richerd has around 185.8K followers on twitter, which is likely constantly growing.
However, one will always have to consider the impact of having that $9.5m compared to having the NFT. Much more could likely have been achieved with that money, but at the same time, one loses that status of being a part of the unique NFT closed circle of Cryptopunk holders. Possibly one day the price of ETH and these NFTs will once again go above the $9.5m mark, making the long game the wiser choice. Impossible to know, but either way, the decision was made.
If you were the owner would you have accepted? Would be sitting there regretting your choices if you had sold? Or regretting not selling?
Have a great day.
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