Half-a-Billion Dollar Punk

We're Just Getting Started Folks

Earlier tonight someone was feeling a little lose with their neat ATH ETH and decided that Punk 9998 was worth a cool 124,457 ETH.  That was $532,414,877.01 at the time.  So, just a shade more than buying the local cafe gang their morning cup of the good stuff.

One of the greatest things about Blockchain is that every transaction can be seen because it has been written to the block.  Below we can see the life of Punk 9998 from inception on June 23, 2017 until today – a listing price over $1 Billion by the guy who just paid $532M for it.  Now that’s just cool.

But WHY?

This is a fruitless question.  We could ask WHY a million times every single day about a million different things that people do.  However, we can speculate of course.  

The Wallet that paid 124,457 ETH for Punk 9998 has now listed it for 250K ETH.  That would net him a 100% gain.  Not too shabby.  Being that Ethereum just hit a brand new ATH a few minutes ago, that 250K ETH keeps climbing in value.  Let’s say ETH Doubles and he does get a sale for 250K ETH – well, then he just got $2 Billon instead of just 1.

Let’s not forget that ETH was once trading at $0.90 back in 2015/2016.  For $10K you bought 9000 ETH which today is worth $39,600,000.  Not bad at all.  So, one must remember that a Billion in ETH today was likely not a Billion in ETH when the buyer attained the ETH – just speculation but at least it makes sense.  

Of course, there are alternative motives that could be at place as well.  Maybe someone needed to wash a little money or park some extra cash somewhere for a while under an anonymous meta mask wallet.  Who knows.  Maybe the NFT was nothing more than a shell for half of a professional football team or a few islands with private access or maybe 200 Bugattis to travel the midwest in style.  None of that is really the point.  The point is that NFTs at this moment in time is something to be very mindful of…

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