The buyer bribed a miner to obtain the NFT immediately after it was listed at the wrong price.
NFT buyer secures a bargain from CryptoPunks
Someone just snatched up the rare CryptoPunk NFT for a fraction of its market value.
Punk #7557 sold this afternoon for 4.44 ETH, which equates to around $19,300.
This is one of the rarest pieces in Larva Labs’ CryptoPunks collection, one of Etheria’s most coveted and valuable NFT collections. Each CryptoPunk character has features that set them apart from others in the collection. punk #7557 is one of only 55 characters in the 10,000-strong collection to wear a headdress, making it one of the most valuable pieces. The last tiara punk auction last week sold for 196.69 ETH, valued at just under $828,000. In August, several pieces sold for between 150ETH and 275ETH.
Despite the relatively low sale price, the value of tiara #7557 is not much lower than the value of other tiaras. In fact, it last sold for slightly less than 60 ETH in July – a typical price for CryptoPunk NFT at the time – and has received several offers of upwards of $1 million since then. Data from Etherscan shows that buyers paid a premium of 3.33 ETH to f2pool miners for their transactions (miners typically receive significantly less ETH as a hint to process transactions). As Twitter user bigshades.eth pointed out, this is likely because they used Flashbots and wanted to bribe miners to reschedule their trades in order to bid on NFT immediately after it was listed. It is possible that the owners of NFT mistakenly listed the token at 4.44 ETH instead of 444 ETH, which would be a price closer to everyone else in the market. Since transactions on Ether are irreversible, once a miner adds a transaction to a block, the seller cannot stop the sale.
Interestingly, the buyer’s Ether wallet shows that they have made multiple bids on CryptoPunks in recent months.In September, they bid only 1wei on one of the NFTs.Including transaction fees, the buyer spent a total of about 7.8 ETH to acquire the NFT.There are currently only four tiara punks for sale on the Larva Labs marketplace – the cheapest one is listed at 350 ETH listed, or about $1.52 million.
The sale of Punk #7557 isn’t the only surprising CryptoPunk sale in recent weeks. Last week, a rare “wild white hair” punk appeared to sell for over $500 million after the buyer used a lightning loan to cleanse the deal NFT. Many CryptoPunks have sold for more than seven figures or more since Visa announced the purchase of its own in September. The payments giant spent the equivalent of $150,000 in Ether on another headpiece punk, sparking a spike in prices across the collection and media coverage from mainstream news outlets around the world.