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Category: OpenSea

CryptoPunks Owner Declines Record-setting $9.5 Million Offer, Explains Why 

Earlier today, the owner of the non-fungible token CryptoPunks #6046 declined a bid of $9.5 million dollars in Ethereum (ETH), which would have been the highest on-chain NFT transaction to date. The bidder, who goes by an ENS of poap.eth, placed the record-setting bid after the CryptoPunks owner tweeted: “My punk is not for sale. Don’t care what anyone offers me.”  CryptoPunks is an NFT collection of 10,000 randomly generated images created by Larva Labs, and is widely touted and recognized as the #1 collection across the entire NFT space.  Related Reading | Cryptopunks are Headed to Hollywood The project is an all-time leader in total transaction volume at 552,073 ETH, or approximately $2.1 billion. Bored Ape Yacht Club (BAYC), which is the next largest collection on OpenSea, has recorded 1/5th of CryptoPunk’s all-time sales volume. According to data from Larva Labs, the most expensive transaction to date was $7.57M for Punk #7804 back on March 11, 2021.  Come on Richerd. Don’t you want to go down in history as the top cryptopunk sale to date? — POAP – The bookmarks of your life (@poapxyz) October 15, 2021 If the bid made by poap.eth were to have been accepted, CryptoPunk #6046 would have become arguably the most valuable CryptoPunk by more than 500 ETH. Interestingly enough however, the owner himself admitted that the “value” of his NFT was nowhere near the ballpark of $9.5M: [#]6046 is probably not worth 2500 ETH, it’s a mid tier punk due to its defining 3D glasses traits. So why would someone offer 2500 ETH on it?”  How Exactly are CryptoPunks Valued? Within NFT collections, the value of an individual piece is often determined by the rarity of its traits and characteristics. This is the case for CryptoPunks, with extremely rare traits like Aliens (0.09%) fetching a far greater price than ones with more common traits. In the case of Punk #6046, its trait of 3D glasses (3%) would be worth considerably less than extremely rare traits.  The average price of a CryptoPunk has skyrocketed over the past year, with data from DuneAnalytics showing a 1300% increase in average sales price since the beginning of the year. Despite these meteoric increases in price, the NFT space is still in relative infancy. Related Reading | Forget NFT Avatars: Owning and Trading NFT Colors Could be the Next NFT Trend on OpenSea  Coinbase, which recently announced its plans to release an NFT marketplace, saw over 1.5 million sign ups – a number trumping OpenSea’s user base by several fold. According to dappRadar, OpenSea has a total user base count of 263 thousand. With Coinbase entering the NFT space, there’s little to no doubt that the industry will continue to grow exponentially.  Interestingly enough, @richerd explained the reasoning behind rejecting the offer. He implied that his brand and online persona was largely connected to his CryptoPunk, and selling it would effectively sever this bond. “My identity, along with [the] identity of other iconic Punks, have value beyond the NFT itself. We have our own brands similar to any other brand and that has value. Because I value my personal brand and identity, this was an easy rejection for me.”  Featured image from Larva Labs  
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Polygon to Raise Network Fees as a Measure Against Spam Transactions

Polygon will raise its network fees to 30 Gwei from 1 Gwei, co-founder Sandeep Nailwal revealed in a forum post. The network is also doubling down on its foray into non-fungible tokens (NFT) with an integration on the OpenSea marketplace.

The post Polygon to Raise Network Fees as a Measure Against Spam Transactions appeared first on BeInCrypto.

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Despite Insider Trading, OpenSea Transaction Volumes for Blue-Chip NFTs On the Rise

One of the largest NFT trading marketplaces OpenSea recently admitted insider trading by its executives. The OpenSea executives were using proprietary information to benefit from the NFT sales. These employees reportedly purchased items before being publicly displayed. The head of Product Nate Chastain, supposedly behind it, has been removed from his position. In its official

The post Despite Insider Trading, OpenSea Transaction Volumes for Blue-Chip NFTs On the Rise appeared first on Coingape.

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OpenSea’s Transaction Volumes on Sharp Decline, Is NFT Popularity on A Decline?

OpenSea, the Ethereum-based largest NFT marketplace is seeing a sharp decline in the daily transaction volumes on the platform. On Wednesday, September 8, the daily transaction volume on OpenSea was less than $100 million for the first time since August 21. Also, comparing it to the peak of August 29, the daily transaction volumes have

The post OpenSea’s Transaction Volumes on Sharp Decline, Is NFT Popularity on A Decline? appeared first on Coingape.

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NFT Collector Pranksy Tricked By Fake Banksy For Almost 97.7 Ethereum Coins

Pransky, a prominent non-fungible token (NFT) collector, was swindled of 97.7 Ethereum that is worth about $341,500. This happened after the hijack of the website of Banksy, a popular artist, for the promotion of a fake NFT auction. Nevertheless, almost the entire funds have been recovered. On August 31, Pransky identified one of Banksy’s official website pages promoting the auction for an NFT on OpenSea, a popular marketplace. Though he disclosed his misgiving for the genuineness of the token, Pransky decided to join in the auction. He placed the highest bid by 87 Ethereum ($304,500) to nearly 100 Ethereum tokens. This bid puts him to be 90% more above all rival bidders in the auction. Related Reading | New To Bitcoin? Learn To Trade Crypto With The NewsBTC Trading Course Usually, artworks are tokenized with NFTs. This helps in creating digital certificates of ownership that can either be sold or bought. The process, however, doesn’t leave the buyer with the actual artwork or its copyright. Pransky’s bid was accepted with flaws. However, the link to the OpenSea auction was shortly removed from Banksy’s website. This prompted the prominent NFT collector to the possibility of the listing being fraudulent. Within just an hour of passing the auction on Twitter, Pransky notified that his bid of 100 ETH was accepted with a link for him. However, the link has been remove from his website, signifying a possible fraud. Nevertheless, he added that it would just be a matter of time to uncover the truth. NFT Collector Pransky Received The Refund In Ethereum However, after few hours, fraudsters returned the funds to Pransky by sending 97.69 Ethereum Coins. The NFT collector expresses his confidence in receiving the refund. He explained that he identified the hacker and followed them on Twitter. Pransky revealed to the BBC that he never expected the refund. He confessed that the hacker’s press coverage and being identified and followed on Twitter could have pushed him to refund. Pransky explained that he was notified of the auction by an anonymous individual through his community on Discord’s social network. He mentioned that the notification alert came on Monday morning. Pransky suspects that the person who alerted him and others involved in the Banksy NFT sale are potential hackers. Related Reading | Cream Finance Plans To Repay The Stolen Funds To Its Users According to Banksy’s associated spokesperson, the artist has no creation of NFT artworks. He further explained that no Banksy NFT auction is affiliated with the artist in any form or shape. However, there’s no comment if hackers intersected Banksy’s website. Reacting to the whole saga, Cryptochild, a Twitter user, pointed that OpenSea was the debacle sole winner. He mentioned that the platform had carted away with a 2.5% slice of Pransky’s huge bid. Featured Image From Pixabay
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Everything We Know About The Fake Banksy NFT That Sold For 100 ETH

Everything about the fake Banksy NFT story fits together like puzzle pieces. And it’s mysterious. And no one gets hurt. A feel-good story with a twist, if you will. First of all, the person who bought the fake Banksy NFT is known as Pranksy. That’s right, Pranksy. What are the odds? And it just gets weirder from there. Related Reading | David Marcus Of Facebook Indicates Plans To Support NFTs You see, Pranksy is a notorious NFT collector. Twitter gave him a blue checkmark, for what it’s worth. His prominence in the NFT community is what elevates this story. Was this person targeted? Pranksy bought the piece “Great Redistribution of the Climate Change Disaster” knowing full well that there was risk involved. Even though Banksy’s official site hosted a page linking to the auction. Let’s quote Gizmondo with the 411: “The forged piece of digital art popped up on Banksy’s official site on Tuesday morning under the now-deleted URL “” The only thing on the page was a JPEG of what was presumably Banksy’s take on the $1 billion dollar CryptoPunk hype train, featuring the artist’s usual kind of social commentary, this time about the awful carbon footprint that NFT artwork leaves behind.” To be fair, Banksy’s “usual kind of social commentary” is usually much more poignant than what this piece offers. The fake Banksy NFT, “Great Redistribution of the Climate Change Disaster,” is basically a CryptoPunks rip-off barking at the wrong cause. The NFT collector knew something felt off from the very beginning; “Is this… real?” was Pranksy’s first reaction. Is this… real? #NFT on @opensea commentating on potential climate damage of PoW blockchains? — Pranksy 📦 (@pranksy) August 31, 2021 Who’s Behind The Sale Of The Fake Banksy NFT? In the opensea NFT marketplace, the page that hosted the auction was under the name “gaakman.” The Art Newspaper offers information about the possible pseudonym. “Suggestions that gaakmann could be Banksy because the artist used the pseudonym “Bryan S. Gaakman” when he entered a work into the RA summer exhibition in 2018 seemed far-fetched.” Since that’s a known Banksy pseudonym and the link came from the official site, Pranksy proceeded. The NFT collector bid 100 ETH, orders of magnitude more than the highest bid at the time. The offer was immediately accepted. That’s when Pranksy knew something was wrong. “The link was removed from his website so it could have been a very elaborate hoax, my guess is that is what it will be, only time will tell!” So my bid of 100 ETH was accepted for the potential #Banksy first #NFT on @opensea. The link was removed from his website so it could have been a very elaborate hoax, my guess is that is what it will be, only time will tell! — Pranksy 📦 (@pranksy) August 31, 2021 Then, someone at the BBC contacted Pranksy and informed him that the fake Banksy NFT was indeed fake. “Hopefully I can get in touch with the team who represents him, if not it was fun entertainment for us all today,” Pranksy said via Twitter. Banksy’s Pest Control authentication team told the BBC, “any Banksy NFT auctions are not affiliated with the artist in any shape or form.” BTC price chart on Bitbay | Source: BTC/USD on The Return Of The Scammed ETH Was this Pranksy person targeted? This is the turn. This is where it gets weird. Let’s quote Decrypt with the description: “Then, in perhaps an equally strange turn of events, the scammer returned 97.69 ETH to Pranksy a little more than eight hours later. “No idea why [he returned the funds],” Pranksy told Decrypt. “I think I tracked him down, and he was made aware.” My ETH from the #Banksy #NFT purchase was just returned to me, ethical hacker proving a point? — Pranksy 📦 (@pranksy) August 31, 2021 Pranksy gave the BBC a more detailed description of what “tracked him down” means “The refund was totally unexpected, I think the press coverage of the hack plus the fact that I had found the hacker and followed him on Twitter may have pushed him into a refund. “I feel very lucky when a lot of others in a similar situation with less reach would not have had the same outcome,” he said.” This is where the tables turned and Pranksy turned into the main suspect. The Art Newspaper accuses: “The question, then, is who has masterminded the sale. Pranksy’s cover photo on Twitter is of a pixelated red and white aeroplane, not dissimilar in aesthetic to the crudely rendered NFT. When asked if he was in on the hoax, Pranksy denied any involvement. “No prank at all,” he told The Art Newspaper. So was he scammed? “I think so, but I wasn’t forced to bid. It’s the risk I took. No refunds on the blockchain!” Pranksy is a pro. He was aware of the risks from day one. Just to add a comment, to those who feel this may have been some sort of stunt. I would never risk a future relationship with Banksy or any fine artist by hiring someone to hack their website and then buying an #NFT from myself, what an unusual day! — Pranksy 📦 (@pranksy) August 31, 2021 Our Theory About The Fake Banksy NFT A mysterious stranger Direct Messaged Pranksy to let him know about that one-in-a-lifetime auction. In the Decrypt story, they have screenshots of the DMs. Was this person targeted by Banksy and his team? If Banksy wanted to create worldwide headlines and comment on the NFT boom at the same time, a notorious art collector was the missing ingredient. Pransky’s prominence in the NFT community mixed with his name makes him an ideal target.  Related Reading | TA: Ethereum Bulls Keeps Pushing, Why Rally Isn’t Over Yet Of course, we have no way to prove any of this. Everything about the fake Banksy NFT story fits together like puzzle pieces, however. Featured Image: Screenshot of the fake Banksy NFT | Charts by TradingView
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OpenSea Sets Daily Trading Volume Record Amid Growing NFT Frenzy

The world’s largest NFT trading marketplace, OpenSea daily trading volume crossed $200 Million on 24th August, according to Dune Analytics. OpenSea Record-breaking single-day trading volume spree started 4 days ago with $125 Million on 21st August. According to Dune Analytics, on August 24, OpenSea’s single-day trading volume exceeded a new high of 200 million US

The post OpenSea Sets Daily Trading Volume Record Amid Growing NFT Frenzy appeared first on Coingape.

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