CryptoPunk #4156 sold: $3.31M

Will Hive Punk ever see such prices?

I freaking love to open up with these sort of opened-up rhetoric questions! Mainly because the answer is... we won't know, until we know!

But, first thing first.

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4-5 days ago:

On July 15th the rare Ape-like CryptoPunk #4156 was sold for the amount of 2.69KΞ which at the moment of the transaction translates into ± $3.31M - again, for a jpeg!

Anyone of you who not know yet the thing behind NFTs and why it is not just a jpeg, and also those who think NFTs are the greatest of the bubbles ever, I'm not going to discuss that in here now, you're free to think whatever you want to.

Instead, I just want to mention that this millionaire transaction was actually a tricky one: the seller is (sigh) selling at an almost -$7M loss! How is this possible, and more over, why?

As one may suppose, immediately people started to claim NFTs are dead, people is selling off, prices are dropping, and a big etcetera, but if we take a closer look at the transaction we may find a few interesting fact... or two.

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Please care to ignore all the "Bid/Bid Withdrawn/Offered/Offer Withdrawn" noise except for the very last one, the one that was actually accepted.

As you may see here, thereal4156.eth bought punk #4156 in Dec 09, 2021 by a value of 2.5KΞ or nearly $10.26M at the moment of the transaction.

Now, thereal4156.eth has sold it for 2.69KΞ or +100Ξ than its actual buying price, accruing a loss of more than $7M when seeing the fiat side of the transaction.

...and that's the play!

Farming Losses A.K.A. "The Play"

The greatly smart Mr. thereal4156.eth has now a taxable loss of more than $7M which will represent a huge tax advantage when filling taxes time come, yet, he got +100Ξ - well played!

If we are all to see crypto overcoming fiat, this play will represent a huge winning play (regarding its fiat value) in the next bull run, and at the end of this fiscal year, it will also represent a great advantage for this player.

How "The Play" is seen in Etherscan.

Closing Thoughts

Web3 spaces are getting more and more intense every day, with huge companies filling for bankruptcy, more and more world-class figures getting into the space and bringing massive attention to it (Ex. Snoop Dog, Paris Hilton, Neymar Jr., Cristiano Ronaldo) - Now, without getting to forget CryptoPunks was actually a Free Mint back in the day...

...do you think there will be a time when we see these crazy prices for Hive punks, and $Hive itself?

Posted Using LeoFinance ^Beta