1 reply
0 recast
2 reactions
The punk ape was bought for 10 ETH with a minimum valuation of 600 ETH — how it happened:
In 2021, fractional ownership of expensive NFTs was a popular trend, with people buying shares of such assets, hoping for future value increases. The Niftex platform, through which punk ape #2386 was fractionalized, was later shut down, but the NFT itself remained accessible via smart contract.
Owners could initiate a buyout of shares from others at a set price if no higher offers were made within 14 days. User 0x282 initiated a buyout for 10 ETH. To block it, others had to offer more, but a major shareholder made a tiny mistake, underbidding by two ten-trillionths of a cent.
As a result, 0x282 was able to buy the punk ape for $25K, even though its market value was $1.3M.
[Source](https://x.com/0xQuit/status/1833981559910850603) 0 reply
0 recast
0 reaction
