A CryptoPunks owner rejects a $9M bid for one NFT.
CryptoPunks remains one of the most valuable non-fungible token (NFT) collections of all time. Released in 2017 by Larva Labs, the NFTs’ price has surged tremendously valuing some of them at millions of dollars, despite the lack of utility of these NFTs, their creators and holders are able to make massive profits from their sales.
Surprisingly enough, the CryptoPunk #6046 holder just turned down a record-breaking $9.5 million bid for his NFT.
Initially, Josef Rakich who was once voted the world’s best online body trainer, teased the NFT owner saying he would accept a $1 billion offer. The NFT holder flatly refused, saying,
My punk is not for sale. Don’t care what anyone offers me.
However, @poapxyz, the buyer, went on to test his resolve, offering millions for the avatar.
“Come on Richerd. Don’t you want to go down in history as the top CryptoPunk sale to date?” @poapxyz nudged on Twitter.
CryptoPunk #6046 now a brand and identity builder
Richerd told his Twitter followers that he and the prospective buyer had a mutually respectful interaction. However, they did not know each other outside Twitter and had not discussed the bid before it became public knowledge.
Notably, Richerd’s bold refusal to sell earns him the reputation as the world’s biggest diamond handed NFT hodler…the term which refers to investors who are stubborn or have a firm resolve.
Richerd said his NFT is a “mid-tier punk due to its defining 3D glasses traits” and so it “is probably not worth 2500 ETH.” He also uses the NFT as a personal identity and a brand builder, adding “this was an easy rejection for me.”
To me, my brand, identity, and what I’m building in the NFT space will be way more valuable in the long run.
Larva Labs monetizing NFTs
Presently, CryptoPunks have a floor price of 104.8 Ethereum (ETH), roughly $392,000. The top three of these NFTs go for $7.58 million, $7.57 mnnftillion, and $5.45 million. Features of the CryptoPunk #6046 rank it at #7116 in rarity out of 10,000. When Richerd acquired the NFT in March, it sold for just 45 ETH (about $83K at the time) but has now risen to be one of the blue-chip NFTs. The potential store of value of these NFTs has even driven their parent company, Larva Labs, to sign a representation deal with talent agency UTA, to monetize CryptoPunks in the future.