A trader acquires a rare Ape-themed CryptoPunk valued at $1.5M for just 10 ETH using a smart contract mechanism that allows a shotgun buyout.
A CryptoPunk worth millions was acquired for a fraction of its value through a smart contract, surprising onlookers who described what happened as either a “heist” or a brilliant play.
CryptoPunks are some of the most expensive non-fungible tokens (NFTs) around. Because of their value, some decided to fractionalize these NFTs, splitting ownership of the piece.
With smart contract mechanisms allowing fractionalization in place, a trader acquired a CryptoPunk with current bids of over 600 Ether (ETH), worth about $1.5 million, for only 10 ETH ($23,000).
