An NFT Just Sold for $532M, but Didn’t Sell at All

bloomberg.com

24 points·joering2··7 comments

To execute what amounted to a no-op on the EVM global computer, this individual deployed this [1] smart contract, and then ran it [2].

The compute cost involved, measured in so-called gas fees, were 0.496 ETH for the contract deployment, and 0.197 ETH for the execution, around $3,000 USD total.

Transaction fees are through the roof. To buy 0.025 ETH (~$110 USD) worth of SHIB tokens, the memecoin de jour, I'd have to pay an equal amount in gas fees. Yes, 100% transaction fee. Buying $20 worth is completely out of the question.

[1]: https://etherscan.io/address/0x9b5a5c5800c91af9c965b3bf06ad2...

[2]: https://etherscan.io/tx/0x92488a00dfa0746c300c66a716e6cc11ba...

Am I missing something. I just looked and the gas fees on shib seem pretty low

This is some really sloppy money laundering.

there's no net money transfer to these operations, and no one possibly believes that this was a real transaction.

it's much more likely that this was a practical joke, or an attempt to turn punk #9998 into a meme

Or just market manipulation.

In any other TradFi (as the DeFi guys want to call it), it would be simply labelled market manipulation and there would be real life consequences

That’s more than a fair point… I think at a basic level most can sense this trading is without merits. NFTs simply do not have value.

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