The founder of blockchain infrastructure company Chain, who goes by the Internet pseudonym “Deepak.eth,” announced on Twitter the sale of his collection of non-fungible tokens (NFTs).
Deepak.eth tweeted that the collection will be sold to the highest bidder. or it will be placed in a “fractional DAO” in which 80% ownership will be sold. According to the Chain founder, the collection will be sold for 8,000 (ETH), which is equivalent to about $10,258,720 million at the time of writing.
My NFT Collection is now available. It will either be sold to the highest bidder or be placed in a fractional DAO where I will be selling 80% ownership for 8k ETH to the community.
DM’s open. check them out pic.twitter.com/7TZpAc7TDK
— Deepak.eth ⛓ (@dt_chain) November 11, 2022
The collection includes high value NFTs like Tiffany Punks which will include the NFTiff and physical pendants, some characters from the Bored Ape Yacht Club (BAYC) and Mutants Apes, among others.
On November 10, Deepak.eth started a conversation thread on Twitter, in which pointed to the recent FTX turmoil as the reason for tapping into liquidity through their NFTs.
They said that although the company cut ties with Alameda in the summer, it continued to hold stakes in FTX and recently made a significant deposit with the exchange. According to Deekpak.eth, those funds are locked up and waiting to be withdrawn, prompting them to rummage through their other digital assets.
I will, however, start to access liquidity through my NFT holdings, with the most likely scenario being that I will be putting them into a fractional DAO, including Alien Punk 5822.
(7/8)
— Deepak.eth ⛓ (@dt_chain) November 10, 2022
Even though recent trading volumes for popular collections like Bored Ape Yacht Club (BAYC) have plummeted, NFTs in these collections have previously reached market values in the millions.
The community on Twitter responded to the listing calling it the “holy grail” of NFT collections:
It’s the Holy Grailï¼
— Tony B (@Bai325Tony) November 11, 2022
Others commented on the collection, calling it “incredible” and “unusual”. Many also sent their support to Deepak.eth with words of encouragement such as “stay strong” and “hope you are doing well”.
This is one of the many aftershocks of the FTX scandal. It has left the industry in tatters, regulators ready to pounce, and other exchanges rushing to prove their transparency.
Genesis Trading, a market maker and lending affiliate, came out to state that it has around $175 million of funds locked in an FTX account. Along with Galaxy Digital, which claimed to have $48 million locked up in FTX withdrawals.
Legislatures across the United States have used recent events as an example of the need for stricter regulation for the cryptocurrency industry, even though FTX US has reportedly been unaffected by the incident so far.
Meanwhile, other cryptocurrency platforms, such as Binance and Crypto.com, have posted their commitment to transparency by implementing Proof-of-Reserve solutions in the future.
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