Arthur Cheong, the founder of the crypto investment firm Defiance Capital, has just sold the Azuki #4690 non-fungible token (NFT) for 203 WETH on the NFT marketplace, LooksRare. The sale comes as the bear market envelops the global crypto industry.
Cheong noted via his Twitter handle that this was a “bittersweet moment” for him as he sold the NFT to the buyer.
Bittersweet moment to let this go but at least he goes to a buyer that really appreciates a triple fire elemental Azuki. https://t.co/9ffQ57YLvA
— Arthur (@Arthur_0x) December 29, 2022
Azuki NFT Sells for 203 WETH
Azuki #4690 is among the 10,000 digital artworks of the Azuki NFT collection. The collection was created in January 2022 by Chiru Labs, a Los Angeles-based startup. According to the analytics platform, NFT Price Floor, Azuki holds the eighth-largest position by market capitalization.
Cheong sold the Azuki NFT to a user with the LooksRare username 1ed3B3. The asset was sold for $243,673. This represents 1593% above the NFT’s floor price. The floor price for the Azuki NFT on LooksRare is 11.99 ETH.
The new holder will now be entitled to benefits tied to owning an Azuki NFT. Some of these include “exclusive streetwear collabs, NFT drops, live events,” and several others. Holders will also gain access to its metaverse, The Garden.
Expensive NFT Sales Not New
This is not the first time an NFT has been sold for an expensive amount. In September, a CryptoPunk NFT was sold for 3,300 ETH, worth approximately $4.4 million. The seller made a profit of $4.3 million from holding the asset for about two years.
In August, someone bought the Pudgy Penguin #6873 NFT for 400 ETH, worth $630,000.
About 45% of NFT Transactions on Ethereum Are Fake: Report
A data analyst and researcher named Hildoddy revealed that 45% of the NFT transactions recorded on the Ethereum network are fake/wash trades.
The analyst mentioned that the wash trades were common among NFT marketplaces like LooksRare and X2Y2. The researcher added that these platforms depended on fake transactions to boost their volume trade records.
However, marketplaces like OpenSea had minimal exposure to such scam sales.
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