The owner bought Punk #9684 for 126.5 ETH and sold it 12 hours later
CryptoPunk #9684 was among the most actively traded NFTs in the collection yesterday, switching owners twice in the span of 12 hours. What is more important, the person who first bought the Punk for 126.5 ETH, sold it later the same day and made $100.000 in the process. That’s a hefty payday for a 12-hour period and a couple of clicks.
After buying Punk #9684, the owner sold it again late last night. The new buyer paid 151.5 ETH to add the punk to their CryptoPunks and Wicked Craniums collection. The solid 25 ETH difference brings a $109.694 profit to the last seller.
Currently, the last seller holds more than 279 ETH in that wallet, or upwards of $1 million in tokens. They probably won’t regret selling the punk, because they already own eleven NFTs, five of which are Punks. Therefore it’s no surprise that their portfolio net worth reaches almost $3.5 million.
By the looks of that portfolio, the seller knew exactly what they were doing by purchasing CryptoPunk #9684. With almost $30.000 paid in gas fees towards the CryptoPunks smart contract, this wallet owner clearly favors the collection. And judging by his latest sale, this crypto enthusiast knows how to make a quick and profitable CryptoPunk flip.
Flip a CryptoPunk, buy a new house
Flipping NFTs is nothing revolutionary. In fact, many NFT fans dabble in flipping either for fun or for profit. If you don’t have any idea what flipping NFTs is, check out this handy guide. In essence, when flipping NFTs a collector aims to buy cheap and sell higher.
Collectors often seek out collections that are just starting out and have potential for price increases. Alternatively, as we see with the case of CryptoPunk #9684, flipping can also be done with expensive, blue chip NFTs. Of course, you need a much bigger starting capital to be able to flip a Punk. However, the return on investment is phenomenal as seen from yesterday’s sale history. Generating $100.000 in pure profit in less than 24-hours is remarkable.
Importantly, the topic of money laundering needs to be addressed, as such high-grossing sales often raise eyebrows. Money laundering is always a possibility in the crypto world, however, without proof, there’s no way of placing the blame. Still, DappRadar advises readers to have this possibility in mind when observing such impressive gains.
DappRadar will continue monitoring the NFT space, as blue chip flips continue to draw attention. To dig a little deeper into yesterday’s flip, check out the links below. For more curious blockchain finds like this one, follow DappRadar on Twitter, and join our Discord community.