Owner Declines Offer to Sell His CryptoPunk NFT for Record-Breaking $9.5 Million: Here's Why

The transaction, if accepted, would have been the most expensive CryptoPunk sale to date.

By Edited by Gadgets 360 Newsdesk | Updated: 18 October 2021 14:15 IST

Owner Declines Offer to Sell His CryptoPunk NFT for Record-Breaking $9.5 Million: Here's Why

Photo Credit: Larva Labs

CryptoPunk #6046 is marked by its 3D glasses

Highlights

CryptoPunk #6046 could have been sold for ETH 2,500
ETH 2,500 roughly translates to $9.5 million
CryptoPunk #6046 is marked by its 3D-glasses and a cigarette

CryptoPunk #6046 owner has stunned the world by declining an offer of ETH 2,500. The owner, who goes by the name Richerd (@richerd) on Twitter, wrote about the rejected deal on the microblogging platform. In a long thread, he explained the reason. Richerd turned down an offer from user @poapxyz to sell his CryptoPunk #6046 NFT. If the transaction had been carried out with Ether, this would have been the “largest-ever on-chain NFT sale in USD,” as per Richerd. The amount of ETH 2,500 roughly translates to $9.5 million (roughly Rs. 71.5 crores)

Richerd tweeted on October 16, “This could have been the largest ever on-chain NFT sale in USD, but I chose to reject the offer. Here is the story and why.”

Why I rejected a 2500 ETH ($9.5M USD ) offer from @poapxyz on CryptoPunk #6046

This could have been the largest ever on-chain NFT sale in USD, but I chose to reject the offer.

Here is the story and why ???? pic.twitter.com/zeURo4C5z6
— richerd (@richerd) October 16, 2021

Richerd clarified that his CryptoPunk NFT was not for sale. "Don't care what anyone offers me," he wrote. In fact, he argued that he wouldn't sell it even if someone offered him a billion dollars for selling it.

Yesterday in discussion with @ImJosefRakich I stated “My punk is not for sale. Don't care what anyone offers me.”

He argued that “If someone offered me $1B, I would sell” I insisted that no I wouldn't.https://t.co/TldUVIw4uh
— richerd (@richerd) October 16, 2021

Despite Richerd's stand, @poapxyz made a bid of ETH 2,500 and asked him if he wanted to "go down in history as the top CryptoPunk sale to date." The tweet also attached a photo of the transaction history by @poapxyz.

Come on Richerd. Don't you want to go down in history as the top cryptopunk sale to date? pic.twitter.com/JEeIMo2MEm
— POAP - The bookmarks of your life (@poapxyz) October 15, 2021

CryptoPunks rule much of the NFT trade through 10,000 unique characters that are stored on the Ethereum blockchain. The value of each NFT from the collection depends on how rare the individual NFT's characteristics are.

According to Richerd, his CryptoPunk #6046 should not cost ETH 2,500 as 3D glasses aren't the rarest of traits in the set. Here's what he had to say about it:

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6046 is probably not worth 2500 ETH, it's a mid tier punk due to its defining 3D glasses traits. So why would someone offer 2500 ETH on it?

Answer: Because I'm the one who owns it. (and possibly as a PR move, read on????)
— richerd (@richerd) October 16, 2021

The main reason why Richerd rejected the offer was his brand identity. According to him, #6046 has become his social media identity and he has also created a successful brand around it as a smart contract artist, NFT degeneration, and co-founder of Manifoldxyz, a platform dedicated to NFT creators.

Over past 6 months I have used 6046 as my identity and have built up a significant brand around it.

Most of you know, for:
- co-founder of @manifoldxyz
- smART contract artist
- Crypto security
- NFT insights
- 3D glasses connoisseur
- Namesake of @richerd3DAO
- NFT Degen
— richerd (@richerd) October 16, 2021

He considered that his identity, linked with #6046, was more valuable than any NFT transaction.

My identity along with identity of other iconic Punks and apes have value beyond the NFT itself. We have our own brands similar to any other brand and that has value.

Because I value my personal brand and identity, this was an easy rejection for me.
— richerd (@richerd) October 16, 2021

In fact, he believed that what he creates out of this brand identity would be of greater value.

I have huge conviction in the NFT space and in Punks. When it comes to NFTs space I think very long term.

To me, my brand, identity, and what I'm building in the NFT space will be way more valuable in the long run.
— richerd (@richerd) October 16, 2021

He did not sell it also because he was concerned about his followers.

Also if i sold Punk6046, I don't know what I would tell all the guys at @richerd3DAO!@richerdIntern, @richerdInternPA, @richerdsCOO, @60463D, and @6046cigarette all have big plans for the future of ????????https://t.co/g9RsIPHKW1
— richerd (@richerd) October 16, 2021

Richerd confessed that he did not know about the bid ahead of time and was free to accept or reject it.

For those asking. I do not know @worthalter of https://t.co/HakbCOT6JY who placed the bid.

We've had an email exchange and have mutual respect for each others companies, but I had no knowledge of the bid ahead of time and was free to accept the 2500 ETH offer if I chose.
— richerd (@richerd) October 16, 2021

He ended his note by saying, "Punk 6046 cannot be bought!"

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I want to thank everyone who has been a supporter of mine and Punk 6046 ????????

Punk 6046 cannot be bought!

But, It's nice to know that someone thinks that I'm worth at least 2500 ETH ($9.5M).????❤️
— richerd (@richerd) October 16, 2021

Earlier this year, CryptoPunk #7804 was sold at a record price of $7.57 million (roughly Rs. 57 crores).

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