Deepak.eth, the founder of the blockchain infrastructure Chain, put their NFT collection up for sale on OpenSea, with prices starting at 8,000 ETH.
The founder of the Chain blockchain infrastructure company, who goes by the Internet handle Deepak.eth, posted on Twitter to say that they were selling their collection of nonfungible tokens (NFT).
Deepak.eth said in a tweet that the collection will be sold to the maximum bidder or put in a “fractional DAO” where 80% of the ownership will be sold. The Chain founder says that the collection is for sale for 8,000 ETH, which at the time of writing is about $10,258,720 million.
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.
— Deepak.eth
DMs open. Check them outpic.twitter.com/7TZpAc7TDK
(@dt_chain) November 11, 2022
Among others, the collection has high-priced NFTs such as Tiffany Punks, which will have the NFTiff and real pendants, Bored Ape Yacht Club (BAYC) figures, and Mutants.
On November 10, Deepak.eth initiated a discussion on Twitter in which he blamed the recent FTX volatility for their NFTs’ sinking into liquidity.
According to them, after severing links with Alameda in the summer, the corporation continued to maintain holdings in FTX and recently made a substantial payment into the exchange. According to Deekpak.eth, these monies are reportedly stalled and awaiting withdrawal, prompting them to investigate their other digital assets.
We will see what happens ultimately, We have retained outside counsel to navigate this issue and continue to build as we are still sufficiently self funded. I may be looking to raise a funding round for Chain, but have not decided yet if it’s necessary.
— Deepak.eth
(6/8)(@dt_chain) November 10, 2022
Even though trading volumes for popular collections like BAYC have been low recently, NFTs in these series have had market values in the millions in the past.
When people on Twitter saw the listing, they called it the “holy grail” of NFT collections:
Includes: Alien Tiffany Punk 5822, 9 other Tiffany Punks (with the NFTiff & Pendants), Gold Ape 232, 6 other BAYCs, 3 Mutants, 4 Otherside plots and a ENS. https://t.co/X7l608fLRW
— Deepak.eth(@dt_chain) November 11, 2022
Others commented on the collection, calling it “amazing” and “uncanny.” Many also sent words of support to Deepak.eth, like “stay strong” and “hope you’re okay.”
This is just one of many things that happened after the FTX scandal. It has hurt the industry and made regulators and other exchanges rush to show that they are honest.
Genesis Trading, a company that makes markets and lends money, came out and said that it has about $175 million locked up in an FTX trading account. Along with Galaxy Digital, which said that it had $48 million in FTX withdrawals that were locked.
Legislators in the U.S. have pointed to recent events as proof that the crypto industry needs stricter rules, even though FTX U.S. is said to be unaffected by the incident so far.
In the meantime, other platforms in the crypto industry, like Binance and Crypto.com, have said they will be more open by publishing proof of reserves in the future.
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