CryptoPunk #8348 was a CryptoPunk that is unique and has seven traits. In a historical financing deal, GONDI, a platform for NFT loans, helped facilitate the loan of $2.75 million.
The loan, which has a six month maturity and a 20% interest rate, must be repaid by the borrower—notable NFT collector Seedphrase—in that time, or he’ll yield his Punk to the lending party.
Since May 2020, Punk #8348 has remained the same. Originally bought for 85 ETH (about $18,000), it has been synonymous with Seedphrase’s online identity.
"This is comparable to using a Picasso as collateral in the traditional art world—an asset that appreciates over time but can also unlock substantial liquidity when needed," Seedphrase, an investor and adviser to GONDI, said.
"By collateralizing CryptoPunk 8348, I was able to secure $2.75 million in capital without relinquishing ownership of this historic NFT," Seedphrase added to the list "This liquidity enables me to strategically deploy funds into the crypto markets, particularly as I potentially approach my fourth crypto bull cycle."
This is the biggest loan ever provided by Gondi. One of the most popular NFT platforms has amassed over $1.5 billion in loans. The net volume of loans is more than 100 million dollars.
“This $2.75 million loan marks a significant milestone for NFT lending,” pseudonymous Gondi co-founder Burga told Decrypt. “The loan terms demonstrate how NFTs are maturing as a legitimate asset class, and creating more efficient options for digital asset holders to access liquidity compared to almost any other asset globally.”
What exactly is CryptoPunks?
CryptoPunks was one of the first and most noteworthy Ethereum NFT collection, has historically brought in the highest NFT loan. GONDI released a report earlier this year. The company also provided a one million dollar loan Gmoney, entrepreneur and NFT personality Gmoney owns a CryptoPunk.
Competing NFT financing protocols Arcade The following are some examples of how to get started: NFTFi The previous bundled CryptoPunk lending of 3 and 8 millions dollars was facilitated by us.
"On-chain lending and NFT financing represent a transformative shift in how we think about assets and liquidity," “Seedphrase” DecryptYou can add that to your list. "Unlike traditional financial systems, on-chain solutions are transparent, accessible, and uniquely tailored to digital-native assets."
Gondi is a whitelisted NFT project that supports over 70 projects, including art by XCOPY Snowfro Beeple and others.
CryptoPunk’s floor price (the lowest listed price) has been increasing in the last few weeks. Reestablishing the floor price at more than $100,000 First time since June.