The founder of the Chain blockchain infrastructure company, which operates under the internet pseudonym Deepak.eth, announced on Twitter the sale of a collection of non-fungible tokens (NFTs).
Deepak.eth tweeted that the collection will be sold to the highest bidder or placed in a “fractional DAO” selling 80% of ownership. According to the chain’s founder, his collection is 8,000 (ETH), about $10,258,720 million at the time of writing.
My NFT Collection is now available. It will be sold to the highest bidder or placed in a fractional DAO where he will sell his 80% ownership of 8,000 ETH to the community.
Open DM.check them out pic.twitter.com/7TZpAc7TDK
— Deepak.eth ⛓ (@dt_chain) November 11, 2022
The collection includes expensive NFTs such as Tiffany Punks, including NFTiffs and physical pendants, Bored Ape Yacht Club characters (BAYC) and Mutants, and more.
On November 10th, Deepak.eth thread On Twitter, the recent FTX turmoil was pointed out as a reason for dipping into liquidity via NFTs.
The firm cut ties with Alameda over the summer, but continued to hold FTX and recently made a large deposit with the exchange, the people said. According to Deekpak.eth, these funds were stuck waiting to be withdrawn, leading to digging into other digital assets.
However, we will start accessing liquidity through NFT holdings. The most likely scenario is to put them in a fractional DAO containing the Alien Punk 5822.
— Deepak.eth ⛓ (@dt_chain) November 10, 2022
NFTs in these series have previously seen market values in the millions, despite recent low trading volumes for popular collections such as BAYC.
The Twitter community is calling this list the “holy grail” of NFT collections.
— Tony B (@Bai325Tony) November 11, 2022
Others commented on the collection, calling it “amazing” and “amazing”. Many also sent support to Deepak.eth with words of encouragement such as “I hope you’re well” and “I hope you’re okay”.
Related: Bored Ape Worth Nearly $55 Million, CryptoPunks NFTs Risk Liquidation Amid Debt Crisis
This is one of the aftermath of the FTX scandal. The industry has taken a hit, regulators are poised to swoop in, and other exchanges are scrambling to prove their transparency.
Genesis Trading, a market maker and lending subsidiary, has announced that it has approximately $175 million worth of funds locked in its FTX trading accounts. Along with Galaxy Digital, which claimed to have $48 million locked in FTX withdrawals.
FTX US is said to have been unaffected by the incident so far, but the US Congress has used the recent events as an example of the need for tighter regulation of the crypto industry.
Meanwhile, other cryptocurrency platforms in the industry, such as Binance and Crypto.com, have publicly demonstrated their commitment to transparency through the upcoming publication of proof of reserves.