Affected by FTX’s collapse user puts NFT collection up for sale for $10 million

Deepak Thapliyal, the CEO of the blockchain company, Chain, reported that the sale was necessary to provide liquidity

11.11.2022 - 15:00

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What’s new? On November 11, Deepak Thapliyal, the founder of the blockchain company, Chain, also known as Deepak.eth, put up a large collection of non-fungible tokens (NFTs) on the OpenSea marketplace at a price of 8000 ETH (~$10,1 million as of 14:15 UTC). Thapliyal cited the collapse of the FTX crypto exchange as one of the reasons for the sales. Chain recently made a large deposit to the platform, but its bankruptcy forced the owner to seek liquidity in assets such as NFTs.

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. DMs open. Check them out👇 pic.twitter.com/7TZpAc7TDK — Deepak.eth ⛓ (@dt_chain) November 11, 2022

What is known about the collection? Thapliyal wrote that he would sell the collection to the highest bidder or transfer 80% of the ownership for 8000 ETH to members of a decentralized autonomous organization (DAO).

The collection of Chain’s CEO includes tokens from the collections such as Bored Ape Yacht Club (BAYC), Mutant Ape Yacht Club (MAYC), CryptoPunks (including NFTiff passes that entitle one to receive precious pendants from Tiffany), and Otherdeed tokens used in the Otherside metaverse, which, like all the abovementioned projects, is owned by Yuga Labs.

Notably, in February, Thapliyal bought a rare token CryptoPunk #5822 also for 8000 ETH (over $23,7 million at the time of the transaction). In this, he used credit collateral on the Compound crypto platform, which allowed him to buy an NFT without having to sell his digital assets.

For the reasons behind the drop in token prices from the largest collections and new trends in the NFT market, check out GetBlock Magazine’s article.

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