DRAMA FOLLOWS CANCELLATION OF SOTHEBY’S CRYPTOPUNK NFT AUCTION

Increasing public adoption of cryptocurrency and other financial technology efforts such as Non Fungible Tokens has resulted in a number of areas of crisis in these businesses. Some are specific to their manner of operation, while others are more general in nature.

The only owner of certain digital assets intended to be auctioned in an NFT digital auction unilaterally opted to stop the sale at the last minute, which resulted in one of these types of crises taking place at the time.

In advance of the cancellation, the auction company, Sotheby’s, had set in place all of the required infrastructures to guarantee that their host of the sale, named Punk It, would go well.

A total of 104 CryptoPunk NFTs would have been up for grabs during the sale, which was slated to take place on February 18 and would have gone to the highest bidder.

As it turned out, however, this was impossible due to the lone owner’s decision to withdraw from the agreement only days before the scheduled event, leaving the prepared host, prospective buyers and purchasers, and members of the crypto community in general in a state of complete surprise.

However, perhaps most curiously, the decision to withdraw by the single owner of the Punk was revealed on the world’s most popular microblogging platform – Twitter – in the most amusing of ways.

In reaction to the first ‘Punk It!’ statement, the pseudonymous collector 0x650d went to Twitter to say, ‘Nvm, chose to hold.’

After that, the user uploaded a contextualized version of a famous Drake joke that poked fun at the turmoil they had produced in the first place.

In response to this, Farokh, the founder of RugRadio, called out the deceitful Punk owner in an outspoken manner.

Although the reasons for 0x650d’s decision to withdraw from the mass Punk offering remain mostly unclear, a tweet they sent (which has since been removed) that read’sEe wHO’s dUmb eNouGh TO PAY the AUcTIon HouSE pREMIuM’ may provide some insight into their decision.

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