Chain Founder Sells NFT Collection to Raise Liquiditity Amid FTX Drama
Deepak.eth, CEO of blockchain infrastructure project Chain, has put up his non-fungible token (NFT) collection on sale in a bid to raise liquidity as their funds remain stuck in the now-fallen crypto exchange FTX.
In a Friday tweet, Deepak said the collection will either be sold to the highest bidder or else placed in a “fractional DAO” in which they would sell 80% of the ownership. He added that the collection is going for 8,000 ETH, which is around $10 million.
The fundraising campaign sees elite blue-chip and some of the most expensive NFTs on sale, including Tiffany Punks which will include the NFTiff and physical pendants, some Bored Ape Yacht Club characters (BAYC), and Mutants, among others.
Deepak also said that the NFT funds aim to solve the company’s liquidity problems, owing to millions and millions of dollars locked on FTX.
The NFT collection includes multiple CryptoPunks, Bored/Mutant Apes, Tiffany NFTs (NFTiff), Otherside Otherdeeds, and even a Superboys Mint Pass. The collection surprisingly also includes the world record-holding “Blue Bandana” CryptoPunk #5822.
The last sale price for this NFT went for a whopping 8000 ETH. Deepak has also listed an ultra-rare Golden Fur BAYC #282.
On Twitter, Deepak also reassured his position stating “We still have a large treasury to operate Chain (excluding XCN). But it sucks, because we trusted FTX and SBF. Our recent deposit and trade on FTX was done in confidence that he wouldn’t be making misrepresentations like how he did publicly of assets being safe.”
The FTX plague has also affected other huge crypto organizations. Earlier, BlockFi, the premier crypto lending platform also announced a pause on withdrawals.
They said although the company cut ties with Alameda in the summer, it continued to keep holdings in FTX and recently made a major deposit into the exchange. According to Deekpak.eth, those funds are stuck and waiting for withdrawal, which led them to dig into their other digital assets.
“I will, however, start to access liquidity through my NFT holdings, with the most likely scenario being that I will be putting them into a fractional DAO, including Alien Punk 5822,” he said.
The Chain Protocol is a blockchain service provider on the Ethereum blockchain. It helps users to manage, implement, and control crypto blockchains. The Chain protocol helps financial organizations set up blockchain services and processes.
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