NFT collector Seedphrase has renewed a $2.75 million loan by re-collateralizing CryptoPunk #8348, one of the rarest NFTs in the original 10,000-piece CryptoPunks
CryptoPunk #8348 has been locked in the protocol as collateral since the loan was initiated. If the terms are not met by the end of the period, the NFT may transfer to the lender. CryptoPunk #8348 is the only one in the collection with seven unique traits, making it statistically unique. It was purchased by Seedphrase in May 2020 for 85 ETH—worth about $18,000 at the time—and has remained in his possession since.
The decision to use this asset as collateral for a multi-million-dollar loan highlights how NFTs are being integrated into more traditional financial structures. The renewal also reflects how some collectors are using NFTs to access liquidity without selling assets outright. This use of collateral-backed loans continues despite ongoing volatility in NFT pricing. CryptoPunks remain one of the most recognized NFT collections and a significant part of digital art history. Recently, stewardship of the CryptoPunks IP was fully transferred from Yuga Labs to the Infinite Node Foundation (NODE), a nonprofit organization focused on preserving digital art.
While the financial terms were not officially disclosed, multiple sources reported that NODE paid approximately $20 million for the CryptoPunks IP. The acquisition includes the rights to the collection’s IP and website, marking a major shift in its management and long-term care. NODE plans to collaborate with museums and open a permanent exhibition space in Palo Alto, supporting long-term accessibility with a live Ethereum node.
Elon Musk's artificial intelligence company xAI has filed a federal lawsuit challenging Minnesota's landmark law banning AI-powered "nudification" technology, arguing…
Bitcoin climbed toward $65,000 as an unusual shift in traditional financial markets created one of the rarest conditions…
Hyperscale Data has sold 100 Bitcoin to accelerate development of its planned artificial intelligence campus in Michigan, sending shares…
A newly launched memecoin called PIPEDOG ($PIPEDOG) became the latest breakout token on Robinhood Chain, surging more than 140x within…
BNY, the world's largest custodian bank, is bringing one of its core financial businesses onto…
A bipartisan group of U.S. senators has reportedly reached a new compromise on the ethics provisions of…