Largest NFT Loan Ever: CryptoPunk #8348 Secured $2.75M Collateral
Date: 2024-11-28 Author: Henry Casey Categories: CRYPTO PAYMENTS
Seedphrase, the owner of one of the most famous NFTs in the CryptoPunks series, secured a $2.75 million loan through the Gondi platform. The loan term was six months, and the interest rate was 17%. In addition to owning the token, the collector is also an investor and advisor to the platform.
“By using CryptoPunk #8348 as collateral, I was able to raise significant capital while still owning this unique digital asset. This liquidity allows me to strategically invest in cryptocurrency projects without selling the NFT,” Seedphrase noted in an interview with Decrypt.
Gondi co-founder Burga said the deal highlights the growing role of NFTs as a full-fledged asset class. According to him, such loans provide digital asset owners with access to liquidity that often exceeds the capabilities of traditional assets.
Known for its rarity and status in the NFT community, CryptoPunk #8348 was acquired by Seedphrase in May 2020 for 85 ETH. Since the purchase, its value has increased significantly, making the token an important financial instrument.
This case confirms the development and strengthening of the NFT market, providing token holders with new ways to monetize their digital assets. Earlier in September, NFT CryptoPunk #6915 was sold at a 78% loss, demonstrating the volatility of the market.
