FaZe Banks “over the moon” after selling CryptoPunk NFT for $500K - Dexerto
Business

FaZe Banks “over the moon” after selling CryptoPunk NFT for $500K

Published: 1/Aug/2021 21:26

by Bill Cooney

Share


FaZe Banks took to social media to celebrate making more than $500,000 on a single NFT, and had plenty to say to all the haters and doubters out there at the same time.

NFTs (non-fungible tokens) might not be the front-page news they were earlier in the summer of 2021, but there are still folks out there — like Banks — who are all-in on the trend.

In the FaZe Clan founder’s case at least, it seems to be working out. On August 1, 2021, he announced on his Instagram story that he had sold a single “CryptoPunk” NFT for more than $500K profit.

FaZe Banks/Instagram
This simple, hooded pixel figure fetched Banks north of $500K.

“I have made my first CryptoPunk sale. Sold him for over half a million dollars I can’t f**king believe it. Feeling blessed,” Banks wrote, before explaining how he managed the profit. “Let’s f**king go baby, half a million dollars, selling a f**king ‘picture,’ right click and save this d**k.”

Advertisement

So, what are CryptoPunks? To make it simple, they’re 10,000 uniquely generated characters — no more, no less — with no two exactly alike. Each one of them can be officially owned by a single person on the Ethereum blockchain, which provides official proof of ownership.

Some of these innocent-looking pixel characters have already gone for more than $1 million, and Banks went on to explain that his roughly $500K payday had already recouped his initial investment.

“That sale just paid for my entire investment into the project, I’m now holding eight, essentially free CryptoPunks,” the FaZe owner said in his Insta story. “It’s just validation, it feels good, lets me know I’m doing the right thing. CryptoPunks baby, NFTs.”

Advertisement

larvalabs
Some CryptoPunk NFTs have already sold for more than $1 million, so Banks might not have to wait long.

So, what’s a man who just made a cool half a million do with his NFT earnings? Invest in more NFTs, of course. Just after making the announcement he picked up two more works (a Meebit and a Bored Ape) for a total of just over $100,000.

If it wasn’t clear before this, it should be pretty obvious now that Banks is all-in on NFTs, and can you really blame him? Even though the space has its fair share of haters, a $500K payday would probably change almost anyone’s mind.