NFT CryptoPunk #2386 Purchased for 10 ETH Despite Higher Valuation

According to Foresight News, Decrypt reports that NFT CryptoPunk #2386 was purchased by a user for 10 ETH using a ‘shotgun’ method. Currently, the highest bid for this NFT stands at 600 ETH, approximately $1.42 million. Previously, the owner of this NFT had fractionalized its ownership through a website called Niftex in 2020, dividing it into 10,000 ERC-20 tokens that investors could buy and sell individually. Although the website has since shut down, the contract remains valid on the blockchain, which triggered the buyout function. As a result, the user acquired full ownership of the NFT for a fraction of its current value.