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    Home » NFT News » Chain CEO Deepak.eth Is Selling His NFT Portfolio Due To FTX Failing

    Chain CEO Deepak.eth Is Selling His NFT Portfolio Due To FTX Failing

    By VineetNovember 11, 2022Updated:February 1, 20232 Mins Read

    Chain Protocol CEO Deepak.eth is selling his NFT collection owing to the FTX fallout. The sale comes following an 8-digit dip in his Chain Protocol project on FTX. The collection carries to- of-the-line NFTs including 10 CryptoPunks and 7 Bored Apes. Read on to learn how you can bag these NFTs.

    A picture of Chain CEO Deepak.ETH
    Chain CEO Deepak.ETH

    What NFTs Has The Chain CEO Placed On Sale?

    The fundraising campaign sees elite blue-chip NFTs on sale. Therefore, the Chain CEO’s official Twitter has announced the sale of the NFTs. He states that the NFTs will be sold to the highest bidder or be placed in a fractional DAO constituting 80% ownership for 8,000 ETH to the community. 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 alone went for a whopping 8000 ETH. Deepak has also listed an ultra-rare Golden Fur BAYC #282.

    On Twitter, Chain CEO 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 as well. Earlier, BlockFi, the premier crypto lending platform, also announced a pause on withdrawals.

    More About Chain Protocol

    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 organisations set up blockchain services and processes.

     


    All investment/financial opinions expressed by NFTevening.com are not recommendations.

    This article is educational material.

    As always, make your own research prior to making any kind of investment.

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    Vineet
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    Vineet is a storyteller based in Mumbai. Having previously worked for various web2 organizations as a journalist, instructional designer, and event manager, he got into blockchain in early 2021. As a musician by passion, he fell in love with the digital megastructures building the future of art and creativity. He believes that web3 unlocks creativity at a higher level, and works towards onboarding music projects to the space.

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