Guy Sweeps 165 Renga NFTs, Borrowing 600 ETH against 7 Apes. WTF?

image of a Renga NFT character

The Renga NFT collection has dominated the NFT community on Twitter in the last few weeks. Now, someone has taken a massive gamble on the project’s success to secure some of these artistic NFTs. In fact, the person in question borrowed 600 ETH, secured against seven BAYC NFTs, to purchase a whopping 165 Renga NFTs.

image of a Renga NFT character

FOMO is increasing in the Renga NFT project.

Renga mania is here!

Following the mint in late August, the popularity of the anime-style pfp characters has exploded – and so has the price. In the last 30 days, no NFT collection apart from CryptoPunks (who had a record-breaking sale) has seen a higher market volume than Renga. The floor price for an NFT is now over 3 ETH.

The increase in popularity has seen some incredible Renga FOMO. The latest example is the 165 Renga NFTs purchased using a 600 ETH loan. Twitter user @degenharambe was one of the first to spot the sale.

They tweeted, “Lmao, someone took out a loan on seven apes for 600 Eth and swept the f••• out of renga today”. They stated that the buyer made the transaction through a loan on the Arcade.xyz platform. 

What next for Renga NFTs? 

Well, the person who just loaned 600 ETH to buy 165 Rengas will certainly be hoping that the price continues to rise. Significantly, it cost around 430 ETH so far, meaning they can still buy more NFTs with their loan. However, there is a considerable risk involved in this deal. The user is putting their BAYC NFTs down as collateral to make the purchase possible.

Renga NFT holders will hope the FOMO continues and the team can continue to deliver on this exciting project. Last week, the team even held a community meet-up for Renga holders, which was hugely successful.

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