NFTs Are Worthless? Why Gmoney Took Out a $1 Million Loan on His CryptoPunk
Gmoney tells Rug Radio’s “FOMO Hour” why he opted to borrow against one of the most recognizable PFPs in crypto.
Mainstream media reports might tell you that NFTs are dead, but the holder of a CryptoPunks NFT said he wanted to prove them wrong—by taking out a seven-figure loan on one of the rarest assets in the prominent profile picture (PFP) collection.
“Here we are, four or five months removed from an article in Rolling Stone saying that NFTs are worthless,” collector and entrepreneur Gmoney said today on Rug Radio’s live “FOMO Hour” show. “And so I was like, ‘Well, what better way to show that these are not worthless if I can get a million-dollar loan against an NFT, right?”
Gmoney, the pseudonymous founder and CEO of connected fashion brand 9dcc, is known in the crypto world as someone who has made sizable bets on high-value assets. And he’s amassed a sizable following in the process, making his PFP even more recognizable.
His CryptoPunk #8219 is one of just 24 Apes in the entire 10,000 NFT collection, and others have sold for as much as $10 million in the past. CryptoPunks start at a price of nearly $140,000 worth of Ethereum on secondary marketplaces as of this writing, but sale prices for rare assets in the collection can still deliver a sizable multiple of that.
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