Guy sweeps 165 Renga NFTs, borrows 600 ETH against 7 Apes. WTF?
The Renga NFT collection has dominated the NFT community on Twitter for the past few weeks. Now, someone has taken a huge gamble on the success of the project to secure these artistic NFTs In fact, the person in question borrowed 600 ETH, secured against seven BAYC NFTs, to buy 165 Renga NFTs.
Color mania is here!
Following the mintage in late August, the popularity of the anime-style PFP characters exploded along with the price. Over the past 30 days, no NFT collection has seen more market volume than Renga except for CryptoPunks (which had record-breaking sales). The floor price of an NFT is now over 3 ETH
The rise in popularity has seen some incredible renga fomos. The last one is 165 Renga NFTs bought using a 600 ETH loan. Twitter user @degenharambe was the first to spot the sale.
They tweeted, “Lamao, someone took a loan on seven monkeys for 600 eth and today swept the f••• from Renga”. They stated that the buyer transacted through a loan on the Arcade.xyz platform
What’s next for Renga NFTs?
Well, someone who loaned 600 ETH to buy just 165 rengas would expect the price to keep going up. Notably, it has spent around 430 ETH so far, which means they can still buy more! However, there is a considerable risk involved in this deal. Users are putting down their BAYC NFTs as collateral to make the purchase possible.
Renga NFT holders will hope the FOMO continues and the team can continue this exciting project. Last week, the team also held a community meet-up for renga holders, which was a huge success.
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This article is educational material.
As always, do your own research before making any type of investment.
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