CryptoPunk #8348 Loaned for $2.75M in Historic NFT Deal

CryptoPunk #8348, a rare one-of-a-kind CryptoPunk known for being the only one with seven traits, has been loaned for $2.75 million in a groundbreaking financing deal facilitated by NFT lending platform GONDI.

The loan agreement, with a six-month maturity and a 20% interest rate, requires repayment from borrower and prominent NFT collector Seedphrase. If Seedphrase fails to meet the terms, ownership of the iconic CryptoPunk will transfer to the lending party.

Purchased in May 2020 for 85 ETH (around $18,000 at the time), Punk #8348 has remained part of Seedphrase’s collection, becoming central to his online persona.

“This is comparable to using a Picasso as collateral in the traditional art world—an appreciating asset that also unlocks liquidity,” said Seedphrase, who serves as both an investor and advisor to GONDI.

Leveraging NFTs for Liquidity

“By collateralizing CryptoPunk #8348, I secured $2.75 million in capital without relinquishing ownership of this historic NFT,” Seedphrase told. He added that the liquidity allows him to “strategically deploy funds into crypto markets” as he prepares for what he anticipates to be his fourth crypto bull cycle.

The loan represents the largest transaction to date for GONDI, a leading NFT financing platform that has surpassed $100 million in net loan volume.

“This $2.75 million loan marks a significant milestone for NFT lending,” said GONDI co-founder Burga, speaking pseudonymously. “It highlights the maturation of NFTs as a legitimate asset class, offering liquidity options that are more efficient than almost any other asset globally.”

The Rise of CryptoPunks in NFT Lending

CryptoPunks, one of the earliest and most iconic Ethereum NFT collections, have consistently fetched the highest NFT loan values. Earlier this year, GONDI facilitated a $1 million loan for another CryptoPunk owned by NFT entrepreneur Gmoney. Competing platforms like Arcade and NFTFi have arranged even larger bundled loans, including $3 million and $8 million deals, respectively.

“On-chain lending and NFT financing represent a transformative shift in how we view assets and liquidity,” said Seedphrase. “Unlike traditional financial systems, on-chain solutions are transparent, accessible, and uniquely suited for digital-native assets.”

GONDI supports 70 whitelisted NFT collections, including works from renowned digital artists such as XCOPY, Snowfro, and Beeple.

A Growing Market for NFT Financing

The floor price of CryptoPunks—the lowest price listed on marketplaces—has seen a steady rise in recent weeks, exceeding $100,000 for the first time since June. This resurgence reflects increasing demand and confidence in the value of the collection as a digital asset class.

With the $2.75 million loan for CryptoPunk #8348, GONDI has set a new benchmark in the NFT financing space, further cementing the utility of high-value digital collectibles as a tool for unlocking liquidity while retaining ownership.