Tessera's CryptoPunk Vault Sees First Buy Out Offer

Tessera's CryptoPunk Vault Sees First Buy Out Offer
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Tessera's first Vault for CryptoPunk #4847 which went live on Dec. 6 has received its first buyout offer, as shared by Tessera's Twitter account this afternoon.

The bid is for 82 ETH, and each of the Rae owners (fractional shareowners of the vault) are encouraged to view the offer and vote to accept or reject the bid within the next four days. If accepted, all Rae owners will be able to claim a portion of the 82 ETH payout aligned with their respective share of the Vault.

Per the Tessera platform, "Users can submit a bid to buy out the underlying NFT. The bidder must propose a price and put up Raes + ETH as collateral. Rae owners have 4 days to accept or reject the proposal."

The buyout offer is an exciting development for Tessera, having officially launched the platform just two days ago with the introduction of its first CryptoPunk Vault. This will be the first true test of their "collective ownership" concept and how the individual Rae owners can collaborate to decide on the best outcome for this Vault and its Raes.

The offer itself seems reasonable, as the Smile trait holds an 80 ETH floor currently, and the next highest trait floor Crazy Hair is 72 ETH. But this is a very aesthetic Punk, and with the current Vault implied value of 100 ETH, the offer may be a bit low.

Additionally, Rae buyers paid 0.088 ETH per Rae, and this buyout offer would result in just 0.082 ETH paid out (about a 7% loss). The Rae floor on the secondary market is even higher, at 0.1 ETH currently, thus the offer would be 18% below the floor.

So this seems like a likely "No" vote, but time will tell.

Disclaimer: The author or members of the Lucky Trader staff may own NFTs discussed in this post. Furthermore, the information contained on this website or the Lucky Trader mobile application is not intended as, and shall not be understood or construed as financial advice.
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