XCOPY’s “Dissolution,” a one-of-one piece of glitch art originally minted on SuperRare back in 2018, just changed hands for 525,000 USDC. The sale went through Gondi, the Ethereum-based NFT liquidity protocol that’s been quietly building itself into something far more interesting than a simple lending desk.
Here’s the thing that makes this more than just another six-figure JPEG transaction: the artwork had a 350,000 USDC loan sitting against it. Gondi’s Sell & Repay feature handled the loan repayment and the sale in one clean sweep, letting the seller walk away with their profit instead of scrambling to find separate capital to unlock their collateral first.
Two sales, 48 hours, over $1M in XCOPY art
The Dissolution sale didn’t happen in isolation. The day before, on August 5, XCOPY sold another piece called “Bad Flavour” for roughly 280 ETH, which translated to approximately $529,863 at the time of the transaction.
“Dissolution” originally dropped on May 17, 2018, making it a legitimately early piece in the history of on-chain art. It’s an ERC-721 from SuperRare’s legacy collection, which required Gondi’s proprietary Legacy 721 Wrapper to make it compatible with the platform’s more modern infrastructure.
Legacy SuperRare tokens were built before many of today’s NFT standards and marketplace features existed. The fact that Gondi built tooling specifically to handle these older assets signals that the platform is chasing exactly the kind of high-value, historically significant NFTs that collectors care most about.
How Gondi evolved from lending protocol to full-stack marketplace
Gondi launched in July 2023 after raising $5.35M, initially positioning itself as a decentralized peer-to-peer NFT lending protocol. The pitch was straightforward: let people borrow against their NFTs without relying on centralized intermediaries or clunky oracle systems that might trigger unfair liquidations.
By mid-2025, the platform had evolved considerably, surpassing $100M in total value locked and expanding well beyond simple lending. Gondi now functions as what it calls a full-stack liquidity marketplace, enabling borrowing, lending, buying, and selling of NFTs all within a single ecosystem.
The Sell & Repay feature, which powered the Dissolution transaction, is the clearest example of why this integrated approach matters. In the old world, if you had an NFT with a loan against it and wanted to sell, you’d need to either find the capital to repay the loan first (freeing the NFT from collateral) or negotiate some awkward off-chain arrangement. Gondi collapses that into a single atomic transaction. The buyer pays, the loan gets cleared, and the seller receives the difference. No extra capital required, no trust assumptions between counterparties.
Other features the platform has rolled out include instant refinancing, which lets borrowers swap into better loan terms without going through a repayment cycle, and no-oracle liquidations, which remove one of the most controversial pain points in DeFi lending. Oracle-dependent liquidations have historically caused cascading sell-offs when price feeds lag or malfunction.