| Key Points: – CryptoPunks NFT drops: A rare CryptoPunk #3100 just sold for $6M, marking a $10M loss compared to its purchase price a year ago. – Ethereum depreciation impact: The NFT was originally bought for 4,500 ETH, but the declining ETH value intensified the USD loss. – Institutional involvement suspected: The buyer’s wallet received funds from a Coinbase-linked address, hinting at a possible large-scale investor transaction. – CryptoPunks’ fading dominance: Once an NFT icon, CryptoPunks’ floor price has plunged 44% in the last 90 days. |
CryptoPunks NFT plummets as a high-profile sale results in a $10M loss, underscoring Ethereum’s declining value and shifting market dynamics.
This sale highlights the broader downturn in high-value NFTs, driven by Ethereum’s declining market value and waning collector interest. Once considered the blue-chip standard, CryptoPunks are now struggling to retain institutional appeal.
CryptoPunks NFT Crashes with $10M Loss
CryptoPunk #3100, one of the rarest Alien Punks, has just changed hands for 4,000 ETH, valued at approximately $6 million. This marks a staggering $10 million loss compared to its last sale in March 2024, when it was acquired for 4,500 ETH at a then-value of $16 million.
Over the past 12 months, Ethereum’s depreciation played a major role in this decline. The cryptocurrency has shed 57% of its value, exacerbating the seller’s losses in terms of ETH and USD.
Institutional Involvement in CryptoPunks Trading?
A peculiar aspect of this transaction is the involvement of a wallet linked to “Coinbase Prime 2” on Etherscan. The new buyer’s wallet received 4,001 ETH from this address before executing the purchase. This suggests that the transaction may involve a large-scale investor, possibly a hedge fund or institutional entity.
Interestingly, the buyer has not engaged in any additional blockchain activity, hinting at a strategic or speculative acquisition rather than an active collector’s move.
The Declining Status of CryptoPunks in the NFT Market
CryptoPunks, once the flagship collection of the 2021 NFT boom, has struggled to maintain its dominance. Despite Alien Punks consistently ranking among the highest on-chain sales, the broader market has cooled significantly.
Seven of the top CryptoPunk sales have involved Alien Punks, with Punk #5822 holding the record at 8,000 ETH ($23.7 million) in February 2022. However, the largest nominal sale remains Punk #9998, which traded for 124,475 ETH ($532 million), later exposed as a wash trade.
The market downturn is evident in CryptoPunks’ floor price, which has dropped 44% in the last 90 days, now sitting at approximately $65,373 per NFT. In contrast, at its peak in November 2021, the floor price surpassed $400,000.
| DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing. |
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