An investor has sold a CryptoPunk non-fungible token (NFT) at a nearly $10 million realized loss, reflecting the continued decline in the once-booming blue-chip NFT market.
A whale, or large cryptocurrency investor, sold a CryptoPunk NFT for 4,000 Ether (ETH) worth more than $6 million at the time of writing.
The investor originally purchased the NFT for 4,500 ETH, or roughly $15.7 million, a year ago, according to blockchain analytics firm Lookonchain.
“Did he only lose 500 $ETH($774K)? No—he actually lost $9.73M!” Lookonchain wrote in an X post. “When he bought it, $ETH was trading at $3,509. By the time he sold, $ETH had dropped 57%,” the platform added.
CryptoPunk buy and sell. Source: Arkham Intelligence / Lookonchain
Despite the steep loss, the $6 million transaction still ranks as the largest NFT sale over the past 30 days, according to data from CryptoSlam.
Top NFT sales past 30 days. Source: CryptoSlam
The sale comes during a period of stagnation for NFTs, which have been lacking wider trader interest. NFT trading volume on Ethereum is down more than 53% over the past month, while Polygon’s NFT trading volume fell 41%.
CryptoPunks saw a temporary floor price surge of 13% after rumors that its owner, Yuga Labs, might be “in the process” of selling the collection’s intellectual property, Cointelegraph reported on Jan. 14.
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Blue-chip collections see steep drop
The top blue-chip NFT collections remain significantly down from their 2021 highs amid a lack of trading activity.
CryptoPunks currently have a floor price of about 43 ETH, or $68,000, down more than 61% from their record high of 113.9 ETH in October 2021.
CryptoPunks NFT floor price, all-time chart. Source: NFTpricefloor
The Bored Ape Yacht Club’s floor price is also down 89%, while the Mutant Ape Yacht Club collection is down 93%, NFTpricefloor data shows.
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