NFT trader sells CryptoPunk after a year for nearly $10M loss

1 week ago

An capitalist has sold a CryptoPunk non-fungible token (NFT) astatine a astir $10 cardinal realized loss, reflecting the continued diminution successful the once-booming blue-chip NFT market.

A whale, oregon ample cryptocurrency investor, sold a CryptoPunk NFT for 4,000 Ether (ETH) worthy much than $6 cardinal astatine the clip of writing.

The capitalist primitively purchased the NFT for 4,500 ETH, oregon astir $15.7 million, a twelvemonth ago, according to blockchain analytics steadfast Lookonchain.

“Did helium lone suffer 500 $ETH($774K)? No—he really mislaid $9.73M!” Lookonchain wrote successful an X post. “When helium bought it, $ETH was trading astatine $3,509. By the clip helium sold, $ETH had dropped 57%,” the level added.

Despite the steep loss, the $6 cardinal transaction inactive ranks arsenic the largest NFT merchantability implicit the past 30 days, according to information from CryptoSlam.

The merchantability comes during a play of stagnation for NFTs, which person been lacking wider trader interest. NFT trading measurement connected Ethereum is down much than 53% implicit the past month, portion Polygon’s NFT trading measurement fell 41%.

CryptoPunks saw a impermanent level terms surge of 13% aft rumors that its owner, Yuga Labs, mightiness beryllium “in the process” of selling the collection’s intelligence property, Cointelegraph reported connected Jan. 14.

Blue-chip collections spot steep drop

The apical blue-chip NFT collections stay importantly down from their 2021 highs amid a deficiency of trading activity.

CryptoPunks presently person a level terms of astir 43 ETH, oregon $68,000, down much than 61% from their grounds precocious of 113.9 ETH successful October 2021.

The Bored Ape Yacht Club’s level terms is besides down 89%, portion the Mutant Ape Yacht Club postulation is down 93%, NFTpricefloor information shows.

However, the Pudgy Penguin collection remains an outlier. It reached a caller all-time precocious of implicit 25 Ether connected Dec. 16, 2024, and amassed the highest income measurement of implicit $72 cardinal successful the archetypal 4th of 2025, Cointelegraph reported connected March 28.

At the commencement of March, the US Securities and Exchange Commission closed its three-year probe into Yuga Labs, an probe initiated nether erstwhile Chair Gary Gensler, which aimed to probe NFT creators and marketplaces, to spot if immoderate NFTs, specified arsenic fractional NFTs, were securities.