Someone just lost $10 million selling their CryptoPunk NFT
Quick Take
- A CryptoPunk collectible non-fungible token fetched about $6 million on Thursday after selling for $16 million about a year ago.
- The drop in sales price was largely a result of the drop in Ethereum’s value as compared to the U.S. dollar.
A CryptoPunk collectible NFT sold for about $6 million on Thursday, a $10 million discount when compared to when it was purchased about a year ago.
The NFT, labeled as CryptoPunk 3100, sold for 4,000 ETH after being purchased for 4,500 ETH last March. Due to the depreciation of Ethereum's price, the dollar amount of Thursday's sale was valued at about $6 million dollars versus last year's sale, worth over $16 million at the time, according to CryptoSlam data.
Last April's $16 million sale ranks as the third highest sale for a single NFT in dollar terms, also according to CryptoSlam data.
Although NFT sales volumes for popular, high-profile collections like CryptoPunks, Bored Ape Yacht Club, Azuki and Pudgy Penguins have been in steady decline since 2022, trading in recent weeks has been particularly dismal.
Last May, owner for the CryptoPunks intellectual property, Yuga Labs said it would “no longer touch” the collection after facing a backlash from launching a new spinoff Punk project. Yuga Labs acquired the famous NFT brand CryptoPunks in 2022.
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