CryptoPunks NFT Witnessing $10M Loss in a Single Sale, Signaling Shifting Market Dynamics

A recent high-profile sale of a CryptoPunk has left the NFT community stunned, with a significant loss highlighting changing market dynamics. The rare CryptoPunk #3100, which originally fetched 4,500 ETH ($16 million) in March 2024, was recently sold for 4,000 ETH ($6 million), resulting in a staggering $10 million loss compared to its purchase price. The decline is attributed to Ethereum’s depreciation and its impact on the NFT’s value. 4,000 ETH received by the new buyer suggests an investor with significant capital involved, potentially a large-scale institutional entity.