An NFT investor experienced a significant blow, parting with a CryptoPunk non-fungible token (NFT) at a staggering loss of nearly $10 million. This transaction underscores the ongoing downtrend in the previously flourishing blue-chip NFT market.
A cryptocurrency whale sold a CryptoPunk NFT for 4,000 Ether (ETH), equivalent to over $6 million at the time of the transaction. The same NFT was bought a year ago for 4,500 ETH, or approximately $15.7 million, as per the data from blockchain analytics company Lookonchain.
Lookonchain clarified on a post that the loss was not merely 500 ETH ($774k), but rather a colossal $9.73 million. The substantial loss was due to the 57% decrease in the price of ETH between the times of purchase and sale.
Despite the considerable loss, this $6-million transaction emerged as the biggest NFT sale in the last 30 days, according to CryptoSlam data.
The NFT market is currently experiencing a period of stagnation, with a notable decrease in trader interest. Ethereum’s NFT trading volume has dipped by over 53% in the past month, while Polygon’s NFT trading volume has fallen by 41%.
CryptoPunks witnessed a temporary 13% hike in floor price following rumors that Yuga Labs, its owner, might be planning to sell the collection’s intellectual property. However, the top blue-chip NFT collections have seen a sharp decline from their 2021 peaks due to reduced trading activity.
On a brighter note, the Pudgy Penguin collection managed to defy the trend and hit a new record high of over 25 Ether and generated the highest sales volume of over $72 million in Q1 2025.
As of March, the US Securities and Exchange Commission (SEC) concluded its three-year investigation into Yuga Labs, aiming to scrutinize NFT creators and marketplaces and determine whether certain NFTs, such as fractional NFTs, were securities.
