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On April 10, one of the most expensive NFTs from the iconic CryptoPunks collection—CryptoPunk #3100—was sold at a staggering $10 million loss, reflecting the broader decline in the NFT market.

The anonymous owner originally purchased the digital asset in March 2024 for 4,500 ETH, which was valued at around $16 million at the time. Just one year later, the collector decided to sell, and the NFT was bought for 4,000 ETH, currently worth about $6 million. This marks a 62.5% drop in value.

According to blockchain data from Etherscan, the new buyer transferred the 4,000 ETH through a wallet linked to the U.S.-based exchange Coinbase, suggesting that the buyer likely resides in the United States.

“NFTs Are Dead” – Harsh Industry Reactions

Following the transaction, Boris Wagner, a team member at Yuga Labs (the company that owns the CryptoPunks IP), commented:

“NFTs are dead. Congratulations to both the seller and the buyer.“

While the statement was clearly sarcastic, it underscores the dramatic downturn in high-end NFT prices, even for top-tier assets like CryptoPunks.

CryptoPunk NFT Sold at a $10M Loss — CryptoPunk #3100

CryptoPunk #3100: Once Among the Elite

Historically, CryptoPunk #3100 has been one of the most valuable NFTs in the entire collection:

#5822 remains the most expensive CryptoPunk ever sold, fetching $23.7 million in February 2022.
#7804 holds the second spot with a sale of $16.4 million in March 2024.
#3100 now holds third and fifth place in terms of highest sale value, despite the steep recent loss.

Wider Market Slump: It’s Not Just One Token

According to data from NFT Price Floor, floor prices across the entire CryptoPunks collection have dropped by 43% over the last 90 days, with the current floor price at $65,866.

Other major collections are also experiencing steep losses. The Bored Ape Yacht Club (BAYC)—often considered the second most prominent NFT project—has seen its floor price plunge by 56% over the same period.

Conclusion: A Harsh Reality for NFT Investors

The sale of CryptoPunk #3100 is not just an isolated incident. It reflects a larger market correction in the NFT space, where even the most iconic and rare tokens are losing significant value. Once seen as digital luxury assets, many high-end NFTs are now being offloaded well below their previous highs, highlighting the volatility and risks inherent in the space.

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Madeline

I have been drawn to technology and science fiction since I was a child. Studying IT has drawn me to the world of cryptocurrencies, where I have been working since 2014. I have learned a lot since then. And I still have a lot to learn. What fascinates me most about them is that they connect so many worlds together and the possibility of free choice. Without limits.