CryptoPunk NFT, Purchased for $16M, Sells at a $10M Loss

Key Points:

• CryptoPunks, once a prestigious symbol in the NFT space, achieved a record sale of $56 million in 2024, though recent sales point to a market decline.

• The third-most expensive CryptoPunk, #3100, was recently sold for 4,000 ETH, representing a significant drop from its previous value.

• Although NFT trading volumes have decreased, rare CryptoPunks like #3100 continue to fetch high prices due to their rarity and unique traits.

CryptoPunks still demand premium prices because of their scarcity and distinct features.

Remember when owning a CryptoPunk was the ultimate status symbol?

The 10,000 avatars released by Larva Labs in 2017 became some of the most sought-after items during the 2021 NFT craze. Certain CryptoPunks from this collection even sold for as much as $56 million in ether (ETH) in 2024.

The top five most expensive NFTs are all from the CryptoPunk collection, according to data from NFT analytics platform CryptoSlam. However, it appears that holders are starting to move their investments elsewhere.

The wallet that owned CryptoPunk #3100, the third-most expensive NFT ever, sold the item earlier on Friday for 4,000 ETH — a loss of 500 ETH, or over $10 million in dollar terms, given that ETH has dropped nearly 60% over the past year.

Punk #3100 was purchased for 4,000 ETH ($6,084,359.86 USD) by 0x074ad7 from 0x705876.

Although still a relatively high price, the sale of CryptoPunk #3100 is far above the collection's floor price — the minimum asking price — which stands at 42 ETH, or around $65,000, according to CoinGecko. The high value of #3100 is attributed to its rarity, being an "alien" (only 9 of 9,985 CryptoPunks are alien) and featuring a hairband (worn by only 406 of 9,742 punks).

NFT trading volumes have been generally declining since 2021, with only a few spikes during periods of intense activity. As of April 7, total sales dropped to just over $58 million, a level not seen since early 2021.