Cryptocurrency trader sells their CryptoPunk NFT for a near $10 million loss after holding onto it for a year.
An investor has recently sold a CryptoPunk non-fungible token (NFT) at a significant loss of nearly $10 million, reflecting the ongoing decline in the once thriving blue-chip NFT market.
A whale, a large cryptocurrency investor, sold a CryptoPunk NFT for 4,000 Ether (ETH) valued at over $6 million at the time of sale.
Originally purchased for 4,500 ETH, approximately $15.7 million, a year ago, the investor experienced a substantial loss on the sale, as highlighted by blockchain analytics firm Lookonchain.
According to Lookonchain, the investor didn’t just lose 500 ETH ($774K), but actually lost $9.73M. Lookonchain explained that when the NFT was bought, Ethereum was trading at $3,509, but by the time of the sale, it had dropped 57%.
CryptoPunk buy and sell. Source: Arkham Intelligence / Lookonchain
Despite the substantial loss, the $6 million transaction still stands as the largest NFT sale in the past 30 days, according to data from CryptoSlam.
Top NFT sales past 30 days. Source: CryptoSlam
This sale comes at a time of stagnation for NFTs, with reduced trader interest overall. NFT trading volume on Ethereum has dropped by over 53% in the past month, while Polygon’s NFT trading volume has fallen by 41%.
CryptoPunks experienced a temporary surge in floor price by 13% after speculation that Yuga Labs, the owner, might be considering the sale of the collection’s intellectual property, as reported by Cointelegraph on Jan. 14.
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Blue-chip collections facing sharp declines
The top blue-chip NFT collections are still significantly down from their peaks in 2021 due to decreased trading activity.
Currently, CryptoPunks have a floor price of approximately 43 ETH, equivalent to $68,000, down more than 61% from their all-time high of 113.9 ETH in October 2021.
CryptoPunks NFT floor price, all-time chart. Source: NFTpricefloor
The Bored Ape Yacht Club’s floor price has dropped by 89%, while the Mutant Ape Yacht Club collection is down 93%, as per NFTpricefloor data.
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However, the Pudgy Penguin collection stands out, reaching a new high of over 25 Ether in December 2024 and recording the highest sales volume of over $72 million in the first quarter of 2025, as reported by Cointelegraph on March 28.
Source: Yuga Labs
Beginning of March saw the conclusion of a three-year investigation by the US Securities and Exchange Commission into Yuga Labs, initiated under former Chair Gary Gensler, focusing on NFT creators and marketplaces to determine if certain NFTs, such as fractional NFTs, qualify as securities.
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