One investor sold a single CryptoPunk non-fungible token (NFT) for the equivalent of 4,000 ETH, or more than $6 million. This sale is the largest NFT sale in the last 30 days. As the owner forcefully argued, it resulted in a gigantic loss of almost $10 million for the owner. That investor bought that CryptoPunk in the sleepover for 4,500 ETH — about $15.7 million at that time.
The trending NFT Twitter sale represents the boom and bust cycle of the chaotic NFT market. It is a dramatic drop from what the NFT was initially purchased for.
The CryptoPunks’ floor price is now about 43 ETH, or $68,000. This is over a 61% drop from its all-time high of 113.9 ETH in Oct 2021.
Among other things, the overall NFT market has taken a hit.493 and the trading volume of Ethereum-based NFTs has fallen 53% in the last month alone.
The investor’s loss obviously highlights the dangers of investing in digital assets. In addition, the value of ETH decreased 57% since purchase.
According to data from CryptoSlam, this CryptoPunk sale remains the biggest NFT sale in the last 30 days. Despite the enormous loss, it’s one of a kind on the market.
"No—he actually lost $9.73M!” - Lookonchain
Yuga Labs, owner of CryptoPunks, recently added rocket fuel to the short-lived ascent in the collection’s floor price. Speculation quickly circulated that the company might be actively working to sell off its intellectual property. The news sent their stock soaring — up 13% immediately after the announcement.
