Investors have sold Cryptopunk Nonfungible Token (NFT) with a realised loss of nearly $10 million, reflecting the continued decline in the former blue chip NFT market.
Whale, or large cryptocurrency investors, sold crypto NFTs at 4,000 ethers (ETH), worth more than $6 million at the time of writing.
According to BlockChain Analytics company LookonChain, investors originally purchased NFTs at 4,500 ETH, or about $15.7 million a year ago.
“Did he only lose $500 ETH ($774K)? No. He actually lost $9.73M!” lookonchain wrote in the x post. “When he bought it, $ETH was trading for $3,509. By the time he sold it, $ETH had dropped by 57%,” the platform added.
Cryptopunk buying and selling. Source: Arkham Intelligence / Lookonchain
Despite the sudden losses, the $6 million deal remains ranked as the largest NFT sale in the last 30 days, according to Cryptoslam data.
Top NFT sales for 30 days. Source: Cryptoslam
This sale takes place during periods of NFT stagnation, where the broader trader interest is lacking. Ethereum’s NFT volume has dropped by more than 53% in the past month, while Polygon’s NFT volume has dropped by 41%.
Cryptopunks saw a temporary surge in floor prices of 13% after rumors that its owner, Yuga Labs, could be a “process” selling intellectual property in its collection, Cointelegraph reported on January 14th.
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See the sudden drop for the blue chip collection
The Top Blue Chip NFT Collection has fallen sharply from its 2021 high amid a lack of trading activity.
Cryptopunks currently has a floor price of around 43 ETH ($68,000) that is over 61% from its record high in October 2021.
Cryptopunkks NFT floor prices, the best chart ever. Source: nftpricefloor
The boring APE Yacht Club floor prices have also fallen by 89%, while the Mutant Ape Yacht Club Collection has dropped by 93%, according to data from NFTPricefloor.
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However, the Pudgy Penguin collection remains an outlier. On December 16th, 2024, it reached a new high of over 25 ether, with the highest sales volumes exceeding $72 million in the first quarter of 2025, Cointelegraph reported on March 28th.
Source: Yuga Labs
In early March, the Securities and Exchange Commission concluded a three-year investigation of Yuga Labs, launched under former chairman Gary Gensler, which aimed to investigate the creators and markets of the NFT, to see if some NFTs, such as fractional NFTs, are securities.
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