- CryptoPunk 3100 was sold for $6 million, now equalling $10 million less than Ethereum fell in value.
- The NFT market is suffering a decline as the floor prices of the CryptoPunks have dropped 67% since its peak in 2021.
- NFT trading volume declined by 24% in Q1 2025, but the CryptoPunks project held 23% of the space.
A rare CryptoPunk NFT has been sold at a staggering $10 million loss, highlighting the growing pressure on the NFT market amid falling prices. CryptoPunk #3100 is one of only nine Alien Punks in the collection of 10,000; it was sold for 4000 ETH, approximately $6.07 million, on April 10.
This was executed through a private sale on the CryptoPunks marketplace through an art brokerage firm, Fountain, as noted by Arkham. The seller earlier bought an NFT in March 2024 for 4,500 ETH, and at that time, the price of ETH was around $35000, giving the seller around $16 million.
The 500 ETH reduction alone marked a substantial loss. However, the decreased value of Ethereum by approximately 56% over the last year translated into a $10 million loss in value. CryptoPunk #3100 has already been featured on the all-time top sales list thrice, having been sold for $7,580 and $16,031.
NFT Prices Plunge Alongside Ethereum
Currently regarded as the largest profile picture NFT collection, CryptoPunks has taken a heavy financial hit. The floor price for a piece in this collection has fallen to an average of 42.5 ETH from its 2021 high of 125 ETH, as per data from CoinGecko.
In 2021, one Ethereum was still valued at approximately $3,500, but the floor price rose above $400K.The same floor price has been reduced to approximately $ 65,900 as of April 2025. This sharp decline is not limited to CryptoPunks alone, although the NFT collection seems to have taken the heat more than any other project.
In general, there have been declines in the NFT markets. According to the DappRadar Q1 2025 report, total NFT trading volume was down to only $1.5 billion total, which is -24% lower than the previous quarter.
However, average trading activity has not significantly decreased even with less overall trading volume. This scenario indicates there are fewer high-value transactions today compared to the number of participants. CryptoPunks continues to occupy the leading position in the market by owning 23% of the $2.7 billion market capitalization of NFT.
Industry Faces Headwinds as Top Collections Lose Value
Since the NFT industry’s peak in 2021, it has had several obstacles. Other projects that have experienced declining trading volumes over time include Bored Ape Yacht Club, Azuki, and Pudgy Penguins.
At the same time, the volume of trading has also remained low in the past couple of weeks due to less activity from traders. Although it rose to prominence through record-breaking sales figures, the more recent results reflect significant changes in market trends.
Adding to CryptoPunks’ challenges, its owner, Yuga Lab, announced in May 2024 that it would no longer develop new projects for the collection following criticism over a spinoff Punk project. Yuga Labs acquired CryptoPunks in 2022, aiming to expand the brand’s reach. Despite the downturn, CryptoPunk #3100 for $16 million was sold in April of the year, which is the third largest NFT sale by dollar volume, as per Coin Slammer.
