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An NFT trader, who bought a CryptoPunk NFT last year by spending 4,500 ETH – worth approximately $15.79 million at the time, has now sold it at a loss of nearly $10 million while selling it for 4,000 ETH. While the selling amount of 4000 ETH does not sound that much diminishing from the buying price of 4500 ETH, the loss of $10 million is largely attributed to the shrinking value of ETH in recent months.
As per data from blockchain analysis platform Arkham, the whale bought CryptoPunk #3100 in March 2024 with $15.79 million in ETH while selling it for nearly $6.06 million in ETH today. At the time, this Alien Punks subset (only 9 exist out of 10,000), was the second-highest CryptoPunk sale. At the time of purchase, ETH price was trading near $3,500 while it has now dropped nearly 55% to $1,568 as per latest market data.
Although this is not the first time an NFT trader is taking this much loss, investors have taken even more losses on similar NFTs in the past few months. As the NFT trend is now down, all those people who invested while riding the wave are now caught in heavy losses. It also highlighting the speculative nature of NFT investments during market volatility.
