CryptoPunk sale highlights $10M loss amid NFT market struggles

An investor recently sold a CryptoPunk NFT for $6 million, incurring a nearly $10 million loss in the transaction.

The sale reflects the ongoing challenges facing the NFT market, which has seen significant declines in trading volumes and valuations since its peak in 2021.

The CryptoPunk, purchased for 4,500 Ether (CRYPTO:ETH) in March 2024 at a value of approximately $15.7 million, was sold for 4,000 ETH on April 10, 2025.

Blockchain analytics firm Lookonchain noted that the loss was amplified by Ethereum’s price drop from $3,509 at the time of purchase to $1,608 at the time of sale, resulting in a combined ETH and dollar loss of $9.73 million.

Despite the steep loss, this transaction ranks as the largest NFT sale over the past month, according to CryptoSlam data.

The broader NFT market has been under pressure, with Ethereum-based trading volumes falling over 53% in the past month and Polygon’s volumes down 41%.

Blue-chip collections like CryptoPunks have experienced sharp declines in floor prices.

CryptoPunks’ floor price currently stands at 43 ETH ($68,000), down over 61% from its October 2021 peak of 113.9 ETH.

Similarly, other prominent collections such as Bored Ape Yacht Club and Mutant Ape Yacht Club have seen floor prices drop by 89% and 93%, respectively.

The downturn is attributed to reduced trader interest and broader cryptocurrency market challenges.

February 2025 saw NFT trading volumes drop by 50%, mirroring declines in crypto prices.

Analysts suggest that oversupply and diminished high-value transactions are contributing factors.

While most blue-chip collections struggle to regain momentum, exceptions exist.

Pudgy Penguins (CRYPTO:PENGU) recently reached an all-time high floor price of over 25 ETH and recorded $72 million in sales volume during Q1 of 2025.