The digital dream is dimming.
Once at the heart of crypto’s cultural explosion, NFTs are now facing a sobering reality — steep losses, fading hype, and collectors cashing out. The latest signal? A historic CryptoPunk just sold at a massive loss.
CryptoPunk #3100, a rare alien punk with a headband, was once hailed as a symbol of NFT dominance — selling for a record-breaking sum that placed it among the top three NFT sales in history. But on Friday, it changed hands for 4,000 ETH, marking a $10 million haircut from its previous sale.
The drop reflects not just a cooling NFT market, but a broader reckoning across the crypto ecosystem. ETH itself has fallen nearly 60% in the past year, magnifying the dollar-value loss for holders.
Despite the markdown, the sale price is still well above the floor price of the CryptoPunks collection, which hovers around 42 ETH ($65,000), according to CoinGecko. But sentiment has clearly shifted.
Once considered digital relics of the future, CryptoPunks now sit in portfolios that are harder to justify. Trading volume across NFTs has slumped, dipping to just over $58 million as of April 7 — a number not seen since the quiet days before the 2021 boom, per CryptoSlam.
The hype may be gone, but the fallout is still unfolding — one million-dollar loss at a time.
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