CryptoPunk #3100, once the third-highest NFT sale, was recently sold for 4,000 ETH, marking a $6 million loss from its previous value. The decline of CryptoPunk’s value marks a significant shift in the market.
CryptoPunks, once the crown jewels of the non-fungible token (NFT) market, have seen a significant decline in value over the past year. The third-highest NFT sale, CryptoPunk #3100, was recently sold for 4,000 ETH, marking a substantial loss from its previous value.
CryptoPunks is a collection of unique digital art pieces created by the founders of Larva Labs, Matt Hall and Jonathan Stark.
Launched in June 2017, it was one of the first projects to utilize the Ethereum blockchain for non-fungible tokens ('NFTs').
The collection consists of 10,000 unique punk characters, each with its own attributes, such as hats, shirts, and facial hair.
CryptoPunks has gained significant attention and value, with some rare punks selling for millions of dollars.
A Rarity That Once Commanded High Prices
CryptoPunks, issued by Larva Labs in 2017, were among the most sought-after NFTs in 2021. The top five most expensive NFTs belong to this collection, according to data from NFT analytics service ‘CryptoSlam’ . However, despite their rarity and unique features, such as being an ‘alien‘ or wearing a hairband, recent sales indicate a market downturn.
The value of CryptoPunk #3100 was driven by its scarcity, with only 9 out of 9985 punks classified as ‘aliens‘. Additionally, the fact that it wore a hairband, which is held by 406 out of 9742 punks, contributed to its high price. However, this value has taken a hit in recent months.
CryptoPunk #3100 is a rare digital collectible in the CryptoPunks universe.
This unique NFT (non-fungible token) features a punk with a distinctive appearance, including a bandana and sunglasses.
Created by Larva Labs, CryptoPunks are generated algorithmically, making each one distinct.
#3100's rarity and aesthetic appeal have contributed to its value, making it highly sought after in the digital art market.
A Market in Decline
NFT trading volumes have been on a general decline since 2021, with overall sales dipping to just over $58 million as of April 7. This represents levels previously seen in early 2021, suggesting that the market is still struggling to find its footing.
The recent sale of CryptoPunk #3100 for 4,000 ETH is a stark reminder of the market’s shift. The buyer paid $6,084,359.86 USD, which is significantly lower than the collection’s floor price of 42 ETH, or about $65,000 per coin.
Despite this decline, rare CryptoPunks like #3100 still command high prices due to their scarcity and unique features. However, it remains to be seen whether this trend will continue in the face of an overall market downturn.
- coindesk.com | CryptoPunk NFT, Once Bought for $16M, Sold for $10M Loss
