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CryptoPunk NFT Of $1 Million, Is Now Worth Less Than $139K

The investor who paid moreover $1 million for CryptoPunk #273 less than seven months ago sold the NFT for $139,530, a loss of about 80%. Out of the last 10 CryptoPunks that have been sold, eight were sold at a loss.

The investor who purchased 275 ETH for CryptoPunk #273 in 2021 sold it for a pittance of 55 ETH. While it’s difficult to say what prompted the sale, the loss reflects the “collapse” in NFTs in recent months.

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The NFT of Jack Dorsey’s first Twitter post was advertised for $48 million in April, but hasn’t received a bid above $25,000. Sina Estavi, the investor, paid around $3 million for the NFT last year.

Analysts praised Yuga Labs’ acquisition of CryptoPunks and Meebits IPs and subsequent vow to provide owners exclusive rights, similar to what it did with its Ape collections.

Despite positive feelings, CryptoPunk NFTs is one of the earliest and most popular collections in the industry; most of its recent sales have been at a loss, raising concerns that demand may be waning.

Some suggest that the decline in interest in NFTs is related to the crypto market’s overall gloomy mood rather than the NFTs themselves.

Despite the current state of the NFT industry, institutional investors such as Coinbase and Kraken have moved through with their ambitions to launch an NFT exchange.

Coinbase launched its marketplace to all customers globally, while Kraken announced that a test version of their marketplace would be available soon.

Apart from crypto exchanges, other big corporations are doubling down on their NFT activities. NFTs are likely to be integrated into Instagram and Facebook soon, and fashion labels such as Nike, Adidas, Louis Vuitton, Gucci, and others have been experimenting with them.