The investor who bought CryptoPunk #273 for more than $1 million less than seven months ago sold the NFT for $139,530 — for a massive nearly 80% loss.

Of the last 10 CryptoPunks sold, eight were sold at a loss.

CryptoPunk #273 was sold for a paltry sum of 55 ETH by the investor who paid 275 ETH for it in 2021. While it’s hard to say what might have prompted the sale, the loss reflects the “drop” in NFTs in recent months.

In April, the NFT of Jack DorseyThe first Twitter tweet from listed for $48 million but hasn’t generated a bid over $25,000 since then. The investor, Sina Estavi, bought the NFT for around $3 million last year.

Should CryptoPunk Sales Decline?

Yuga Labs’ acquisition of CryptoPunks and Meebits IPs and subsequent promise to give exclusive rights to the owners, as was the case with his Ape collections, was a positive move for the industry and was lauded by analysts.

CryptoPunk NFTs is one of the earliest collections in the space and arguably one of the most popular; Most of its recent selling has seen losses, raising concerns that interest could wane despite positive sentiment.

Some argue that the declining interest in NFTs is more due to the overall bearish sentiment of the crypto market than NFTs themselves.

Institutional investors remain interested in NFTs

Despite the current performance of the NFT space, institutional investors like coin base and octopus have continued their plans for an NFT marketplace.

coin base opened its marketplace for all users worldwide while Kraken uncovered that it would soon be launching a beta version of its marketplace.

Aside from crypto exchanges, other top companies are also doubling down on their NFT efforts. Meta’s own Instagram and Facebook are expected to incorporate NFT very soon, while fashion brands like Nike, Adidas, Louis Vuitton, Gucci, etc. have also done so experiment with NFT.

Posted in: Ethereum, NFTs

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