Once seen as crypto’s crown jewel, NFTs are falling out of favor with investors — and some collectors are now locking in massive losses.
Remember when owning a CryptoPunk was the ultimate flex?
Originally launched in 2017 by Larva Labs, the 10,000-piece CryptoPunk collection became one of the most iconic symbols of the 2021 NFT boom. At their peak, some pieces from the collection fetched as much as $56 million worth of ETH on the open market in 2024.
According to NFT analytics platform CryptoSlam, the five most expensive NFTs ever sold all come from the CryptoPunks collection. But recent activity suggests a shift in sentiment, with some high-profile holders starting to exit.
On Friday, the wallet that held CryptoPunk #3100 — the third-most expensive NFT sale to date — offloaded the collectible for 4,000 ETH. That’s a loss of 500 ETH from its original price, translating to more than $10 million in fiat terms, especially with ETH down nearly 60% over the past year.
Despite the steep haircut, the sale still came in well above the collection’s current floor price of 42 ETH (around $65,000), per CoinGecko. #3100 is particularly rare, one of just nine “alien” punks in the collection and one of a few sporting a hairband — traits that boost its appeal among collectors.
NFT trading volumes have steadily declined since the 2021 mania, aside from a few brief resurgences. As of April 7, weekly NFT sales stood just above $58 million — a figure not seen since the early days of the boom.
