One investor sold an NFT CryptoPunk #273 at a huge 80% loss for around $1 million which it bought for $139,530 just seven months ago.
Eight of the last 10 CryptoPunks were sold at a loss.
In 2021, the investor bought CryptoPunk #273 for a massive 275 ETH and sold the NFT for a mere 55 ETH. However, it’s difficult to say what could have triggered the sale, the loss depicts the plummeting in NFTs in the past few months.
The NFT of Jack Dorsey’s first Twitter tweet in April was listed for $48 million but failed to gain a bid beyond $25k since then. Last year, Sina Estavi, the investor, bought the NFT for around $3 million.
CryptoPunks Declining: Is It Good?
Analysts applauded the acquisition of CryptoPunks and Meebits IPs by Yuga Labs and subsequently made the promise to give owners exclusive rights as it did with its Ape collections, as a positive move for the industry.
CryptoPunk NFTs, are among the earliest collections in the sector and also one of the most popular undoubtedly; recent sales are recorded to be at loss, indicating interest in the asset class might be declining despite positive sentiments.
The overall bearish sentiment of the crypto market could be the reason behind the declining interest instead of the NFTs themselves.
Institutional Investors Are Still Interested In NFTs
Institutional investors such as Coinbase and Kraken have decided to move forward with their plans for an NFT marketplace despite the current performance of the NFT sector.
Kraken disclosed that it was releasing a beta version of its marketplace soon and Coinbase has made its marketplace available to all users worldwide.
Apart from crypto exchanges, other leading firms are also putting in double efforts in their NFTs ventures. Meta-owned Instagram and Facebook are expected to integrate NFT meanwhile fashion brands such as Louis Vuitton, Gucci, Nike, and Adidas, are also exploring the NFTs space.