CryptoPunk NFT purchased for over $1M sells for less than — message from NFT's & DeFi News

CryptoPunk NFT purchased for over $1M sells for less than $140K

The
investor who bought CryptoPunk #273 for more than $1 million less than seven months ago sold the NFT for $139,530 — at a massive almost 80% 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 is hard to tell what could have necessitated the sale, the loss reflects the “decline” in NFTs in the past few months.

In April, the NFT of Jack Dorsey’s first Twitter tweet was listed for $48 million but hasn’t generated a bid beyond $25k since then. The investor, Sina Estavi, had bought the NFT for roughly $3 million last year.Yuga Labs’ acquisition of CryptoPunks and Meebits IPs and subsequent promise to give owners exclusive rights as it did with its Ape collections was a positive move for the industry and lauded by analysts.Some argue that declining interest in NFTs is due to the overall bearish sentiment of the crypto market rather than NFTs themselves.

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