The recent sale of NFT CryptoPunk #3100 for $6 million has startled observers as the NFT market continues its downturn.
Details of the Sale of CryptoPunk #3100
The sale of CryptoPunk #3100 occurred on April 10 through a private deal on the CryptoPunks marketplace, facilitated by the art firm Fountain and confirmed by blockchain analytics firm Arkham. The NFT was sold for 4,000 ETH, approximately $6.07 million at the time.
Changes in the NFT Market
Since the peak of the NFT market in 2021, when prices reached 125 ETH, there has been a sharp decline in demand. Currently, the floor price for CryptoPunks has dropped to 42.5 ETH (around $66,000). NFT trading volume for Q1 2025 fell by 24% compared to the previous quarter, totaling $1.5 billion.
Current Status of CryptoPunks
Despite declining prices, CryptoPunks still hold a significant place in the market, accounting for 23% of the total NFT market capitalization, which stands at $2.7 billion. CryptoPunk #3100 has been sold at high price points three times, previously fetching sales of $7.58 million and $16.03 million.
Market trends in NFTs indicate a decrease in demand and prices; however, CryptoPunks remain an important element of digital assets despite the current challenges.
