One of the most iconic NFTs just traded hands… at a massive loss, of course, and that highlights the brutal side of the current NFT market. CryptoPunk #3100, a rare Alien Punk and one of the most sought-after NFTs in existence, was sold for 4,000 ETH, valued around $6M at current market prices.
While the price tag is impressive on the surface, the seller is now licking wounds from a $10 million paper loss. The Punk was originally purchased for 4,500 ETH in March 2024, back when Ethereum prices were significantly higher. In dollar terms, that trade was worth over $16 million, making it one of the top three all-time CryptoPunk sales.
A Sharp Decline in NFT Fortunes
The NFT market isn’t what it used to be. Even premium assets like Alien Punks haven’t been spared. ETH’s 57% price drop over the past year has taken a heavy toll on valuations. The CryptoPunks floor has also collapsed by more than 40% over the past 90 days, now sitting at around $65,000 per Punk—down from highs of over $400,000 in 2021. Despite the hype cycles and historical significance, liquidity for high-end NFTs has thinned.
The buyer’s identity remains undisclosed, but blockchain data shows the receiving wallet was funded by an address tagged as “Coinbase Prime 2” on Etherscan. The 4,000 ETH transfer was used exclusively for this purchase and had no other outgoing activity at the time of the sale, suggesting a large institutional or high-net-worth buyer.
The deal was reportedly arranged off-market by Fountain, a boutique crypto art advisory firm known for brokering high-value NFT transactions.
CryptoPunks’ Price Action Falters
Created in 2017 and originally free to mint, CryptoPunks helped define the early NFT era. Their cultural cachet remains strong, but the market dynamics have shifted. Last year, Yuga Labs (the creators of Bored Ape Yacht Club) announced it would no longer actively develop the CryptoPunks brand, drawing a line under a turbulent chapter of experimentation and backlash.
Still, Alien Punks remain the rarest of the collection, with just nine in existence. Their historic sales continue to rank among the largest in NFT history, including Punk #5822’s record-setting $23.7 million sale in 2022.
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