The once-hyped NFT market continues to show signs of fatigue as major collectibles are now selling for significant losses. A recent example is CryptoPunk #3100, one of the most prestigious and rare NFTs from the iconic CryptoPunk collection, which just changed hands for a striking $10 million less than its previous purchase price.

Originally acquired for a staggering 4,500 ETH—valued at over $16 million at the time—CryptoPunk #3100 was recently sold for 4,000 ETH, approximately $6.08 million at current market prices. The sale marks a sharp decline in both the price of Ethereum and the overall demand for high-end NFTs. Once considered a flex and a cultural milestone in the crypto space, CryptoPunks were at the forefront of the NFT boom, with some fetching as much as $56 million in 2024 alone.

CryptoPunk #3100’s new sale price still ranks among the highest in the NFT space, demonstrating that rare pieces continue to command attention despite broader market turbulence. This specific punk stands out as one of only nine “alien” types among the 10,000 characters issued by Larva Labs in 2017. Its added rarity—a headband trait found in only a few hundred other punks—made it a prized asset during the NFT bull run.

However, the fact that such a unique piece is being offloaded at a steep loss reflects a major sentiment shift among NFT investors. The broader NFT market has seen trading volumes dwindle consistently since the peak mania of 2021. According to data from CryptoSlam and CoinGecko, current volumes have slumped to around $58 million as of April 7, levels not seen since early 2021.

The steep drop in ETH’s value—nearly 60% over the past year—further amplifies the financial hit taken by long-term holders. While the 4,000 ETH price tag for CryptoPunk #3100 might seem high in today’s depressed NFT landscape, it’s a clear indicator that investors are scaling back expectations and recalibrating valuations in line with the current market conditions.

Despite this, CryptoPunks still dominate the list of the five most expensive NFTs ever sold, underlining their legacy status in digital art history. Yet even legacy isn’t enough to guarantee profit in a rapidly evolving and often unpredictable market. The fact that a marquee item like Punk #3100 couldn’t hold its value is a signal that investor priorities have shifted. More participants are moving liquidity elsewhere or exiting the NFT space altogether.

The floor price for CryptoPunks, once seen as a stable benchmark in the NFT world, has also seen significant contraction. As of now, the minimum asking price for a CryptoPunk sits at around 42 ETH, or approximately $65,000—far from the million-dollar valuations that dominated headlines just a year ago.

While the NFT ecosystem still experiences occasional spikes driven by new hype cycles, the overall trend is one of decline. Market fatigue, coupled with regulatory scrutiny and a shift in crypto investor behavior, has left digital collectibles in a prolonged downtrend.

In sum, the recent sale of CryptoPunk #3100 highlights the current state of the NFT market—where even the rarest and most iconic assets aren’t immune to depreciation. As the speculative frenzy cools off, collectors and investors alike are being forced to reckon with the realities of a volatile digital art market.