NFT owner from the CryptoPunks collection lost $1 million on resale

Seven months ago, the token was bought for 265 ETH, and it was sold for 55 ETH on May 8

09.05.2022 - 15:10

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What’s new? The owner of the NFT from the CryptoPunks collection sold the token at a loss of $1,06 million. Seven months ago, he paid 265 ETH for the CryptoPunk token #273 ($1,2 million at the time of purchase), and on May 8 he sold the same NFT on the OpenSea platform for just 55 ETH, or $132 660 (at the exchange rate on May 9), 9 times cheaper than the original cost.

Information on the OpenSea website

What is known about the CryptoPunks collection? It is 10 000 unique 8-bit digital pictures on the Ethereum blockchain, divided into 5 categories: women, men, monkeys, zombies, and aliens. The collection was created in 2017 by Larva Labs. In February, a token from the CryptoPunks collection numbered #5822 was sold for $23,7 million.

What events happened before? In March, Yuga Labs, the company that created the popular NFT project Bored Ape Yacht Club (BAYC), reported the purchase of the rights to CryptoPunks. The new owner of the collection has promised to grant “full commercial rights” to token holders.

In December, Larva Labs reported that an anonymous user purchased a rare NFT from the CryptoPunks series at auction for 2500 ETH ($10,2 million at the time of purchase). The user then immediately resold it for 4156 ETH ($12 million at the exchange rate on May 9).

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