CryptoPunk 4156 Sells at Loss of $7M Despite Netting the Owner 190 ETH in Profit

CryptoPunk #4156 sold for a whopping $3.3 million, but the owner still incurred a loss of $7 million despite selling it 190 ETH higher than the purchase price.
Image source: CryptoPunks

Quick take:

  • Bluechip CryptoPunk 4156 has sold for 2,691 ETH (~$3.3 million).
  • The owner made a loss of $3.3 million, despite having purchased it at 2,500 ETH.
  • The price difference reflects the impact of the crypto winter on the price of ETH.

It is barely three weeks since Yuga Labs hired Christie’s brand lead Noah Davis to steward the Cryptopunks project. Over the last few days, some of the popular NFTs in the collection have changed ownership in multi-million dollar trades. The latest bluechip Punk to change ownership is CryptoPunk #4156, which on Friday sold for a whopping $3.3 million. 

This Punk is one of the 24 apes contained in the collection, making it one of the rarest characters. NFT-focused venture fund 1Confirmation announced via Twitter that it is now the new owner of the popular Punk, posting a King Kong-themed graphic.

“Just scooped punk #4156” adding a monkey emoji. 1Confirmation recently launched a $100 million fund that will invest directly in non-fungible tokens (NFTs). Looking at 1Confirmation’s, Twitter page, Punk #4156 looks like one of their first acquisition for the new fund.

The CryptoPunks NFT collection has experienced a significant rise in the transaction volume since Davis took over, topping the charts for both the 24-hour and 7-day sales volume with $7.5 million and $24.8 million, respectively accirding to data from CryptoSlam.

The collection has attracted so much activity that it is nearly level with Bored Ape Yacht Club in transaction volume for the last 30 days with $58 million.

While a lot of people will be looking at the huge $3.3 million 1Confirmation paid for Punk #4156, the most intriguing part is the NFT investment firm paid $7 million less than what the previous owner coughed out.

Yet, the seller may still make a profit from the same as long as they keep the funds in ETH, given the ETH sale value of 2,691 versus the purchase price of 2,500 ETH.

The huge difference in the dollar value indicates how the crypto winter has affected the NFT market, given most reports still prefer to analyse figures based on the dollar value.

Recently, CryptoPunk #4464 sold for 2,500 ETH, an equivalent of ~$2.6 million. It now holds the second spot for being the second largest single sale in the collection over the last 30 days, after today’s sale.

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