Emre Yumlu 
A CryptoPunk NFT investor sold at a loss as top NFT collections struggle to recover from their 2021 highs.
The investor originally purchased this NFT for 4,500 ETH, or roughly $15.7 million, about a year ago. According to blockchain analytics firm Lookonchain, the investor actually lost more than just 500 ETH. “Did he only lose 500 ETH? No—he actually lost $9.73 million!” Lookonchain stated. “When he bought it, ETH was trading at $3,509. By the time he sold, ETH had dropped 57%,” the firm added.
Tough NFT Market and Low Trading Volume
Despite the large loss, the $6 million transaction still ranks as the largest NFT sale in the past 30 days. The NFT market has entered a stagnation period with a lack of wider trader interest. NFT trading volume on Ethereum has dropped more than 53% in the past month, while Polygon’s NFT trading volume decreased 41%.
CryptoPunks saw a 13% price surge amid rumors that Yuga Labs might be selling the collection’s intellectual property. However, this increase was temporary.
Major Drop in Blue-Chip NFT Collections
Top-tier NFT collections remain far below their 2021 highs due to the lack of trading activity.
CryptoPunks currently have a floor price of about 43 ETH, or $68,000, down more than 61% from their record high of 113.9 ETH in October 2021.
The floor price of Bored Ape Yacht Club is down 89%, while the Mutant Ape Yacht Club collection has dropped 93%, according to NFTpricefloor data.
However, the Pudgy Penguins collection stands out differently. It reached a new all-time high of over 25 Ether on December 16, 2024, and amassed over $72 million in sales volume in the first quarter of 2025.
Yuga Labs’ Legal Battle with the SEC Ends
In early March, the U.S. Securities and Exchange Commission (SEC) closed its three-year investigation into Yuga Labs’ NFT projects. This investigation, initiated under former Chairman Gary Gensler, aimed to examine NFT creators and marketplaces, specifically to see if some fractional NFTs were securities.
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