From NFT Royalty to a Harsh Reality
Back in 2021, CryptoPunks were the face of the NFT boom. Created by Larva Labs in 2017, these 10,000 pixel-art avatars became the most desired digital collectibles. Some sold for tens of millions of dollars.
CryptoPunk #3100 stood out even among them. It features:
- An alien skin – only 9 exist in the entire collection
- A headband – found on just 406 punks
Its rarity made it one of the top-tier assets in the NFT world. It even held the record as one of the most expensive NFTs ever sold.
But in 2025, it resold for a far lower price. While 4,000 ETH might seem impressive, the value in US dollars has dropped significantly due to Ethereum’s falling price – around 60% lower than last year.
Current Market Numbers Tell the Story
Here’s a quick comparison to see how much things have changed:
|
Item |
2021 |
2025 |
|
Price of CryptoPunk #3100 |
$16 million |
~$5.4 million (4,000 ETH) |
|
Ethereum value (approximate) |
~$4,000 |
~$1,350 |
|
Floor price of CryptoPunks |
~100 ETH |
42 ETH ($65,000) |
|
Monthly NFT sales volume |
~$5 billion (peak 2021) |
~$58 million (April 2025) |
This comparison shows how much the market has cooled down.
Why the Drop in Value?
The NFT market is not what it used to be. After the 2021 hype, sales began to shrink. Many investors are pulling out. Several reasons have contributed:
- Crypto prices are down
- Market sentiment has changed
- Speculation is no longer profitable
- Buyers want real value, not just hype
Some early collectors are selling off assets to cut their losses. Others simply want to exit a space they no longer trust.
Is the Prestige Gone?
Even with the crash, CryptoPunks still hold a special place in NFT history. According to CryptoSlam, five of the ten most expensive NFTs ever sold are CryptoPunks. But prestige doesn’t always guarantee price stability.
The anonymous seller of #3100 accepted a huge loss. This move shocked many, as it signals that even top-tier NFTs are no longer safe from market downturns.
It’s a big shift – from NFTs being seen as digital status symbols to being viewed as risky investments.
Are Rare NFTs Still Worth Something?
Yes, but the landscape has changed. Rare traits like alien skin or accessories still hold appeal. But even ultra-rare NFTs are not reaching their former highs.
Buyers are now more selective. Instead of chasing hype, they focus on uniqueness and cultural significance. For some collectors, rarity still matters – but at more reasonable prices.
What’s Next for NFTs?
No one knows for sure. Some believe this is a healthy reset. Others think the NFT bubble has fully burst.
The future might include:
- NFTs tied to real-world use (like tickets or memberships)
- Better regulation and clearer legal frameworks
- A shift from pure art to utility-based assets
For now, the golden era of NFTs seems to be over. But like many things in crypto, this could just be another cycle.
The $10 million loss on CryptoPunk #3100 isn’t just a single case – it’s a symbol of changing times. It reflects a broader cooling across the NFT space. Once seen as unshakable assets, even top-tier NFTs are feeling the chill.
This doesn’t mean NFTs are dead. It means the market is evolving. Investors and collectors will now need to focus on long-term value, not short-term hype.