The digital art world is abuzz following the sale of one of the rarest CryptoPunks—Alien Punk #3100—for 4,000 ETH, valued at approximately $6.07 million**. While the price tag remains staggering, the transaction is now infamous for the massive loss incurred by its former owner: a staggering **$10 million.
Completed on April 10, 2025, via a private offer on the official CryptoPunks marketplace, this sale underscores the dramatic shifts in the NFT landscape over the past year. The deal was reportedly facilitated by Fountain, an art brokerage firm specializing in high-value digital assets.
A High-Profile Loss in the NFT Space
The seller, operating under the Ethereum address 0x705876, originally acquired CryptoPunk #3100 in March 2024 for 4,500 ETH, then worth around $16 million. Just twelve months later, they offloaded it for 500 ETH less, at a time when Ethereum’s value had plummeted by roughly 56–57% compared to its peak in early 2024.
This dual impact—lower ETH volume and declining cryptocurrency prices—transformed what might have been a modest loss into a seven-figure financial hit. In dollar terms, the drop from $16 million to $6 million represents one of the most visible setbacks in recent NFT history.
Despite the loss, the transaction remains significant: it's the largest on-chain CryptoPunk sale since April 25, 2024, when Punk #7804 changed hands for $16.42 million. Notably, #3100 now appears **three times** on the all-time top sales leaderboard for CryptoPunks, having previously sold for $7.58 million and $16.03 million.
Why Rarity Still Matters: The Case of Alien Punks
CryptoPunk #3100 belongs to an elite tier within the 10,000-piece collection: the Alien Punks. With only nine in existence, they are the rarest character type in the series—outnumbering both Apes (24) and Zombies (88). This scarcity has historically driven astronomical prices.
What makes #3100 even more unique is its headband accessory, a trait not shared by any other Alien Punk. This singular combination of type and attribute amplifies its desirability among collectors and institutions alike.
Even amid broader market declines, such ultra-rare NFTs continue to command multi-million-dollar valuations. In fact, the seven highest on-chain sales in CryptoPunks history are all Alien Punks. The record holder remains CryptoPunk #5822, which sold for $23.7 million in February 2022 during the NFT bull run.
"NFT TRADER DOWN $10M ON CRYPTOPUNK: This investor bought an Alien Cryptopunk a year ago for 4.5K ETH ($16M). He just sold it for 4K ETH ($6M). He just locked in a $10M loss."
— Arkham Intelligence
Ethereum’s Price Slide Magnifies Realized Losses
The financial pain experienced by the seller wasn’t due solely to accepting fewer ETH. A major contributing factor was the dramatic depreciation of Ethereum over the past year.
At the time of purchase in March 2024, 1 ETH was trading near $3,555**, making 4,500 ETH worth about $16 million. By April 2025, ETH had dropped to around $1,518**, meaning that even if the seller had received the same amount of ETH, their proceeds would have been significantly lower.
This illustrates a critical risk in crypto asset investing: denomination risk. When assets are priced and traded in volatile cryptocurrencies like ETH, price swings in the underlying currency can drastically affect realized value—even if the asset itself holds steady in relative demand.
The buyer funded the purchase through an address labeled “Coinbase Prime 2” on Etherscan, suggesting institutional involvement—a trend that continues to shape high-end NFT transactions despite cooling retail interest.
Market-Wide Downturn: NFTs Lose Momentum
While rare blue-chip NFTs like Alien Punks still attract attention, the broader market is experiencing a prolonged downturn.
According to DappRadar’s Q1 2025 report:
- Total NFT trading volume fell to $1.5 billion, down 24% from Q4 2024.
- Overall sales activity has dipped to levels last seen in early 2021—before the NFT explosion.
CryptoPunks' floor price tells a similar story. Once peaking at 125 ETH in 2021 (over $400,000 at the time), it now hovers around **42.5 ETH**, equivalent to just **$65,900 as of April 2025—a 67% decline** from its all-time high.
Yet, despite these drops, CryptoPunks remains a dominant force. It accounts for 23% of the $2.7 billion global NFT market cap, maintaining its status as the premier profile picture (PFP) collection.
Earlier in 2025, Pudgy Penguins briefly threatened CryptoPunks’ supremacy, with its floor price surging from $19,000 to over $138,000 between November and mid-December 2024. However, sustained momentum has been elusive across most collections.
Origins and Ownership Evolution
Launched in 2017 by Larva Labs, CryptoPunks were among the first NFT projects on Ethereum and originally free to claim. Their cultural impact helped lay the foundation for today’s digital collectibles ecosystem.
In 2022, ownership of the brand and intellectual property was acquired by Yuga Labs, the creators of Bored Ape Yacht Club, signaling a consolidation of legacy NFT powerhouses under a single entity.
Frequently Asked Questions (FAQ)
Q: What makes CryptoPunk #3100 so valuable?
A: It's one of only nine Alien Punks—and the only one wearing a headband—making it uniquely rare within the collection.
Q: Why did the seller lose $10 million despite selling for $6 million?
A: They originally paid $16 million (4,500 ETH) in March 2024. The combination of receiving 500 fewer ETH and Ethereum’s 57% price drop led to a massive dollar-denominated loss.
Q: Are NFTs still a good investment?
A: While speculative frenzy has cooled, ultra-rare assets like Alien Punks retain strong collector demand. However, market volatility and crypto price swings pose significant risks.
Q: How does Ethereum’s price affect NFT valuations?
A: Most NFTs are priced and traded in ETH. If Ethereum’s value drops, so does the dollar value of NFT sales—even if demand remains constant.
Q: What is the current floor price for CryptoPunks?
A: As of April 2025, it averages 42.5 ETH, or about $65,900.
Q: Who bought CryptoPunk #3100?
A: The buyer used an address linked to “Coinbase Prime 2,” indicating possible institutional participation.
The sale of CryptoPunk #3100 serves as both a cautionary tale and a testament to enduring digital scarcity. While macroeconomic forces and crypto volatility can erase paper gains overnight, true rarity continues to anchor value in the long term.
For collectors and investors alike, this moment reinforces a key principle: in the world of NFTs, rarity drives resilience, but timing and currency exposure matter just as much.
Whether this transaction marks a bottom or further declines lie ahead remains to be seen—but one thing is clear: blue-chip NFTs are no longer immune to market cycles.
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