A non-fungible token (NFT) from the “Cryptopunks” series has reportedly changed hands for just 55 Ether, having previously sold for several times that amount last October.
On Sunday, Cryptopunk #273 was at a value of about $139,000, after previously having sold for $1.03 million last October. This NFT is one of a series of 10,000 heavily pixelated portraits by Larva Labs, which have been minted since 2017.
While the paltry sum fetched by the resale of Cryptopunk #273 is only one example, it is not alone in attracting negative returns. In recent months, there have been a number of high-profile NFT flops, indicating an increasingly bearish NFT market after a lucrative year in 2021.
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