An NFT investor has sold a CryptoPunk for a significant loss of nearly $10 million, indicating ongoing struggles in the NFT market. The investor sold the CryptoPunk for 4,000 Ether, worth over $6 million at the time, after buying it for 4,500 ETH, or approximately $15.7 million, a year earlier. Blockchain analytics firm Lookonchain noted that the lost value was primarily due to a decline in the price of Ether, which had dropped 57% since the initial purchase. Despite the steep loss, this transaction is the largest NFT sale in the last 30 days. The NFT market, particularly blue-chip collections like CryptoPunks, is significantly down from their 2021 highs, facing a lack of trading activity. The floor price for CryptoPunks has fallen by over 61% from its peak of 113.9 ETH in October 2021. Other notable collections such as the Bored Ape Yacht Club have similarly experienced steep declines, with their prices down by up to 89%.

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