Trader takes $10m loss on rare CryptoPunk as NFT rout worsens

From dlnews.com

A trader who purchased a rare CryptoPunk last year sold the NFT on Thursday for a $10 million loss. The trader bought CryptoPunk 3100 for $16 million in March last year. The sale became the third-highest price paid for a CryptoPunk in the collection’s history. CryptoPunks are a collection of 10,000 unique, pixel art pictures created by the development studio Larva Labs. Each image is linked to a non-fungible token, or NFT. This particular CryptoPunk is highly coveted because it is one of only nine with the rare alien trait. For NFTs, rarity is often correlated to higher prices in a given collection. The sale comes ... (full story)