As Cointelegraph reported, NFTs, once worth millions of dollars, have seen a sharp drop in prices, with the market turning to other investments. CryptoPunk#5822was sold for 8,000 ETH (worth $23.7 million in 2022) and has now been transferred to an unmarked wallet for an undisclosed amount.
Web3 professionals agree that the NFT was sold at a loss. Qiibee co-founder and CEO Gabriele Giancola said that the undisclosed transaction indicates a loss-making sale, reflecting current market dynamics that may affect other blue-chip NFT collections.
Tyler Adams, co-founder and CEO of COZ, believes that NFT sales have declined, the era of sky-high prices has passed, and market prices have adjusted to more realistic levels. SideShift.ai CEO Andreas Brekken criticized the value of NFT, believing that it will return to zero and sellers are reducing their losses.
Calaxy co-founder and CEO Solo Ceesay said that sellers may transfer funds into Meme coins, and the retail adoption of Meme coins is similar to that of NFTs in the previous cycle. Ceesay added that NFT projects need to evolve from digital art collections to legitimate businesses with unique value propositions.
