Cryptopunk investor who went from $16 million to $6 million in one year sells at a $10 million loss

The sale of works from CryptoPunk, a representative NFT collection, at a loss of approximately $10 million highlighted the market's slump.
On the 10th (local time), The Block reported that a CryptoPunk NFT that was purchased for $16 million about a year ago was sold for about $6 million on the same day.
The reason for this is the fall in the value of Ethereum against the US dollar. According to CryptoSlam, an NFT data platform,
T is CryptoPunk #3100, which was 4500 when I bought it in March last year.
ETH is worth over $16 million, the third-highest single NFT transaction in history
However, due to the combination of the drop in the price of Ethereum and the overall downturn in the NFT market, the actual loss from receiving the same amount of ETH was about $10 million.
In particular, the NFT market has shown a downward trend since 2022, and in recent weeks, cryptopunk, Bored Ape Yacht Club (Bored Ape Yacht Club)
Representative collections such as Azuki (Azuki), and Pudgy Penguins (Pudgy Penguins) have also seen a sharp decline in trading volume.
Meanwhile, Yuga Labs, which owns Cryptopunk's intellectual property rights (IP), announced in May last year that it will promote a new spinoff project to develop the community.
Facing backlash from Niti, the company officially announced that it would no longer be involved with Cryptopunk. YugaLab acquired the Cryptopunk brand in 2022.