Because of a misunderstanding on Monday, CryptoPunk 7557 — one of the 55 non-fungible tokens in the collection with a tiara — was sold at a 99% discount for ETH 4.444 ($9,000 at the time of writing).
In any event, the excitement surrounding NFTs is somewhat waning.
According to Larva Labs, the creator of CryptoPunks, the most recent tiara punk was sold for ETH 196.69 (‚8,000) this week, but the cheapest punk in the same category was sold for ETH 45 ($196,000) in August, implying that the vendor may have listed the NFT at the incorrect price.
Backing out of the offer
The vendor paid roughly ETH 60 for the punk in early July ($135,000. They offered it for ETH 8,880 two months later ($31 million). The owner withdrew the offer yesterday and offered a new one: ETH 4.44, because the punk refused to sell at that price.
Perhaps the owner wanted to suggest a price of ETH 4,440, half of the previous offer but instead proposed a significantly lower price.
When faced with a 99$ discount on a rare punk, the customer snapped it up right away, even paying an ETH 3.33 priority fee to ensure they got the NFT first.
NFT sales on the decline
The punk has subsequently been put up for sale by the new owner, who is asking ETH 325 ($1.4 million), which is still the lowest price for punk with a tiara.
This is happening at a time when the excitement surrounding NFTs is cooling down again this year.
According to Nonfungible.com data, overall weekly NFT sales have dropped to a three-month low of roughly 120,500, down more than 75% from August peaks.
The entire weekly sales volume is also at three-month lows, around $314 million, representing a retreat of more than 80%.
Following this pattern, the number of active wallets, as well as the number of unique buyers and sellers, has decreased by at least half.
Image courtesy of Cointelegraph News/YouTube
Source: https://bitcoinerx.com/blockchain/cryptopunk-nft-wrongly-sold-over-99-discount/
