The NFT market continues to show signs of fatigue, as even the most iconic digital assets face significant markdowns.

CryptoPunks, once the pinnacle of NFT prestige, are no longer commanding the astronomical premiums they once did. Case in point: CryptoPunk #3100, a rare “alien” avatar and the third most expensive NFT ever sold, just changed hands for 4,000 ETH — more than $10 million below its previous sale price.

The loss underscores a broader market trend. Ethereum’s 60% price drop over the past year has exacerbated the impact for holders looking to exit their positions. Despite the markdown, #3100 still sold well above the CryptoPunks floor price, currently at 42 ETH (approximately $65,000), according to CoinGecko. Its unique traits — being one of just nine aliens and donning a hairband — continue to justify a premium relative to the rest of the collection.

Once a $56 million phenomenon, CryptoPunks still dominate the top end of the NFT leaderboard, with five of the most expensive NFTs ever sold belonging to the series, per data from CryptoSlam. However, the market has cooled significantly.

As of April 7, weekly NFT trading volumes dropped to just over $58 million — levels not seen since early 2021. Barring a few speculative spikes, the NFT landscape has largely returned to pre-boom conditions, leaving many collectors reassessing their portfolios.