The once-buzzing market for non-fungible tokens (NFTs) seems to be losing its luster, highlighted by the recent quiet sale of one of the most expensive pieces in the CryptoPunks collection. CryptoPunk #5822, a rare alien punk with a bandana, was transferred on August 19 without any fanfare or disclosed price, raising speculation among the community.

Back in 2022, NFT investor Deepak Thapliyal made headlines by purchasing this CryptoPunk for a staggering 8,000 Ether, which was valued at $23.7 million at the time. The purchase was celebrated as the highest bid ever for a CryptoPunk and ranked as the fourth most expensive NFT sale in history.

However, the latest transaction of CryptoPunk #5822 has been shrouded in mystery, with Thapliyal only posting a farewell message on X (formerly Twitter), leaving many to wonder about the sale price. The lack of transparency, coupled with the declining interest in NFTs, has led to widespread speculation that Thapliyal may have sold the NFT at a significant loss.

Some community members have voiced their concerns on social media, with one user questioning if this was the “worst NFT hold of all time.” Another user speculated that the sale could have been around 5,000 ETH, which would translate to a 43.6% loss from the original purchase price.

This suspicion isn’t baseless, as recent data shows a sharp decline in NFT sales volumes, with a 45% drop reported in the second quarter of 2024. Furthermore, a CryptoPunk NFT auction held by Sotheby’s on August 15 failed to attract much interest, with only one bid significantly below the expected value.

As the NFT market continues to cool down, the quiet sale of CryptoPunk #5822 might be a sign of the times, marking a sobering reality for investors in the once-booming digital collectibles space.