NFT Capitulation: The User Who Bought a CrypToad for 300 ETH and Sold it for 6.9 ETH

Someone lost over $1 million after buying an NFT for 300 ETH eight months ago and selling it for 6.9 ETH today.

It’s safe to say that non-fungible tokens have seen better days as liquidity dries up amid a broader market downturn and collapsing prices. Amid all this, an investor has let go of an NFT they bought for more than $1 million for less than $10K.

  • There are many stories of users turning a small investment into a massive bank, but this one is not one of them. In fact, it’s the exact opposite.
  • Just a few hours ago, someone sold a non-fungible token from a collection called CrypToadz by GREMPLIN for 6.9 ETH, worth roughly around $8.4K at the time of the transaction.
  • Interestingly enough, this same NFT was bought eight months ago for a whopping 300 ETH. At the time, ETH was trading at around $3.5K, making this a purchase worth $1,050,000.
nftcryptoadz
Source: OpenSea
  • Of course, it’s not out of the question for the user to have sold the NFT to himself for such a high price back then in a process that’s known as wash-trading. It could also have been done in a bid to reduce taxes payable, although this would constitute a punishable offense.
  • The CrypToadz collection currently has a floor price of around 1.5 ETH – a shadow of its former self. Last year, at around the time the above purchase was made, the average NFT from this collection sold at above 21 ETH.

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