NFT Trader Dumps His Punk Into Bids For 4.2 WETH

NFT Trader Dumps His Punk Into Bids For 4.2 WETH – Was It A Mistake?

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Updated: 07 May 2025

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The global non-fungible token market has shown some signs of recovery after suffering a brutal market downturn, with daily trading sales volume climbing back above $15 million. However, just like any other market, the NFT market has not run dry of shocking and funny occurrences. In a recent incident, an anonymous crypto trader has dumped his Punk NFT collection into bids for just 4.2 WETH.

Trader Dumps His Punks For 4.2 WETH

In a May 7 blog post, Quit, a highly regarded crypto analyst with more than 90,000 followers on X (formerly Twitter), confirmed that an anonymous crypto trader dumped his CryptoPunk NFT collection into bids for just 4.2 WETH. This Punk bid fueled a heated debate on X, with many crypto users considering and terming that bid as an error. CryptoPunks is one of the leading NFT collections in the NFT market.

This Punk just got dumped into bids for 4.2 WETH

Humungous L for the seller, appears to be accidental pic.twitter.com/Nj1hvDokAl

— Quit (@0xQuit) May 6, 2025

Launched in 2017, CryptoPunks is a renowned non-fungible token collection from the digital asset incubation studio Larva Labs, featuring a limited edition of 10,000 pixilated NFTs hosted on the Ethereum blockchain network. The CryptoPunks NFT collection has grown to become one of the leading NFT collections in the NFT market, holding a market capitalization of nearly $1 billion. Several rare Punks from the CryptoPunks collection are worth millions of dollars.

In March 2022, Yuga Labs, the creator of the globally acknowledged Bored Ape Yacht Club NFT collection, acquired the intellectual property of the CryptoPunks NFT collection. During the auction, the Bored Ape creator bought the Meebits NFT collection along with the CryptoPunks NFT collection. Meebits is a non-fungible token collection featuring a limited edition of 20,000 3D vowel characters hosted on the Ethereum blockchain network.

Yuga Labs is also home to some of the leading NFT collections, including the Mutant Ape Yacht Club, a non-fungible token collection featuring a limited supply of 20,000 NFTs hosted on the Ethereum blockchain network, Otherside, Kodamara, Bored Ape Kennel Club, and Twelvefold. The Bored Ape Yacht creator, Yuga Labs, also holds intellectual property (IP) for the Moonbird Oddities, Grails, and Emotes NFT collections.

What Went Wrong?

Crypto users have regarded the controversial CryptoPunks bid as an ‘accident’ or an ‘error,’ with some claiming that maybe he intended to sell it for 42 WETH, which is an average floor price for the entire CryptoPunks NFT collection. Another NFT user has described this controversial bid as tax loss harvesting. In the meantime, the anonymous trader appears to have retracted this Punk bid.