Blue Chip NFTs Owned by Celebs Lose Significant Value – Bitcoin News
During the week of January 30 to February 5, 2022, the search term “NFT” had a Google Trends (GT) score of 90, and today the GT score has dropped significantly to a score of 12. Interest has waned, but blue chip non-fungible tokens (NFTs) won’t hold the value they had at the start of 2022. For example, statistics show that Bored Ape Yacht Club (BAYC) has a market value based on floor values. $2.33 billion on February 3, 2022 — 291 days later and the portfolio’s market cap is now $615 million. Celebrities with blue chip NFTs such as BAYC and Cryptopunk have seen their NFTs fall in value over the past nine months.
Since the beginning of the year, the market cap of blue chip NFTs has declined significantly
Popular non-fungible tokens (NFTs) originating from certain collections such as BAYC, Cryptopunks, Clonex, Mutant Ape Yacht Club (MAYC), Azuki and Moonbirds continue to be expensive digital collections. For example, the lowest value NFT Moonbird is around 7 Ether or $7,906, while an NFT BAYC costs 57.50 Ether or $63,000.
Statistics from nftpricefloor.com show that on November 22, 2022, Cryptopunks Collection had the highest market capitalization at around 619,900 Ether. This amount is not much less than the large size of cryptopunks that the collection had on February 3, 2022, when it was 650,000 ETH.
However, the Ethereum price per unit on February 3rd was approximately $2,667 nominal per Ether. This means that while the floor was worth $1.73 billion 9 months ago, today the market cap has dropped to $685.16 million.
This means that the Cryptopunks NFT collection is down 60.47% over the past nine months. As for BAYC NFTs, the market cap has dropped from 875,000 ETH worth $2.33 billion on February 3rd to 556,900 ETH worth $615.53 million today.
NFTs owned by the rich and famous lost a lot of value in 9 months
The data shows that over the last 9 months, BAYC has traded down 73.62% against the US dollar. On January 2, 2022, rap star Eminem bought BAYC #9055 for 123.45 Ether, worth approximately $452,000 at the time.
Eminem transferred his BAYC from the “Shady_Holdings” account he uses on Opensea to the address “0x79f”. Dappradar.com estimates show that Eminem’s BAYC is worth only 57.96 ETH or $63,934 today.
Eminem’s NFT at that estimated value means that BAYC #9055 has lost 85.85% of its value since he first bought the NFT. Pop star Justin Bieber bought Bored Ape #3001 for 500 ETH, worth $1.3 million at the time. Today, Bieber’s BAYC NFT is worth less than 60 ETH or roughly $69K.
Socialite Paris Hilton used Moonpay to buy Bored Ape #1294 for 119 Ether or $317,000. At the end of November 2022, based on current estimates, Hilton BAYC #1294 is worth only $63,783.
The same can be said for the countless celebrities who own BAYC NFTs or Cryptopunks, including owners like Shaquille O’Neal, Jimmy Fallon, and Gwyneth Paltrow. It’s safe to say that NFTs have lost much more value than the fine art that some of these celebrities own, as fine art prices haven’t seen a 60-80% decline in values over the past 9 months.
What do you think about the decrease in value of blue chip NFTs since the beginning of the year? What do you think about NFTs owned by celebrities losing significant value since being purchased? Let us know what you think about this topic in the comments section below.
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