NFT prices keep plummeting, and celebrities are the biggest losers
Published on Jul 28, 2023 at 11:29 AM (UTC+4)
by Alessandro Renesis
Last updated on Jul 28, 2023 at 4:12 PM (UTC+4)
Edited by
Kate Bain
NFT investors aren’t particularly happy at the moment.
Trading volume is low, people have lost interest and, more importantly, NFTs worth millions just last year are now worth peanuts.
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High-profile investors and celebrities aren’t exempt, either.
In fact, they’re the biggest losers.
Justin Bieber, for example, spent $1.3 million on a Bored Ape NFT just over a year ago, and his NFT is now worth around $60,000.
Things are looking even worse for a crypto investor named Sina Estavi.
Last year, he dropped $2.9 million on a tokenized version of Twitter founder Jack Dorsey’s first-ever tweet.
A few days ago it reached a new all-time low, with a value of $3.77.
Madonna, Eminem, and Neymar Jr. also spent huge amounts of cash on NFTs from the Bored Ape Yacht Collection and they’ve lost nearly all the money they invested.
Neymar, for example, spent $847,900 on the NFT you see here (below, right), and it is now worth around $83,700.
That’s a 90 percent drop.
Madonna’s NFT (below, left) shared a similar fate.
She bought it in 2022 for the (then) equivalent of $571,000 and it is now valued at around $57,000.
The problem, to put it in crypto terms, is NFTs have sort of ‘lost their peg’ to the rest of the crypto market.
The meteoric rise of NFTs in 2021 was followed by a bloodbath in 2022 when everything including BTC went down the drain.
However, Bitcoin and some other crypto assets have since recovered, recouping some of their losses.
Meanwhile, NFT prices just keep going down.
The way NFTs were marketed and sold to the general public may have something to do with this massive market crash.
An NFT (non-fungible token) is a blockchain-verified asset that cannot be replicated or corrupted.
There are some interesting use cases, in theory, but so far they’ve only been advertised as a must-have flex for the mega rich.
People stopped caring after the initial hype, and now everyone’s left with monkey pictures in their crypto wallets, unsure what to do with them.
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