NFT prices keep plummeting, and celebrities are the biggest losers
Published on Jul 28, 2023 at 3:29 AM (UTC-4)
by Alessandro Renesis
Last updated on Jul 28, 2023 at 8:12 AM (UTC-4)
Edited by
Alessandro Renesis
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.
READ MORE: Paris Hilton, Kevin Hart, Justin Bieber, Snoop Dogg among celebs being sued for shilling NFTs
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.
Alessandro is an automotive journalist with 10 years of experience covering supercars, automotive history, emerging vehicle technology, and luxury transportation. He wrote the first article published on SupercarBlondie.com when the website launched in 2022 and has since built a reputation for insightful reporting across the automotive and transportation industries. His expertise is grounded in hands-on experience. Alessandro has driven every Tesla model ever produced, from the original Roadster to the Cybertruck, and regularly covers the latest developments in electric vehicles and automotive innovation. His passion for transportation extends beyond cars, he has even flown a Boeing 787 Dreamliner simulator in Addis Ababa, Ethiopia. His reporting spans everything from classic American muscle cars and rare automotive discoveries to luxury yachts, private aircraft, high-end watches, and cutting-edge vehicle technology. Known for his deep knowledge of automotive history and ability to uncover the stories behind iconic vehicles, Alessandro brings readers a blend of historical context, technical expertise, and first-hand experience.
