Celebrity-owned blue chip NFTs lose significant value

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NFT
Celebrity-owned blue chip NFTs lose significant value

Celebrities holding blue chip NFTs like Bored Apes Clubs (BAYCs), Azuki, and Cryptopunks have seen their NFTs lose a great deal of value over the last nine months.

NFT value drastic nosedive, unlike other celebrity fine-art pieces 

According to statistics, several Blue Chip NFT market caps slid significantly lower yesterday, November 22, 2022, since the start of the year. Popular non-fungible tokens (NFTs) from specific collections such as Cryptopunks, BAYC, Clonex, Mutant Ape Yacht Club (MAYC), and Azuki have seen their value plummet in the last nine months.

Statistics also show that the Cryptopunks collection held the largest market capitalization of around 619,900 ether. That’s not much less than the 650,000 ETH Cryptopunks floor capitalization the collection had on Feb. 3, 2022

However, the price of Ethereum per unit on the 3rd of February was approximately 2,667 nominal U.S. dollars per ether. This means the floor capitalization worth $1.73 billion nine months ago yesterday capped down to $685.16 million. This means the Cryptopunks NFT collection dropped by 60.47% during the last nine months!

The same can be said about BAYC’s NFTs, as the market cap has dropped from 875,000 ether worth $2.33 billion on Feb. 3 to yesterday’s 556,900 ETH worth $615.53 million. To call this a loss would be an absurd understatement.

NFTs have lost a lot more value than the fine art some celebrities own, as fine art prices have not seen values fall by 60% to 80% in nine months.

The short glory days of NFTs are now far gone

The search term “NFT” from January 30 to February 5, 2022, had a Google Trends (GT) score of 90. Today the Google Trends score has dropped a great deal down to a score of 12. Not only has interest declined, but blue chip non-fungible tokens (NFTs) don’t hold the value they once did at the beginning of 2022. 

Statistics show the Bored Ape Yacht Club (BAYC) collection’s market valuation based on floor values was worth $2.33 billion on February 3, 2022. 291 days later, the collection’s market cap is now worth $615 million. 

The data shows during the last nine months, BAYC’s collection dropped by 73.62% against the U.S. dollar. 

Hollywood celebrities lick NFT loss wounds

The famous Hollywood rap star Eminem on Jan. 2, 2022, purchased BAYC #9055 for 123.45 ether, and at the time, it was worth roughly $452K.

Today, a source estimates show Eminem’s BAYC is only worth 57.96 ETH or $63,934. This means BAYC #9055 lost 85.85% in value since Eminem first bought the NFT. Pop star Justin Bieber acquired Bored Ape #3001 for 500 ETH worth $1.3 million. Today, Justin Bieber’s BAYC NFT is worth less than 60 ETH or roughly $69K.

Socialite Paris Hilton leveraged the company Moonpay to buy Bored Ape #1294 for 119 ether or $317K. At the end of this month, Hilton’s BAYC #1294 is only worth $63,783, according to current estimates. The same can be said for many celebrities that own BAYCs or Cryptopunks NFTs, like Jimmy Fallon, Gwyneth Paltrow and Shaquille O’Neal.

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Tolulope Ogundalu

Tolulope is an expert crypto content writer, blockchain content analyst, and DeFi writer with over 5 years+ of progressive content development experience working with several crypto exchanges, blockchain-based companies, and DeFi startups.