During the week of January 30th to February 5th, 2022, the search term “NFT” had a score of 90 in Google Trends (GT) and today the GT score is down considerably to 12 points. Interest has been denied, but non-fungible tokens (NFTs) don’t hold the value they did at the start of 2022. For example, stats show that Bored Ape Yacht Club (BAYC)’s market valuation based on floor values was worth $2.33 billion. On February 3, 2022 – 291 days later and the group’s market capitalization is now $615 million. Celebrities who hold blue chip NFTs like BAYCs and Cryptopunks have seen their NFTs lose quite a bit of value over the past nine months.
Blue Chip NFT Market Caps have slipped significantly since the beginning of the year
Non-fungible tokens (NFTs) originating from specific groups such as BAYC, Cryptopunks, Clonex, Mutant Ape Yacht Club (MAYC), Azuki, and Moonbirds are still expensive digital collectibles. For example, the lowest value Moonbird NFT is around 7 ether or $7,906, while the BAYC NFT is worth 57.50 ether or $63k.
Stats from nftpricefloor.com show that on November 22, 2022, Cryptopunks held the largest market cap of around 619,900 Ether. This is not much less than the floor capitalization of Cryptopunks that the group had on February 3, 2022, when it was 650,000 ETH.
However, the price of Ethereum per unit on February 3 was roughly a nominal $2,667 per Ether. This means that while nine months ago the minimum capitalization was $1.73 billion, today the market capitalization is down to $685.16 million.
This means that the Cryptopunks NFT pool is down 60.47% over the past nine months. The same can be said for BAYC’s NFTs as the market cap has fallen from 875,000 ETH worth $2.33 billion on February 3, to 556,900 ETH today worth $615.53 million.
NFTs owned by the rich and famous lost huge amounts of value in 9 months
The data shows that over the past nine months, the BAYC group has fallen by 73.62% against the US dollar. On January 2, 2022, rap star Eminem purchased BAYC #9055 for 123.45 Ether and at the time it was worth approximately $452,000.
Eminem moved his BAYC from the ‘Shady_Holdings’ account he uses on Opensea to the address ‘0x79f’. Dappradar.com estimates show that Eminem’s BAYC value is just 57.96 ETH today, or $63,934.
Eminem’s NFT with this estimated value means that BAYC #9055 has lost 85.85% in value since he first bought the NFT. Pop star Justin Bieber acquired Bored Ape #3001 for 500 ETH which was worth $1.3 million at the time. Today, Bieber’s BAYC NFT is worth less than 60 ETH or roughly $69k.
Socialite Paris Hilton leveraged Moonpay to buy Bored Ape #1294 for 119 Ether or $317K. At the end of November 2022, BAYC #1294 in Hilton was only $63,783 according to current estimates.
The same can be said for the countless celebrities who own BAYCs or Cryptopunks NFTs, including holders like Shaquille O’Neal, Jimmy Fallon, and Gwyneth Paltrow. It’s safe to say that NFTs have lost a lot more value than the fine art that some of these celebs own, since fine art prices have seen values drop 60% to 80% in nine months.
What do you think of the decline in premium NFT values since the beginning of the year? What do you think of celebrity-owned NFTs that have lost significant value since they were purchased? Tell us what you think about it in the comments section below.
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