Celebrity Owned NFTs Have Significantly Lost Value!
During the first quarter of 2022, users searching the term NFT was incredibly high. With Google Trends score of over 90, dropping down to the 12 on the fourth quarter. Interest in the NFT market has drastically declined, but blue chip NFTs have dropped considerably in value.
One of the more notable drops in NFT value comes with the Bored Ape Yacht Club collection. Its valuation based on floor price was estimated at 2.33 billion on Feb 2022, less than 10 months down the line, the collections market cap is worth only 615 million. Many celebrities are known to be holding these blue chip Non fungible tokens and collections like BAYC or Cryptopunks adorned by celebrities have seen their value plummet in recent months.
NFTs stemming from specific high-rated collections like BAYC, Cryptopunks, Clonex, Mutant Ape Yacht Club,Azuki, and others are still quite valuable collectibles. For example, the lowest valued Moonbird NFT is close to 7 Ethereum or just over $7,900, while a BAYC NFT will cost 57.5 Ethereum.
Nftpricefloor.com statistics show that Cryptopunks collection held the largest market capitalization of around 619,900 Ethereum, which is not alot less than the floor capitalization the collection had on Feb 2022, when it was 650,000 ETH. Comparing the value however with fiat currency and the story dramatically changes. The price of Ethereum back in Feb was approximately $2,667 . This indicates that while the floor capitalization had a value of $1.73 billion nine months ago, today the market cap is down to only $685 million.
The drop in ETH price signifies that Cryptopunks NFT collection dropped by 60.47% during the last year, and the same can be said about BAYC’s NFTs as the market cap dropped from $2.33 billion on Feb, to today’s value of $615 million.
NFTs Owned by Celebrities Lost Huge in 9 Months
Data shows that during the last nine months of NFT trading, BAYC’s collection had dropped by 73% against the U.S. dollar. On Jan. 2, 2022, rap star Eminem purchased BAYC #9055 for 123.45 ether and at the time, it was worth roughly $452K.
Paris Hilton leveraged the company Moonpay to buy Bored Ape #1294 for 119 ether or $317K. At the end of November, Hilton’s BAYC #1294 is now only worth $63,783 according to current estimates.
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