Kevin Hart’s Bored Ape NFT Sells for 81% Less: A Sharp Turn in the NFT World

Whitney Anderson
Whitney Anderson
Technology Writer
Last updated: May 14, 2024
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Kevin Hart, the famed American comedian and actor, recently saw his Bored Ape Yacht Club NFT sell for an astonishing 81% less than its purchase price. Initially acquired for 79.5 ETH (about $200,000 in January 2022), this prized digital asset was let go for a mere 13.65 ETH, translating to $47,000, as per records from the NFT marketplace Blur obtained by ZyCrypto. This sale has sparked wide discussions within the NFT community, with many speculating on what this drastic drop signifies for the market’s current health and future.

Hart’s venture into the NFT world was facilitated by MoonPay, a service that simplifies the buying process for celebrities, indicating a growing trend among high-profile personalities diving into digital art. The Bored Ape Yacht Club, known for its exclusivity and celebrity patrons like Mark Cuban, Justin Bieber, Snoop Dogg, Paris Hilton, and Jimmy Fallon, has been a symbol of status within and outside the NFT space.

This significant loss in value of Hart’s NFT has raised eyebrows and concerns about the volatility and unpredictability of investing in NFTs. It serves as a cautionary example of the market’s fluctuating nature, prompting both potential and current investors to tread carefully.

Justin Bieber and Madonna’s NFT losses

In 2022, big names like Justin Bieber and Madonna made headlines not just for their music but for their foray into the digital art world with NFT investments. Bieber’s leap with a 500 ETH investment in a Bored Ape NFT, valued at $1.3 million, saw a dramatic fall to merely $59,000, marking a staggering loss. Similarly, Madonna’s venture into the NFT space with a 180 ETH purchase, initially costing $466,000, dwindled to a value of 28 ETH or about $53,000, eroding over $400,000 from her digital asset’s worth.

This trend wasn’t isolated to just them. A revealing study by DappGambl highlighted a massive downturn across the NFT market.

“This statistic effectively means that 95% of people holding NFT collections are currently holding onto worthless investments. Having looked into those figures, we would estimate that 95% to include over 23 million people who’s investments are now worthless.”

Compounding the issue, both Bieber and Madonna, along with other celebrities, found themselves embroiled in a lawsuit targeting Yuga Labs, the creators behind the Bored Ape Yacht Club. The legal action accuses them of artificially inflating the value of these NFTs through deceptive promotion, spotlighting the volatile nature of the NFT market and the precarious position of celebrity-endorsed investments.

Bored Ape Yacht Club price

The Bored Ape Yacht Club (BAYC) collection, a notable set of digital artworks known as non-fungible tokens (NFTs), has significantly caught the attention of the digital art and cryptocurrency worlds. As of the latest figures according to CoinMarketCap, the entry price for owning a Bored Ape NFT is 13.42 Ethereum (ETH), reflecting the collection’s high demand. Within just 24 hours, these unique assets saw a trading volume of 1,693.14 ETH, with the highest sale in March reaching 246.94 ETH.

The collection consists of 10,000 NFTs, shared among 5,341 unique owners, demonstrating its broad appeal. With a total market capitalization of around $484 million, the Bored Ape Yacht Club stands as a major force in the NFT market, highlighting its significant impact and value in the digital art scene. This thriving community and the ongoing interest in BAYC NFTs underscore its central role in the evolving landscape of digital collectibles.

Navigating the risks

When considering buying NFTs, it’s important to tread carefully. The sale of Kevin Hart, Justin Bieber, and Madonna’s Bored Ape Yacht Club NFT highlights the risks involved, particularly the market’s legal challenges and volatility. NFTs became popular as digital tokens of ownership during the pandemic, but recent economic changes and major events in the crypto world have cooled the initial excitement. This downturn shows how NFT investments can be highly speculative. So, despite the digital opportunities NFTs offer, it’s wise to approach this fast-evolving market with caution.

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Whitney Anderson
Whitney Anderson
Whitney Anderson is a dynamic technology writer and content creator known for her quick learning and strong interpersonal skills. With a passion for community service and travel, she excels in crafting engaging tech content and leading diverse teams. Whitney is eager to bring her tech expertise and creativity to make a significant impact in your organization.

Why Trust Us

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