During the week of January 30 to February 5, 2022, the search term “NFT” had a Google Trends (GT) score of 90 and today the GT score has dropped significantly to a score of 12. Not only interest has waned, but prime non-fungible tokens (NFTs) don’t retain the value they once had […]
During the week of January 30 to February 5, 2022, the search term “NFT” had a Google Trends (GT) score of 90 and today the GT score has dropped significantly to a score of 12. Not only interest has waned, but top-notch non-fungible tokens (NFTs) are not retaining the value they once had in early 2022. For example, statistics show that the market valuation of the Bored Ape Yacht Club collection ( BAYC) based on floor values was worth $2.33 billion on February 3, 2022 – 291 days later and the collection’s market cap is now worth $615 million. Celebrities holding blue chip NFTs like BAYCs and Cryptopunks have seen their NFTs lose a lot of value over the past nine months.
NFT Blue Chip Market Caps Drop Significantly Year-to-Date
Popular non-fungible tokens (NFTs) from specific collections such as BAYC, Cryptopunks, Clonex, Mutant Ape Yacht Club (MAYC), Azuki, and Moonbirds are still expensive digital collectibles. For example, the cheapest Moonbird NFT is around 7 ethers or $7,906, while a BAYC NFT will cost 57.50 ethers or $63,000.
Statistics from nftpricefloor.com show that on November 22, 2022, Cryptopunks collection held the largest market cap of around 619,900 ether. That’s not much less than the Cryptopunks ground cap the collection had on February 3, 2022, when it was 650,000 ETH.
However, the price of ethereum per unit on February 3 was around 2,667 nominal US dollars per ether. This means that while the floor capitalization was worth $1.73 billion nine months ago, today the market capitalization has fallen to $685.16 million.
This means that the Cryptopunks NFT collection has dropped by 60.47% over the past nine months. The same can be said about BAYC’s NFTs, as the market capitalization has grown from 875,000 ether worth $2.33 billion on February 3 to 556,900 today. ETH worth $615.53 million.
NFTs owned by the rich and famous have lost massive amounts of value in 9 months
Data shows that over the past nine months, BAYC’s collection has fallen 73.62% against the US dollar. On January 2, 2022, rap star Eminem bought BAYC #9055 for 123.45 ether and at the time was worth around $452,000.
Eminem’s NFT at this estimated value means BAYC #9055 has lost 85.85% in value since he first purchased 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 about $69,000.
worldly socialite Paris Hilton leveraged the Moonpay Company to purchase Bored Ape #1294 for 119 ethers or $317,000. At the end of November 2022, Hilton’s BAYC #1294 is only worth $63,783 according to current estimates.
The same can be said for a myriad of celebrities who own BAYCs or NFT Cryptopunks, including owners like Shaquille O’NealJimmy Fallon and Gwyneth Paltrow. It’s safe to say that NFTs have lost far more value than the fine art some of these celebrities own, as fine art prices haven’t seen their values drop 60% to 80% in nine months. .
What do you think of the decline in blue chip NFT values since the start of the year? What do you think of the significant loss in value of NFTs owned by celebrities since their purchase? Let us know what you think about this topic in the comments section below.