Kevin Hart's Bored Ape NFT Takes a Dive: Celebrity Endorsements vs. Risky Gamble

Has Kevin Hart's Bored Ape Lost Its Charm?

Kevin Hart may have suffered a sizeable loss on his Bored Ape NFT, prompting us to ask: are celebrity endorsements the future of digital collectibles, or a risky gamble?

A Prized Possession Gone Cheap?

Data from NFT marketplace Blur reveals that Hart's Bored Ape #9258 was sold for a mere 13.65 ETH, or $47,000. This is a significant markdown from the 79.5 ETH, or $200,000, Hart reportedly paid for it in January 2022. The Block reports a slightly lower sale price of 13.26 ETH, or $46,200.

A Common Conundrum: Worthless NFTs

DappGambl's study last year shed light on the alarming reality that nearly all NFTs may be "worthless." Their analysis of over 73,000 NFT collections found that 95% had a "floor price of zero" ETH. This suggests that millions of people holding NFTs may have made worthless investments.

Justin Bieber's Bored Ape: A Tale of Two Fortunes

Last year, CNBC valued Justin Bieber's Bored Ape #3001 at $59,000, a significant decline from the 500 ETH, or $1.29 million, he paid for it in January 2022. This raises questions about the staying power of celebrity endorsements in the NFT market.

The NFT Market: A Rollercoaster Ride

At the beginning of 2022, Business Insider reported that the NFT market had surged to $41 billion in the preceding year. The Bored Ape Yacht Club led the charge, generating a 7-day sales volume of $206.4 million. However, the sharp decline in Hart's and Bieber's Bored Apes suggests that the NFT market may be more volatile than initially anticipated.

Conclusion: Caveat Emptor

As the NFT market continues to evolve, it's crucial for investors to proceed with caution. While celebrity endorsements may garner attention, it's essential to remember that the value of NFTs can fluctuate drastically. Before making any investment, it's prudent to do thorough research and be prepared for potential losses.