Kevin Hart's Bored Ape NFT Tanks in Value, Raising Concerns About MoonPay's Dealings

Did Kevin Hart Get Fleeced on His Bored Ape NFT?

Bored Ape Yacht Club #9258, once the pride and joy of comedian Kevin Hart, has taken a nosedive. It traded hands on Blur for a mere 13.26 ether ($46,200), a far cry from the 79.5 ether ($200,000) Hart shelled out for it in 2022.

MoonPay's Shady Dealings

Remember when Hart bought his Bored Ape with the help of MoonPay? Turns out, MoonPay was allegedly doling out these NFTs to celebrities like Justin Bieber and Madonna in exchange for promo. MoonPay denies any freebies, but the class-action lawsuit filed by Scott + Scott paints a different picture.

Bored Apes: A Fading Fad?

Once the toast of the NFT world, the Bored Ape Yacht Club has hit a rough patch. The floor price has plummeted from a peak of 150 ether to a measly 14 ether. Is the NFT market losing its luster?

Sotheby's in the Hot Seat

Last summer, Sotheby's found itself embroiled in the MoonPay lawsuit. Allegedly, the auction house helped celebrities peddle these NFTs without disclosing their involvement.

Hart's Costly Mistake

Hart's decision to sell his Bored Ape at a loss is a cautionary tale for anyone considering investing in NFTs. The market is volatile, and the value of these digital collectibles can fluctuate wildly.

Is the NFT Bubble Bursting?

The decline of the Bored Ape Yacht Club and other NFT collections raises questions about the sustainability of the NFT market. Could this be a sign that the NFT bubble is about to burst?

Conclusion

Kevin Hart's Bored Ape debacle is a reminder that investing in NFTs carries significant risk. The market is still in its infancy, and it remains to be seen whether NFTs will stand the test of time.