Kevin Hart Ditches Bored Ape at Loss Amidst MoonPay Lawsuit

American comedian Kevin Hart has sold his Bored Ape Yacht Club (BAYC) #9258 for around $46,200, significantly lower than the $200,000 he paid for it in January 2022. Hart's purchase was facilitated by MoonPay, which has been sued for allegedly promoting undisclosed celebrity endorsements of BAYC NFTs. Despite the BAYC's status as a symbol of the NFT market, its floor price has declined since May 2022, reaching around 14 ether as of March 23.

Why Did Kevin Hart Dump His Bored Ape at a Loss?

Hollywood funnyman Kevin Hart has parted ways with his Bored Ape Yacht Club (BAYC) #9258, unloading it for a mere 13.26 ether (around $46,200). That's a far cry from the 79.5 ether (over $200,000) he shelled out for it in January 2022.

MoonPay's Star-Studded Promotion

Hart's initial purchase was facilitated by MoonPay, a crypto startup that helped celebrities like Madonna, Jimmy Fallon, and Justin Bieber get their hands on BAYC NFTs. In exchange, these stars were expected to hype up the NFTs.

Legal Trouble for MoonPay and Celebs

In December 2022, the wheels of justice started turning when California law firm Scott + Scott slapped MoonPay, BAYC creator Yuga Labs, Hart, and a slew of other celebrities with a lawsuit. The allegation: they conspired to conceal celebrity endorsements of the NFTs. Sotheby's auction house was later added to the list of defendants.

BAYC's Plunging Value

Despite being considered a status symbol in the NFT world, the Bored Ape Yacht Club collection has seen its floor price (the price of the cheapest NFT in the collection) tumble. As of March 23, it's hovering around 14 ether, a steep drop from its peak of 150 ether in May 2022.

What's Behind the Decline?

The reasons for BAYC's decline are a topic of debate. Some point to the general crypto market downturn, while others suggest that the celebrity hype surrounding NFTs has cooled. Whatever the case, it's clear that Hart's decision to sell at a loss is a sign of the times.