Bored Ape Yacht Club #9258, previously owned by Kevin Hart, was sold for approximately $46,200 on Blur, marking a significant loss from the $200,000 Hart paid in 2022. The sale follows a class action lawsuit alleging undisclosed celebrity endorsements of the NFT collection, which has seen a decline in value since its peak in May 2022.
Kevin Hart's Bored Ape NFT Sold at Steep Loss, Raising Questions about Celebrity Endorsements
In a highly publicized transaction within the non-fungible token (NFT) market, Bored Ape Yacht Club #9258, once proudly owned by renowned comedian Kevin Hart, has been traded at a staggering loss. The NFT, acquired by Hart in January 2022 for 79.5 ether (ETH) – equivalent to over $200,000 at the time – was recently sold for approximately 13.26 ETH ($46,200) on the Blur NFT exchange.
Hart's 2022 purchase was facilitated by crypto startup MoonPay, which has been entangled in allegations of undisclosed celebrity endorsements and preferential treatment. MoonPay is said to have aided celebrities like Justin Bieber, Madonna, and Jimmy Fallon in acquiring Bored Ape NFTs in exchange for promotional activities. However, MoonPay vehemently denies these claims.
In December 2022, MoonPay, Bored Ape creator Yuga Labs, Kevin Hart, and a host of celebrities became mired in a class-action lawsuit filed by Scott + Scott, a California-based law firm. The lawsuit accuses the parties of orchestrating an undisclosed celebrity endorsement scheme. Last summer, the suit expanded to include auction house Sotheby's as a defendant.
The steep loss incurred by Hart on his Bored Ape NFT serves as a stark reminder of the volatility and inherent risk associated with the NFT market. Since its inception in 2021, the Bored Ape Yacht Club has garnered immense attention and played a pivotal role in the burgeoning NFT space. However, the collection has witnessed a gradual decline in its floor price – the price of the cheapest NFT in the collection – which surpassed 150 ETH in May 2022 but has since plummeted to around 14 ETH as of March 23, according to CoinGecko data.
The NFT market has faced its share of skepticism and scrutiny, with critics questioning the intrinsic value and long-term viability of digital collectibles. The recent decline in the floor price of Bored Ape NFTs has further fueled concerns about the sustainability of the NFT market.
Moreover, the allegations of undisclosed celebrity endorsements and preferential treatment have cast a shadow over the ethical practices within the industry. Regulators and lawmakers have taken note, with investigations and potential regulations looming on the horizon.
As the NFT market continues to evolve, it remains essential for investors and collectors to exercise due diligence, understand the inherent risks, and seek professional advice when necessary. The recent sale of Kevin Hart's Bored Ape NFT at a significant loss serves as a cautionary tale, emphasizing the importance of prudence and informed decision-making in the volatile world of NFTs.
