Week Jan 30 to Feb 5 In 2022, the search term “NFT” had a Google Trends (GT) score of 90, but today the GT score has dropped significantly to a score of 12. Not only has interest waned, but good non-fungible tokens (NFTs) no longer hold the value they once did in early 2022. For example, according to statistics, the Bored Ape Yacht Club (BAYC) collection’s market valuation based on floor values was worth $2.33 billion on February 3, 2022 — 291 days. After that, the collection’s market cap is now worth $615 million. Celebrities with high-quality NFTs, such as BAYC and Cryptopunks, have seen their NFTs lose a significant amount of value over the past nine months.
High-quality NFT market capitalization has fallen significantly since the beginning of the year
Popular non-fungible tokens (NFTs) from specific collections such as BAYC, Cryptopunks, Clonex, and Mutant Ape Yacht Club (MAYC), Azuki, and Moonbirds are still expensive digital collections. For example, the lowest priced Moonbird NFT is around 7 Ether or $7,906, while the BAYC NFT is priced at 57.50 Ether or $63K.
Statistics from nftpricefloor.com show that in November. On February 22, 2022, the Cryptopunks collection held the largest market cap at around 619,900 Ether. This is not much less than the lowest market cap of Cryptopunks on February 3, 2022, when the collection was 650,000 ETH.
However, the price of Ethereum per unit on February 3rd was about 2,667 nominal USD per Ether. So, nine months ago, the market cap was at a low of $1.73 billion, but now it’s down to $685.16 million.
This means that the Cryptopunks NFT collection has decreased by 60.47% over the past nine months. The same can be said for his NFT on BAYC. This is because the market cap has decreased from 875,000 Ether worth $2.33 billion on February 3rd to $615.53 million today worth 556,900 ETH.
Rich and Famous Owned NFTs Lost Huge Value in Nine Months
BAYC Collected Past Nine-month data show a 73.62% decline against the dollar. On January 2, 2022, rap star Eminem bought his BAYC #9055 for his 123.45 Ether, valued at around $452,000 at the time.
Eminem has moved his BAYC from the “Shady_Holdings” account he uses on his Opensea to the address “0x79f“. According to Dappradar.comestimates, Eminem’s BAYC is currently only worth 57.96ETH or $63,934.
Eminem’s NFT at that estimate he lost 85.85% in value since BAYC#9055 first bought his NFT means that Pop star Justin Bieber bought Bored Ape #3001 for his 500ETH. This was worth $1.3 million at the time. Currently, Bieber’s BAYC NFT is worth less than his 60ETH, or about $69,000.
Socialite Paris Hilton used Moonpay to buy Bored Ape #1294 for 119 Ether or $317K. As of the end of November 2022, Hilton’s BAYC #1294 is worth just $63,783 according to current estimates.
The same goes for the countless celebrities who own BAYC or Cryptopunks NFTs, including owners like Shaquille O’Neal, Jimmy Fallon and Gwyneth Paltrow. Never has it fallen 60% to 80% in 2018, so it’s safe to say that NFTs have lost far more value than the art pieces owned by some of these celebrities.
How do you feel about the decline in prime NFT values since the beginning of the year? How do you feel about celebrity-owned NFTs losing significant value since they were bought? ?Let us know your thoughts on the matter in the comments section below.
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