Following the 2022 NFT boom, Bored Ape Yacht Club was one of the most popular names in the market, at least for a while, before its value eventually tanked. Many Hollywood heavyweights, including Kevin Hart, Justin Bieber, and Madonna, jumped onto the NFT bandwagon following the NFT craze back then.
But following the fluctuations in the NFT market, most NFTs, including Bored Ape by Yuga Labs, witnessed a notable decline in their value, with celebs holding on to it, suffering a major loss. Hart becomes the new Hollywood A-lister to join this list, as he has reportedly incurred a massive loss after selling his Bored Ape NFT.
Kevin Hart Reportedly Sold His Bored Ape Yacht Club for a Loss of Over $200K
Opposed to its valuation of $4 billion back in 2022, Yuga Labs’ value, the parent company behind the token, has plummeted heavily. Many A-listers who bought into the Bored Ape Yacht hype train have now incurred a massive loss, including Jumanji Star Kevin Hart. Against the original purchase price of $200K, which MoonPay aided, Hart only managed to earn a fraction back while auctioning his Bored Ape Yacht Club NFT #9258. Per reports, Hart suffered a net loss of almost $150K by selling it for 13.26 ETH, which equates to approximately $46K.
However, Hart’s huge loss pales in comparison to that of Madonna and Justin Bieber, who too made a notable investment in Bored Ape back in 2022 before their values eventually tanked.
Justin Bieber and Madonna’s Bored Ape Is Only Worth a Fraction of What It Used To
Similar to Kevin Hart, Justin Bieber and Madonna too jumped onto the NFT bandwagon in 2022, with Bieber allegedly spending 500 ET to buy his Bored Ape #3001, which equated to $1.3 million. But as of July of last year, the value of his tokens dwindled to a mere $59K, resulting in a loss of almost $1.2 million. And in the Material Girl Singer’s case, who bought Bored Ape #4988 for 180 ETH, which equated to $466K at the time of her purchase, its value plummeted to 28 ETH back in July of last year. With 28 ET roughly equating to a little over $53,000 at the time, Madonna has lost over $400K following her NFT purchase.
This was no surprise, as per DappGambl’s study, nearly all of the NFTs had become worthless. The Study read:
“Of the 73,257 NFT collections we identified, an eye-watering 69,795 of them have a market cap of 0 Ether (ETH). This statistic effectively means that 95% of people holding NFT collections are currently holding onto worthless investments. Having looked into those figures, we would estimate that 95% to include over 23 million people who’s investments are now worthless.”
It’s important to note that the aforementioned celebs were also named in a class-action lawsuit filed by investors of Yuga Labs, with the lawsuit alleging the celebrity promotions of the token were manufactured.
