Bored Ape NFT Sells for 83% Less Than Buy Price: Are NFTs Dead?

Key Takeaways

  • Kevin Hart's Bored Ape NFT sale marks a significant loss, underscoring the NFT market's instability.
  • The fluctuating sales of Bored Ape Yacht Club NFTs reflect their ongoing, yet unstable, market presence.
  • Legal issues and celebrity promotions add complexity and risk to NFT investments.

Bored Ape Yacht Club sells 83% cheaper than comedian Kevin Hart initially bought it. The failed deal reflects the sad state of the NFT market.

Bored Ape Yacht Club #9258, previously owned by comedian Kevin Hart, was sold for approximately 13.26 ETH ($46,200) on the NFT exchange Blur. It represents a significant drop from the 79.5 ETH (over $200,000) Hart paid in January 2022.

This sale underscores the volatile nature of the NFT market and highlights a substantial loss for the American celebrity.

Bored Ape Yacht Club price

The Bored Ape Yacht Club (BAYC) is a prominent collection of non-fungible tokens (NFTs) that has captured significant attention in the digital art and cryptocurrency communities.

As of the latest update, the price floor for a Bored Ape NFT stands at 13.93 ETH. Over the past 24 hours, the collection has seen a sales volume of 636.58 ETH. The most expensive BAYC sold in March was 246.94 ETH.

Bored Ape Yacht Club NFT
Bored Ape Yacht Club NFT Sales in 30 Days | Source: CoinMarketCap

As of press time, 9,998 NFTs are in the Bored Ape Yacht Club collection, owned by 5,450 distinct individuals.

The total market capitalization of the BAYC collection is approximately $484 million, highlighting its substantial impact and value within the NFT market.

Kevin Hart’s $200K NFT Purchase

Kevin Hart purchased a Bored Ape Yacht Club NFT with a colorful propeller hat via MoonPay for a hefty 79.5 ETH ($200,000 at that time).

This move mirrored a broader trend of celebrity engagements in the NFT market, particularly with BAYC tokens, courtesy of MoonPay’s involvement.

The involvement of celebrities in promoting BAYC NFTs, sometimes in exchange for promotional activities, has stirred controversy. Consequently, in February 2023, several stars were sued for “promoting” Bored Ape Yacht Club, which was treated as unregistered security.

A class-action lawsuit filed against Yuga Labs, MoonPay, and several celebrities, including Hart, alleges an undisclosed scheme of celebrity endorsements.

This lawsuit also implicated auction house Sotheby’s, adding another layer of complexity to the unfolding narrative of celebrity-driven NFT endorsements. The decline in sales and interest, coupled with legal and regulatory scrutiny, suggests a need for caution among investors.

Is it still safe to buy NFTs?

The Bored Ape #9258 sale is a stark reminder for those captivated by the allure of NFTs, especially those buoyed by celebrity endorsements. As the NFT market faces both legal challenges and inherent volatility, the stability of such investments remains in question.

Initially propelled to fame during the pandemic, NFTs symbolized digital ownership’s prestige. Yet, the excitement has dampened amid economic shifts and a declining crypto market. The downturn, fueled by broader financial uncertainties and pivotal crypto events like the Terra Luna collapse and FTX bankruptcy, underscores the speculative nature of NFTs.

Hence, this event stresses cautious investment in the fast-changing and uncertain NFT market despite its appealing digital opportunities.