2021 was not only one of the biggest bull runs in the crypto markets but also the year when the NFT (Non-fungible tokens) hype skyrocketed. All of a sudden, it was all that was talked about. Consequently, the value of many NFT projects reached incredibly massive numbers. Fast forward a year later, and things have turned as bleak as ever.
Now, with the larger financial picture looking gloomy, it was expected for digital assets to lose some of their value. However, very few expected the NFT markets to tank the way they did.
Recently it was revealed that YouTuber and social media personality, Logan Paul’s $623,000 NFT is currently worth a measly $10. The non-fungible in question is Azuki’s ‘Bumblebee’, which is considered to be a prized possession. The collection features 10,000 hand-drawn avatars that are strikingly different from the others.
Paul is not the only celebrity to lose out on their NFT investments. The NFT hype saw big names pull up to the non-fungible bandwagon. And almost all of them have faced losses on their investments, let’s take a look at some of them.
Celebrities that have lost on NFT investments
Snoop Dogg: American Rapper Snoop Dogg is one of the biggest proponents of web3 and NFTs. Nonetheless, the rapper still fell victim to the falling markets. In December 2021, Snoop purchased XCOPY’s Right Click and Save As guy for 1,600 ETH, or $7,088,229 at the time. With the drop in Ethereum’s value, the same artwork is currently worth $2,083,456, less than 2/3rds of the original value.
Eminem: Snoops fellow rapper Eminem is another celebrity who has lost out on his NFT investment. In January of this year, the American rapper purchased Bored Ape 9055 for 123.45 ETH, about $462,000 at the time. As of now, the piece is worth around $102,000.
Neymar: Brazilian soccer player Neyamar Jr. is one of the most celebrated athletes in the world. Like Eminem, the Brazilian soccer star stepped into NFTs in January of this year. Neymar paid around $1 million for two Bored Ape Yacht Club non-fungible tokens. The two pieces are currently worth less than $350,000.
Steve Aoki: Steve Aoki has also been a popular proponent of web3 and NFT culture. The American DJ shelled out 269.69 ETH ($862,056) for Doodle #2238. However, as of now, the piece is worth $351,179, less than half the original amount.
Aoki is also the owner of BAYC Ape #8716.
Madonna: “Queen of Pop” Madonna is also an owner of a Bored Ape NFT. Madonna paid 180 ETH or $466,461 for BAYC #4988 for in March 2022. Currently, the ape is valued at $234,388.
This brings us to the conclusion that the non-fungible token hype has all but died out at the moment. Nonetheless, it does not mean that non-fungibles are all but gone. In fact, the use cases of non-fungible tokens are increasing by the day.
Although the space is most popular for art pieces, there are several other use cases for non-fungible tokens. Land records, court papers, documents, etc. can all be stored as NFTs. This protects them from physical danger and keeps them away from malicious players.