Blue Chip NFTs Owned By Celebs Lose Significant Value

During the week of Jan. 30 to Feb. 5, 2022, the search term “NFT” had a Google Trends (GT) score of 90 and today the GT score has dropped a great deal down to a score of 12. Not only has interest declined, but blue chip non-fungible tokens (NFTs) don’t hold the value they once did at the beginning of 2022. For instance, statistics show the Bored Ape Yacht Club (BAYC) collection’s market valuation based on floor values was worth $2.33 billion on Feb. 3, 2022 — 291 days later and the collection’s market cap is now worth $615 million. Celebrities holding blue chip NFTs like BAYCs and Cryptopunks have seen their NFTs lose a great deal of value over the last nine months.

Blue Chip NFT Market Caps Slide Significantly Lower Since the Start of the Year

Popular non-fungible tokens (NFTs) stemming from specific collections like BAYC, Cryptopunks, Clonex, Mutant Ape Yacht Club (MAYC), Azuki, and Moonbirds are still pricey digital collectibles. For instance, the lowest valued Moonbird NFT is around 7 ether or $7,906, while a BAYC NFT will cost 57.50 ether or $63K.

From Fine Art to Bored Apes and Punks: Blue Chip NFTs Owned by Celebs Lose Significant Value — Statistics from nftpricefloor.com on Tuesday, Nov. 22, 2022.

Statistics from nftpricefloor.com show that on Nov. 22, 2022, the Cryptopunks collection held the largest market capitalization of around 619,900 ether. That’s not much less than the Cryptopunks floor capitalization the collection had on Feb. 3, 2022, when it was 650,000 ETH.

However, the price of ethereum per unit on Feb. 3 was approximately 2,667 nominal U.S. dollars per ether. That means while the floor capitalization was worth $1.73 billion nine months ago, today the market cap is down to $685.16 million.

This means the Cryptopunks NFT collection dropped by 60.47% during the last nine months. The same can be said about BAYC’s NFTs as the market cap has dropped from 875,000 ether worth $2.33 billion on Feb. 3, to today’s 556,900 ETH worth $615.53 million.

NFTs Owned by the Rich and Famous Lost Massive Amounts of Value in 9 Months

The data shows during the last nine months, BAYC’s collection dropped by 73.62% against the U.S. dollar. On Jan. 2, 2022, the rap star Eminem purchased BAYC #9055 for 123.45 ether and at the time, it was worth roughly $452K.

Eminem moved his BAYC from the “Shady_Holdings” account he uses on Opensea to the address “0x79f.” Dappradar.com estimates show Eminem’s BAYC is only worth 57.96 ETH today or $63,934.

From Fine Art to Bored Apes and Punks: Blue Chip NFTs Owned by Celebs Lose Significant Value