Key Takeaways:
– Kevin Hart reportedly sold his Bored Ape Yacht Club NFT for a loss of over $200,000.
– Justin Bieber and Madonna also reportedly suffered significant losses in their NFT investments, far surpassing Hart's losses.
– The majority of NFT collections are now worthless, according to a study by DappGambl.
– Celebrities named in this article are also implicated in a class-action lawsuit alleging manufactured promotions for the Yuga Labs token.
Within the expert world of cryptocurrencies, Bored Ape Yacht Club became a household name during the 2022 NFT surge. This Yuga Labs' brainchild saw the 2022 valuation jump to a whopping $4 billion before a steep decline. Enter celebrities such as Kevin Hart, Justin Bieber, and Madonna, who swiftly leaped onto the NFT bandwagon, only to suffer significant financial losses.
Kevin Hart's NFT Blunder Results in Over $200K Loss
Yuga Labs, the driving force behind Bored Ape Yacht Club, has experienced a drastic plummet in value from its 2022 peak. This abrupt turnaround has left many high-profile investors in a sticky situation. Kevin Hart, the Jumanji star, is the latest victim of this trend, losing almost $150K on his NFT purchase.
Hart originally bought his Bored Ape Yacht Club NFT (#9258) for $200K, facilitated by MoonPay. Unfortunately, the sale of this NFT only earned him back a fraction of his hefty investment. The token reportedly sold for 13.26 ETH, equating to approximately $46K. Paparazzi and fans alike are buzzing as news of Hart's loss spreads. Stories previously revolving around his career and successes are now replaced by this shocking financial blow.
Bieber, Madonna's NFT Losses Eclipse Hart's
While Hart's loss is substantial, it pales compared to fellow celebrities Justin Bieber and Madonna.
Bieber, famous singer-songwriter, is also feeling the sting of this unpredictable market. Reports suggest that his Bored Ape #3001, bought for 500 ET (around $1.3 million), is now worth only $59K. That means the ‘Yummy' singer has effectively lost $1.2 million!
The ‘Material Girl' singer Madonna, an intrusive player in several markets, has seen a similar decline in her NFT investment. She bought Bored Ape #4988 for 180 ETH, equivalent to $466K at the time. Unfortunately, her NFT was worth only 28 ETH ($53,000) as of July 2022, marking a loss surpassing $400K.
A Disaster for the Majority of NFT Collections
A study conducted by DappGambl reveals that nearly all NFTs have lost their value. According to their data, 95% of the 73,257 NFT collections examined are now worthless. This devastating statistic means that a staggering 95% of people holding NFT collections have completely devalued investments. This puts the number of people left holding worthless investments at over 23 million.
To add to their woes, the celebrities mentioned in this article were also targeted in a class-action lawsuit. The case alleges that these celebrities fabricated promotions for the Yuga Labs token, adding a legal headache to their financial losses. We can only wait to see the results of these costly mistakes, as the world of cryptocurrency continues its unpredictable dance.
