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.
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.
Eminem’s NFT at that estimated value means BAYC #9055 lost 85.85% in value since he first bought the NFT. Pop star Justin Bieber acquired Bored Ape #3001 for 500 ETH which was worth $1.3 million at the time. Today, Bieber’s BAYC NFT is worth less than 60 ETH or roughly $69K.
Socialite Paris Hilton leveraged the company Moonpay to buy Bored Ape #1294 for 119 ether or $317K. At the end of November 2022, Hilton’s BAYC #1294 is only worth $63,783 according to current estimates.
The same can be said for a myriad of celebrities that own BAYCs or Cryptopunks NFTs, including owners like Shaquille O’Neal, Jimmy Fallon, and Gwyneth Paltrow. It’s safe to say that NFTs have lost a lot more value than the fine art some of these celebrities own, as fine art prices have not seen values fall by 60% to 80% in nine months’ time.
What do you think about the decline in blue chip NFT values since the start of the year? What do you think about the NFTs owned by celebrities losing significant value since they were purchased? Let us know what you think about this subject in the comments section below.
