Thanks to the advent of the “Cryptocurrency Winter,” the hype around Non-Fungible Tokens (NFTs) has decreased significantly in 2022. Having become a veritable fever in 2021, with surprising appreciation, conquering a series of celebrities, NFTs are facing a wave of disinterest that is generating Already a millionaire losses.
Among the investors who “lost money” after buying the NFT is singer Justin Bieber. Data on the depreciation of NFTs from Bored Ape Yacht Club, to which the non-fungible Singer token belongs, shows that the loss can be as high as 84% of the invested amount.
In January 2022, Bieber purchased an NFT from the famous group of bored monkeys that appeared in the selfies of a number of celebrities, such as Neymar and Madonna. The singer even paid US$1.3 million for the digital item, a purchase that was questionable at the time.
This is because even before the devaluation, the token had very popular characteristics in relation to its price. Experts point out that 9,810 of the rarest pool of 10,000 NFTs were ranked, and the token would have had a bid close to or equal to the minimum pool value had it not been purchased by a celebrity.
A similar NFT from the same pool can sell for about 1/19th of the price Justin Bieber paid. Currently, the minimum amount that must be paid by investors who want to buy an NFT from Bored Ape Yacht Club is $70,000, while Bieber paid out $1.3 million.
Bored Ape Yacht Club’s non-fungible tokens, one of the world’s most valuable collections to date, aren’t just JPEGs of bored monkeys. When purchasing an NFT from BAYC, the investor gains access to a community of exclusive benefits, which include special events, promotional products, distribution of NFTs and cryptocurrencies, as well as the right to commercially exploit his token image.
The uniqueness and authenticity promoted by NFTs has attracted a real wave of celebrities to the sector, who have displayed NFTs in profile pictures on social networks. Some of them have also exploited their token image in presentations, music, movies and videos. However, with the decline in interest in technology, that has also changed.
Despite this, more and more “ordinary” people are interested in buying NFTs in the pool. Sales are increasing recently. Last Tuesday, the 15th, data from CryptoSlam indicated a turnover of $6.5 million for the Bored Ape Yacht Club.
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