all about cryptop referances
During the week of January 30 to February 5, 2022, the keyword “NFT” had a Google Trends (GT) score of 90, and today the GT score has dropped significantly to a score of 12. Not only has interest dropped , but blue chip non-fungible tokens (NFTs) do not hold the value they once did in early 2022. For example, statistics show that the Bored Ape Yacht Club (BAYC) collection’s market capitalization based on floor values was worth $2.33 billion on 3 February 2022 – 291 days later, and the collection’s market value is now worth $615 million. Celebrities who hold blue chip NFTs such as BAYCs and Cryptopunks have seen their NFTs lose a lot of value over the past nine months.
Popular non-fungible tokens (NFT) originating from specific collections such as BAYC, Cryptopunks, Clonex, Mutant Ape Yacht Club (MAYC), Azuki and Moonbirds remain expensive digital collectibles. For example, the lowest valued Moonbird NFT is around 7 Ether or $7,906, while a BAYC NFT would cost 57.50 Ether or $63K.
Statistics from nftpricefloor.com show that on November 22, 2022, the Cryptopunks collection had the largest market capitalization of around 619,900 ether. That’s not much less than the Cryptopunks floor value the collection had on February 3, 2022, when it was 650,000 ETH.
However, the price of ethereum per unit on February 3 was approximately 2,667 nominal US dollars per ether. That means that while the floor value was worth $1.73 billion nine months ago, the market value today is down to $685.16 million.
This means that Cryptopunk’s NFT collection has fallen by 60.47% over the past nine months. The same can be said for BAYC’s NFTs as its market cap has dropped from 875,000 Ether worth $2.33 billion on February 3rd to today’s 556,900 ETH worth $615.53 million.
The data shows that over the past nine months, BAYC’s collection has declined by 73.62% against the US dollar. On January 2, 2022, rap star Eminem bought BAYC #9055 for 123.45 Ether, worth approximately $452,000 at the time.
Eminem moved his BAYC from the “Shady_Holdings” account he uses on Opensea to the address “0x79f”. Dappradar.com estimates show that Eminem’s BAYC is only worth 57.96 ETH today or $63,934.
Eminem’s NFT at the estimated value means that BAYC #9055 lost 85.85% in value since he first bought the NFT. Pop star Justin Bieber bought 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 about $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 who own BAYCs or Cryptopunks NFTs, including owners such as Shaquille O’Neal, Jimmy Fallon and Gwyneth Paltrow. It’s safe to say that NFTs have lost much more value than the art any of these celebrities own, as art prices haven’t seen their values fall by 60% to 80% over a nine-month period.
What do you think of the decline in blue chip NFT values since the start of the year? What do you think about the fact that the NFTs owned by celebrities have lost significant value since they were purchased? Let us know what you think about this topic in the comments section below.
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