Neymar, Eminem, Madonna and Logan Paul lose millions
NFT Celebrities: Neymar da Silva Santos Júnior, or “Neymar” as he is more commonly known, is a Brazilian professional footballer. Although he is a fantastic football player, his investment skills may not be so great.
The soccer star is currently nursing a loss of roughly $700,000 after buying NFTs and then bottoming out.
Neymar and NFTs
Neymar entered the world of non-fungible tokens (NFT) in January this year. At the time, the Paris Saint-Germain star shelled out around $1 million to buy two NFTs from the Bored Ape Yacht Club (BAYC) collection. Back then, he proudly put one of his monkeys as a profile picture on his Twitter account.
Neymar’s Two Bored Apes is currently worth less than $350,000.
Neymar’s second monkey sits in his wallet called EneJayVault.
Celebrity NFTs: Taking Losses
Neymar isn’t the only celebrity who has had big losses when it comes to NFTs. Considered one of the greatest rappers of all time, Eminem has also suffered financial damage from his NFT purchases. In January, he bought Bored Ape 9055 for 123.45 ETH, about $462,000 at the time.
Since then, the token’s price has dropped to $140,000. Not even the actions the singer took around the BAYC ecosystem had any effect. In June, together with Snoop Dogg, he released a music video in which the two rappers bring Bored Apes to life.
Despite fans praising the initiative and the video having more than 56 million views on YouTube, BAYC prices continued to fall. The company behind the collection has taken several initiatives to expand the ecosystem around the Monkeys. But the collection’s sales volume continues to hit new lows.
Other celebrities
Neymar and Eminem are in good company with their losses. Other celebrities who decided to get a BAYC, as is the case with Madonna, also have big losses with their NFTs.
Another musician who has accumulated losses is DJ Steve Aoki.
Aoki, in addition to being a collector, has minted his own non-fungible tokens. At the time, he famously said that he made more money from NFTs than he did from his music.
Aoki also invested about $350,000 in the Doodles collection a few months ago. Currently, the NFTs in his possession are worth less than $50,000, according to DappRadar.
Celebrity NFTs and Losses: $623,000 turned into $10
The most emblematic case involving a celebrity and their losses with NFTs is that of Logan Paul. The famous influencer and YouTuber bought an Azuki NFT for $623,000 earlier this year. This resource is currently priced at just $10.
Paul’s collection at OpenSea, which also includes NFTs from CryptoPunks and World of Women, has declined significantly since the original purchase.
The sharp devaluation of celebrity NFTs soon went viral on social media, and many used this example to claim that NFTs are scams or have no real value. However, this segment may return to prominence once the current crypto winter thaws.
For Logan Paul, however, his climb out of the negative zone has additional barriers. He claims that he also has a loss of half a million dollars on his investments in Bitcoin and altcoins.
Do Neymar, Eminem and the other celebrities just have to wait for the next upswing in the market? Will they see that their NFTs will be worth the same amounts they were at the top? Let’s keep an eye on the situation.
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