Tom Brady bought a Bored Ape NFT for $430,000 in April. He has lost at least $194,000 on it since then.
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NFL quarterback Tom Brady has lost tens of thousands of dollars on his Bored Ape NFT.
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He paid 133 Ether ($430,000) for it in April, which is $235,436 right now. The best offer is $136,034.
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Celebrities have famously hyped NFTs to the masses, who stand to lose more amid the crypto winter.
Looks like NFL quarterback legend Tom Brady has taken a bit of an L on one of his recent investments.
The 45-year-old bought an NFT from the popular Bored Ape Yacht Club collection in April for 133 ether, which was around $430,000 at the time.
But the value has fallen in the four months since – 133 Ether is now worth $235,436, and the best offer his NFT, #3667, has is 77 Ether, or $136,034.31, meaning the value has fallen by 68%.
It’s a sharp drop that has coincided with a broader downturn in the crypto world and all things decentralized finance. Bitcoin’s price has dropped significantly – dragging other coins, such as ether, down with it. Confidence in the ecosystem has fallen and users are less likely to invest in such risky assets right now due to increases in inflation and federal interest rates.
Bitcoin was at a record high of $68,000 in November and is around $23,000 this month, for example, while ether was at $4,800 at the end of 2021 and is now trading at around $1,700.
Fortunately for Brady though, he has plenty of cash to spare — the NFL great signed a 10-year, $375 million broadcast deal with Fox after retiring in May. He also launched an NFT company called Autograph in 2021 that will sell digital collectibles from celebrities and sports icons.
Brady is one of many crypto-curious, multi-millionaire celebrities who have dived into the Web3 space face-first in the past year, supporting exchanges and NFT projects and comparing investing in crypto to exploring space.
But the crypto winter that began creeping in last November has wiped out much of the market, which in June fell below $1 trillion for the first time since February 2021.
The NFT market specifically has seen a decline in daily sales from 225,000 in September 2021 to around 19,000 in early May, the Wall Street Journal reported.
And as Insider’s Avery Hartmans has reported, it’s the average retail investor — not the deep celebrity backers — who feel the biggest impact from reduced or lost stakes.
For example, if you had invested in bitcoin the day actor Matt Damon’s now-famous Crypto.com ad aired on October 28, you would have seen over half of your investment wiped out by now.
Read the original article on Business Insider
