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The destiny of a famous celebrity's Bored Ape NFT
The fall of the NFT of a famous singer
At the height of the frenzy for non-fungible tokens (NFT), a renowned music artist acquired two NFTs from a popular collection of apes for a considerable sum. However, the value of these digital pieces has experienced a drastic fall since then.
The rise and fall of the ape NFTs
This NFT collection, consisting of 10,000 unique images of cartoonish apes with various traits and accessories, peaked in April 2022. At that time, its total market capitalization exceeded 1.4 million ETH, with a minimum price of 153 ETH per piece. However, since then, these values have significantly declined.
Celebrities and their participation in the NFT world
The singer was not the only celebrity to invest in these NFTs. Other figures from the entertainment industry also acquired and promoted these digital pieces. Furthermore, they participated in a funding round of 87 million dollars for a cryptocurrency company that facilitates the purchase of NFTs with fiat currency.
Controversies and accusations
Some users on social media have questioned the motivations behind these acquisitions by celebrities. Theories have been raised about possible promotional strategies to increase the value of the NFT collection.
Current Challenges in the NFT Market
The owners of these NFTs have faced significant difficulties recently. The minimum price of the collection experienced a fall of 16% in recent days, while the NFT market as a whole has suffered a notable decrease in transaction volume, with a reduction of 50% in June. The market capitalization has fallen from 1.4 million ETH to just 322,930 ETH, while the minimum price plummeted from 153 ETH to 31.4 ETH. To contextualize the personal impact, the value of the mentioned artist's NFT has drastically reduced from $1.3 million to just $58,610, exemplifying the current challenges facing the digital asset market.
Evolution of the minimum price and market capitalization of NFT