Famous NFT collections like Bored Ape Yacht Club, Moonbirds, CryptoPunks, etc. have lost half the value they were bought for after the market crashed and crypto prices went down again
Seems like the NFTs aren’t doing quite well in the marketplace as most of them have lost their value due to crypto prices. An NFT bought for $1M is now down to $500k or less instead of going up.
The craze over NFTs in 2021 and then early 2022 brought many celebrities and rich investors into the NFT space who massively bought Bored Apes and CryptoPunks.
Justin Bieber’s Bored Ape #3001, which he bought for $1.29M is now only worth $69K. The worst thing about it is that he got it on impulse because it had no rarity traits and still paid 5x the price.
Other celebrities who bought NFTs on impulse are also at loss. Many had no prior experience and ended up paying more instead of doing research and seeing market conditions.