April 19, 2024
Bored Ape NFT Sale: Kevin Hart Suffers Major Loss in Reported Transaction

Bored Ape NFT Sale: Kevin Hart Suffers Major Loss in Reported Transaction

Renowned actor and comedian Kevin Hart has reportedly sold his Bored Ape NFT at a substantial loss compared to its original purchase price two years ago.

Data obtained from NFT marketplace Blur, as reported by ZyCrypto, reveals that Hart’s NFT was sold for 13.65 ETH, equivalent to $47,000, on Monday.

This comes in stark contrast to the reported 79.5 ETH, or $200,000, he spent on acquiring Bored Ape Yacht Club #9258 in January 2022.

Discrepancy in Reported Sale Price

While Blur reported the sale at 13.65 ETH, The Block noted a slightly lower total of 13.26 ETH, equating to $46,200.

Regardless of the slight discrepancy, both sources indicate a significant loss of over 80 per cent on the sale of Hart’s once-prized possession from the Bored Ape Yacht Club collection.

The sale of Kevin Hart’s NFT underscores the inherent volatility in the NFT market. DappGambl released a study last year revealing that nearly all non-fungible tokens lack significant value.

The study, which analyzed over 73,000 NFT collections, found that approximately 95 per cent of them had a “floor price of zero” ETH, indicating that the vast majority of NFT investments are currently worthless.

High-Profile NFT Transactions

Despite the prevalence of NFTs with minimal value, high-profile transactions continue to capture attention. Justin Bieber’s Bored Ape #3001, for instance, was valued at $59,000 last year.

The singer purchased the NFT in January 2022 for 500 ETH, equivalent to $1.29 million. Such transactions illustrate the unpredictable nature of the NFT market, where values can fluctuate significantly over time.

Market Size and Leading Collections

In the rapidly expanding world of non-fungible tokens, Business Insider reported at the beginning of 2022 that the market had surged to $41 billion in the previous year.

The Bored Ape Yacht Club emerged as a leading collection, with a 7-day sales volume of $206.4 million at the time, reflecting the widespread popularity and allure of these digital assets.

As Kevin Hart’s NFT sale demonstrates, while some NFTs may command high prices initially, their values can fluctuate dramatically, highlighting the speculative nature of the market and the importance of careful investment decisions.

Image: Wallpapers.com

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