Bear Market Blues? Check Out the Current NFT Asset Values of Celebrities Worldwide

In 2020 to 2021, the application and trading volume of NFTs soared, with the market value tripling in just one year. However, faster price surges often lead to faster collapses, and the NFT market entered a bear market along with the cryptocurrency market, plummeting from last year's peak to $6.15 billion, evaporating over 80%. So, how are those celebrities who once flaunted their purchase of a certain NFT doing now?

Buy High, Sell Low

According to a report by Cryptoslate, the news of cryptocurrency investor Sina Estavi purchasing the NFT of Twitter founder Jack Dorsey's first tweet for around $2.9 million in 2021 sparked heated discussions. He mentioned that he viewed the NFT as a unique connection to the significant company Twitter.

However, his perspective may have changed recently. It is reported that Sina Estavi has been listing the NFT for sale since last year, planning to sell it. Initially, he even set an exaggerated price of $48 million while claiming to donate half of the proceeds to charity, but as expected, this move did not gain approval.

The price has been continuously dropping, and it even saw an offer as low as $3.78 on Opensea yesterday.

However, Sina Estavi is not the only celebrity facing substantial losses in NFT investments.

Inventory of Celebrities Facing Losses on NFTs

The following compilation is based on data from Coindesk, Opensea, and Cmcmarkets:

Justin Bieber

Justin Bieber is currently one of the celebrities with the highest loss percentage and amount. He purchased BAYC#3001 in January last year, which is currently at a loss of 95.8%.

Stephen Curry

As one of the pioneers who brought NFT craze to the public eye, Stephen Curry also seems to be at the forefront. He purchased BAYC#7990 in 2021, currently at a loss of 65%.

Neymar

As a professional football player and renowned NFT collector, losses may not be as significant for Neymar. The current loss on BAYC#6633 is 87%.

Snoop Dogg

Snoop Dogg, the legendary rapper who isn't afraid to spend money, also has a diverse NFT collection that has never been sold. The current loss on CryptoPunk#8472 is 23.7%.

Post Malone

Music superstar Post Malone, who is preparing to perform in Taiwan this year, purchased a similar NFT to himself, BAYC#9039, which is currently at a loss of approximately 79.6%.

Eminem

Similarly, as a rap icon, Eminem's BAYC#9055 is currently facing a loss of approximately 85.8%.

Of course, if NFTs are viewed as art purchases and collections, there is no such thing as losses or profits. As former SEC enforcer John Reek Stark mentioned:

Whether it's an NFT of a "bored ape" JPG image with interesting glasses or a colored hat, or an NFT of a Twitter tweet, regardless of the author, it is not a rational and wise investment channel, let alone a path to financial freedom, and often associated with scams.