American comedian and actor Kevin Hart’s Bored Ape NFT from the coveted Bored Ape Yacht Club (BAYC) collection has sold for a staggering 81% discount.
The NFT, which once fetched a hefty price tag of 79.5 ETH or $200,000 in January 2022, was sold for a mere 13.65 ETH or $47,000 on Monday as per data from NFT marketplace Blur.
The news of the sale has sent shockwaves through the NFT community, raising questions about the current state of the market and the value of NFTs. According to on-chain data, the comedian purchased the NFT using the MoonPay service, which partners with celebrities and helps them purchase NFTs. Other celebrities who have held BAYC include billionaire businessman Mark Cuban, singer Justin Bieber, Snoop Dogg, Paris Hilton and TV presenter Jimmy Fallon.
Notably, despite the recent sale of Hart’s NFT, the BAYC collection remains at the top of the charts in terms of trading volume over the past 30 days, with $123.91 million, according to data from DappRadar. However, the minimum price for the token has fallen by 18% to $46,600.
This is not the first time a BAYC NFT has sold for a significant discount. In February 2024, the rare non-fungible token BAYC #1726 was sold for 275 ETH or about $688,000. It belonged to an NFT whale under the pseudonym “Franklinisbored”, who was one of the main holders of the collection.
Similarly, in August 2023, NFT BAYC #8585 was purchased for a record low of 153 ETH or about $254,000. The asset lost 80% in price in 11 months.
The recent sale of Kevin Hart’s NFT, along with the falling prices of other BAYC tokens, raises questions about the long-term viability of the NFT market. While the market remains popular, with many investors and celebrities jumping on the bandwagon, the recent sales suggest that the market may be experiencing a correction.
That said, despite BAYC’s popularity, the project has been faced with various controversies in the past, including a December 2022 lawsuit which has raised concerns about the transparency and ethics of celebrity endorsements in the NFT market.
Notably, the lawsuit alleged that all celebrity endorsements of BAYC NFTs were misleading and that the celebrities involved failed to disclose their financial interests in promoting these NFTs. The plaintiffs argue that the celebrities were paid to promote BAYC NFTs during the peak of the NFT craze, which helped drive up the prices of these NFTs to extraordinary highs while misleading investors into buying into the collection.
