š The celebritiesā apes didnāt lose money; the people who came later paid the price
We can finally tally the bill for celebrity NFTs.
First, letās see how much money is still in the market. Two CryptoSlam snapshots: the week of October 31 saw $42.13 million; the week of November 3, $37.69 million. Buyer wallets rose from 216,000 to 244,000. The average sale price slipped from $45 to $42.
Less money, more people, prices in the low forties. A flea market.
Now letās look at the celebritiesā ledgers. There are two kinds of people.
Jay Chouās Phanta Bear collection had 10,000 NFTs, priced at 0.26 ETH each, and sold out in 40 minutes. His management company later clarified that the batch he had was gifted by the project team; he wasnāt involved in running the project and received no proceeds. With zero cost, thereās nothing to lose.
Justin Bieber was different. In January 2022, he spent 500 ETH on Bored Ape #3001, worth about $1.3 million at the time. Today, the floor price for the collection is 5.68 ETH, or about $12,700. A 99% drop. In four years.
CryptoBriefing and Yahoo have both reported this figure, and their numbers match.
Hong Kong actor Shawn Yueās ZombieClub launched 6,666 NFTs in March 2022, priced at 0.666 ETH each. Today, the floor price is 0.0093 ETH, about $21, with zero sales in 24 hours. Stephen Chowās Nobody collection had 10,000 NFTs, with a reference launch price of 0.195 ETH. Now the floor is 0.0269 ETH, about $60, also with zero sales.
No sales. You can list at whatever price you want; thereās no one on the other side.
Hong Kong actor Alex Fong said on a program last month that during the two years of the pandemic, he had just bought a house when work came to a halt and his income disappeared. So he bought the hottest NFT at the time. He lost more than he did in stocksāso much that he didnāt dare tell his family. His wife asked several times how many digits the loss was. He didnāt answer.
So whoās still buying? Courtyard topped last weekās sales rankings at $8.54 million, accounting for 22% of the weekās total. Behind it are graded physical cards, locked in a warehouse; the on-chain token is just a claim ticket for collecting them. In second place was BRC-20, from the Bitcoin ecosystem, at $2.82 million. Further down were CryptoPunks at $1.81 million and Bored Apes at $1.28 million, down 66% for the week.
Itās clear where the money is going: itās all crowding into the few things that have counterparties, physical assets, or a shared belief behind them.
Five BTC price sources put it between 76,303 and 76,483, all down by around 1%. ETH was between 2,244 and 2,249.
What celebrities sold back then was really an entry ticket. The image was just what was printed on it.
#äøę¬čŖå½é ē¤¾åŗBaoluoåøåčµę¬ #NFT #EntertainmentEconomy
We can finally tally the bill for celebrity NFTs.
First, letās see how much money is still in the market. Two CryptoSlam snapshots: the week of October 31 saw $42.13 million; the week of November 3, $37.69 million. Buyer wallets rose from 216,000 to 244,000. The average sale price slipped from $45 to $42.
Less money, more people, prices in the low forties. A flea market.
Now letās look at the celebritiesā ledgers. There are two kinds of people.
Jay Chouās Phanta Bear collection had 10,000 NFTs, priced at 0.26 ETH each, and sold out in 40 minutes. His management company later clarified that the batch he had was gifted by the project team; he wasnāt involved in running the project and received no proceeds. With zero cost, thereās nothing to lose.
Justin Bieber was different. In January 2022, he spent 500 ETH on Bored Ape #3001, worth about $1.3 million at the time. Today, the floor price for the collection is 5.68 ETH, or about $12,700. A 99% drop. In four years.
CryptoBriefing and Yahoo have both reported this figure, and their numbers match.
Hong Kong actor Shawn Yueās ZombieClub launched 6,666 NFTs in March 2022, priced at 0.666 ETH each. Today, the floor price is 0.0093 ETH, about $21, with zero sales in 24 hours. Stephen Chowās Nobody collection had 10,000 NFTs, with a reference launch price of 0.195 ETH. Now the floor is 0.0269 ETH, about $60, also with zero sales.
No sales. You can list at whatever price you want; thereās no one on the other side.
Hong Kong actor Alex Fong said on a program last month that during the two years of the pandemic, he had just bought a house when work came to a halt and his income disappeared. So he bought the hottest NFT at the time. He lost more than he did in stocksāso much that he didnāt dare tell his family. His wife asked several times how many digits the loss was. He didnāt answer.
So whoās still buying? Courtyard topped last weekās sales rankings at $8.54 million, accounting for 22% of the weekās total. Behind it are graded physical cards, locked in a warehouse; the on-chain token is just a claim ticket for collecting them. In second place was BRC-20, from the Bitcoin ecosystem, at $2.82 million. Further down were CryptoPunks at $1.81 million and Bored Apes at $1.28 million, down 66% for the week.
Itās clear where the money is going: itās all crowding into the few things that have counterparties, physical assets, or a shared belief behind them.
Five BTC price sources put it between 76,303 and 76,483, all down by around 1%. ETH was between 2,244 and 2,249.
What celebrities sold back then was really an entry ticket. The image was just what was printed on it.
#äøę¬čŖå½é ē¤¾åŗBaoluoåøåčµę¬ #NFT #EntertainmentEconomy
