Bored Ape Yacht Club #9258, previously under the ownership of renowned American comedian Kevin Hart, has recently changed hands for approximately 13.26 ether ($46,200). This transaction unfolded today on Blur, a non-fungible token exchange platform, following several exchanges over the weekend. The sale, notably, reflects a substantial decrease in value compared to Hart’s initial investment in the digital asset.
Kevin Hart’s Acquisition and Subsequent Devaluation
In January 2022, Kevin Hart acquired the Bored Ape, characterized by its depiction wearing a vibrant propeller hat, for 79.5 ether. At the time of purchase, the value surpassed $200,000, as indicated by data from Blur.
Celebrities and Crypto Startup Involvement
Hart’s procurement of the NFT was facilitated by the crypto startup, MoonPay. This company reportedly aided various celebrities, including Justin Bieber, Madonna, and Jimmy Fallon, in obtaining Bored Ape Yacht Club NFTs. Allegations surfaced suggesting that MoonPay occasionally provided these NFTs as part of promotional agreements, sometimes free of charge.
Legal Entanglements and Allegations
In December 2022, a class-action lawsuit, spearheaded by the California-based law firm Scott + Scott, implicated MoonPay, Bored Ape’s creator Yuga Labs, Kevin Hart, and numerous other celebrities. The lawsuit alleged their involvement in a scheme of undisclosed celebrity endorsements. Sotheby’s, a prominent auction house, later joined the list of defendants.
Evolution of Bored Ape Yacht Club’s Market Value
Since its inception in 2021, the Bored Ape Yacht Club has emerged as a cornerstone within the nonfungible token market. However, the collection has witnessed a gradual decline in its floor price. Initially peaking at over 150 ether in May 2022, the value plummeted to approximately 14 ether by March 23, according to data sourced from CoinGecko. Despite its initial allure and celebrity endorsements, the Bored Ape Yacht Club NFT has encountered a significant devaluation over time. This downward trajectory underscores the volatile nature of the NFT market and prompts reflections on its long-term viability as an investment avenue.
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