After holding a BAYC NFT for two years, Kevin Hart sells it for 83% lower than its purchased amount.
American actor and comedian Kevin Hart has parted ways with a Bored Ape Yacht Club (BAYC) NFT for 13.2 ETH, representing an 83% drop from its purchase price.
BAYC is an NFT collection featuring 10,000 cartoonish apes with varying traits. Launched by the blockchain tech startup Yuga Labs, the collection is housed on the Ethereum blockchain using the ERC-721 token standard. BAYC ranked as the leading Ethereum-based collection for many months.
Kevin Hart Part Ways With Bored Ape
The American actor purchased the Bored Ape #9258 for 79.5 ETH in early 2022. The collectible features an angered ape with dark brown fur, a spinner hat, and a traditional Cuban shirt. Hart purchased the artwork at a time when the BAYC collection saw a frenzied cult-like following from several individuals. Crypto payment platform MoonPay facilitated the purchase for Hart two years ago, among other celebrities who also bought the digital asset.
In December 2022, a 100-page class action lawsuit was filed against Yuga Labs in the United States over claims that the startup collaborated with celebrities like Justin Bieber, Snoop Dogg, Madonna, and Paris Hilton to promote the BAYC collection. According to the lawsuit, state and federal laws were violated.
Two months earlier, the U.S. Securities and Exchange Commission probed Yuga Labs over allegations that the platform facilitated the unregistered offering of the BAYC collection.
Fast forward to the present, Kevin Hart’s investment in the expensive BAYC NFT ends in a substantial loss. According to ETH’s price at purchase time, the Bored Ape sold for over $246,400. However, the latest sale from the American actor brings the asset’s valuation to around $44,800, with ether’s current value.
Are NFTs Dead?
The latest sale and other factors have sprung up a recurring question: Are NFTs dead?
Several individuals have asked this question due to the depreciation of engagement within the NFT ecosystem. Prices of some NFTs have significantly dropped, fueling the idea that NFT are possibly dead. However, NFTs are very much alive, depending on their utilities.
For example, NFT collections like Pudgy Penguins have risen to top four NFT projects on the Ethereum network, thanks to its utility.
