Celebrity NFTs: Neymar da Silva Santos Júnior, or ‘Neymar’ as he is more commonly known, is a Brazilian pro footballer. While he’s an amazing footballer, his investing skills may not be so stellar.
The soccer star is currently nursing a loss of approximately $700k after purchasing NFTs and then subsequently watching them bottom-out.
Neymar and NFTs
Neymar entered the world of non-fungible tokens (NFTs) in January of this year. At the time, the Paris Saint-Germain star shelled out about $1m to buy two NFTs from the Bored Ape Yacht Club (BAYC) collection. At the time, he proudly put one of his apes as a profile picture on his Twitter account.
Neymar’s two Bored Apes are currently worth less than $350,000.
Neymar’s other ape sits in his wallet called EneJayVault.
Celebrity NFTs: Taking losses
Neymar is not the only celeb who has had big losses when it comes to NFTs. Considered one of the greatest rappers of all time, Eminem has also suffered financial damage from his NFT purchases. In January, he bought the Bored Ape 9055 for 123.45 ETH, about $462,000 at the time.
Since then, the token’s price has dropped to $140,000. Not even the actions taken by the singer around the BAYC ecosystem had any effect. In June, alongside Snoop Dogg – he released a music video where the two rappers bring their Bored Apes to life.
Despite fans praising the initiative and the video having more than 56 million views on YouTube, BAYC prices continued to fall. The company behind the collection has taken several initiatives to expand the ecosystem around the Apes. But the collection’s sales volume continues to hit new lows.
Neymar and Eminem are in good company with their losses. Other celebrities who decided to acquire a BAYC, as is the case with Madonna, are also sporting big losses with their NFTs.
Another musician who has accumulated losses is DJ Steve Aoki.
Aoki, in addition to being a collector, has minted his own non-fungible tokens. At the time, he famously said that he earned more money from NFTs than he did from his music.
Aoki also invested around $350,000 in the Doodles collection a few months ago. Currently, the NFTs in his possession are worth less than $50,000, according to DappRadar.
Celebrity NFTs and losses: $623,000 became $10
The most symbolic case involving a celebrity and their losses with NFTs is that of Logan Paul. The famous influencer and YouTuber bought an Azuki NFT for $623,000 earlier this year. This asset is currently priced at just $10.
Paul’s collection on OpenSea, which also includes NFTs from CryptoPunks and World of Women, has dropped significantly since his original purchase.
The sharp devaluation of celebrity NFTs soon went viral on social media, with many using this example to claim that NFTs are a fraud or have no real value. However, this segment may come back to prominence once the current crypto winter thaws.
For Logan Paul however, his climb out of the negative zone has additional barriers. He claims that he also has a loss of half a million dollars on his investments in Bitcoin and altcoins.
Will Neymar, Eminem and the other celebrities just have to wait for the next upswing in the market? Will they see their NFTs will be worth the same amounts that they were at the peak? Let’s keep an eye on the situation.
Opinions seen on this website should not drive any financial decisions from readers.