KEY POINTS
The Bored Ape Yacht Club (BAYC) non-fungible token (NFT) once owned by the American comedian and actor Kevin Hart has recently changed hands for a price 74% lower than its original purchase value.
The NFT in question is BAYC #9258, which showcases the iconic ape donning a Cuban shirt and a hat adorned with blue, red, and yellow hues, topped with a propeller. Today, this NFT found a new owner via the Blur marketplace for a mere 14.57 ETH, translating to $52,135 at the time of the transaction.
This price stands in stark contrast to the sum Hart had invested back in January 2022, acquiring it for 79.5 ETH, valued at $200,401 then.
Despite maintaining its prominence since its inception in 2021, the BAYC NFT collection has witnessed a year less glamorous than 2021 and 2022. During those years, the foray of many celebrities into the NFT space via high-profile acquisitions injected vigor into the market. Notable instances include Snoop Dogg’s acquisition of four BAYC NFTs in 2021 and Justin Bieber‘s purchase of a BAYC NFT for over $1.3 million on OpenSea in 2022.
However, 2023 unfolded as a year marred by setbacks and regulatory ambiguities, prompting several companies to abandon their NFT efforts, including GameStop and Starbucks. This, coupled with waning enthusiasm from many enthusiasts, cast a shadow over the space.
It’s not until the onset of 2024 that the NFT market has started to experience a resurgence. The initial months of the year bore witness to record-breaking sales, exemplified by the transactions involving two CryptoPunks NFTs — #3100 and #7804 — each fetching over $16 million. Additionally, a viral photo of a Shiba Inu wearing a hat turned into an NFT, selling for a staggering $4.3 million.
These recent transactions underscore the resilience of the NFT market, signaling a resurgence and instilling optimism among enthusiasts. According to Statista, projections indicate that the NFT market revenue could surge to $2.3 billion by the end of 2024.
