In 2021, as we hurtled towards the non-fungible token (NFT) market’s peak, Iranian cryptocurrency entrepreneur Sina Estavi decided it would be a good idea to pony up US$2.9 million (AU$4.3 million) for a tokenised version of Twitter founder Jack Dorsey’s first tweet.
Earlier this week, OpenSea data indicated the best offer for the very same NFT was valued at just US$3.77 (AU$5.57).
RELATED: According To OpenSea, Over 80% Of NFTs Created For Free Are Scams
While bidding has since climbed to a (slightly) more improved price of approximately US$3,700 (AU$5,466) — or two ETH — at this stage, it’s unlikely the overall landscape of these extremely intangible investments will ever see its former glory.
Anyone who’s still unconvinced needn’t look any further than the following list of prolific NFT losses sustained by everyone from popstar sensation Justin Bieber to football superstar Neymar Jr.
Check ’em out below.
The Biggest (And Most Painful) NFT Casualties So Far
**NOTE: All $$$ = AUD | Current Figures Based On OpenSea Bids (as of 25/07/23)
CryptoPunk #2140 — Gary Vaynerchuk
Purchase price: $5,900,000 (2021)
Current price: N/A
Depreciation: 100%
Bumble Bee NFT — Logan Paul
Purchase price: $982,500 (2021)
Current price: $2,736.71
Depreciation: 99.7%
Bored Ape Yacht Club #4988 — Madonna
Purchase price: $694,000 (2021)
Current price: $83,723.78
Depreciation: 87.9%
Creature #9018 — Shaquille O’Neal
Purchase price: $20,000 (2021)
Current price: $475.21
Depreciation: 97.6%
Bored Ape Yacht Club #5259 — Neymar Jr
Purchase price: $847,900 (2022)
Current price: $83,723.78
Depreciation: 90.1%
KaijuKing #1680 — Marshmello
Purchase price: $1,400,000 (2021)
Current price: $930.17
Depreciation: 99.9%
Bored Ape Yacht Club #3001 — Justin Bieber
Purchase price: $1,900,000 (2021)
Current price: $83,723.78
Depreciation: 95.6%
CryptoPunk #2950 — Serena Williams (via husband Alexis Ohanian)
Purchase price: $261,000 (2021)
Current price: N/A
Depreciation: 100%
Bored Ape Yacht Club #9055 — Eminem
Purchase price: $675,000 (2021)
Current price: $86,450.92
Depreciation: 87.2%
Now keep in mind… these are just the NFT losses we know about due to their celebrity associations. Dig a little further and you’ll discover it gets a lot more painful.
In fact, according to Bloomberg, over US$16 billion (AU$23.6 billion) in value has been wiped from the board since its peak; with an even greater multi-trillion-dollar deficit sustained by the wider crypto landscape.
RELATED: That Time Someone Paid $910,000 For A Virtual Mega Yacht
