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Ah, the NFT market—where digital dreams can either soar to stratospheric heights or plummet into the abyss of forgotten pixels. One moment you're holding a virtual Mona Lisa, and the next, it's more like a digital doodle.
We've seen some jaw-dropping nft price drops that would make even the most seasoned crypto traders wince.
Although many of us have made losses on NFTs at least we can tell ourselves, it could have been worse.
Trump’s NFT Trading Cards $1,262.91 -> $208.64
We’re starting of with one that may not be the largest nft price drop, but definitely a fun one to talk about
Trump's foray into the NFT world was initially met with mockery, especially when he hyped up the cards as a "major announcement."
Despite the skepticism, the digital cards, which feature Trump in various scenes like playing an electric guitar while riding a motorbike or serving burgers at a BBQ, were initially priced around $99 and managed to reach a peak of $1,262.91
However, the floor price of these NFTs saw a dramatic dip, briefly falling to 0.00057 ETH, or approximately $1.04, according to tracking data by OpenSea. The cards have since recovered somewhat, hovering around the 0.1147 ETH mark ($208.64) as of the latest data.
Trump's Defense: It's About Art, Not Money
Despite the fluctuating market and the ridicule he's faced, Trump defended his venture as being about "art" and not money. Speaking on the conservative One America News Network, he mentioned that the digital trading card collection was more like "comic book art" and expressed surprise at how quickly they sold out.
Pepe’s NFT collection: Sad Frog District $77, 400 ->$6.83
Sad Frogs District, an NFT collection featuring 7,000 unique cartoon frogs, which found itself in hot water with none other than Matt Furie, the creator of the iconic Pepe the Frog.
The project was officially recognized on OpenSea, perhaps causing some confusion. Furie succeeded in getting OpenSea, a leading NFT marketplace, to delist Sad Frogs District. The project's website also went offline temporarily.
Before the legal action, the project had amassed $4 million in trading volume, with the highest sale reaching 25 ETH, or approximately $77,000 at the time. Post-takedown, the highest offer for a Sad Frog plummeted to a mere $6.83.
Interestingly, Furie himself has ventured into the NFT space with Hedz. However, the highest sale in Furie's own NFT collection is 7.5 ETH, which is significantly lower than the 25 ETH fetched by a Sad Frog.
Logan Paul Bumblebee NFT K4M-1 #03 623,000 -> $7,272
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Logan Paul claimed that his bumblebee-styled NFT, known as K4M-1 #03, plummeted from an initial investment of $623,000 to a mere $10.
The actual value may lie slightly higher but the price drop is still immense.
According to DappRadar, the actual worth of Paul's bumblebee NFT is around $7,272 or 5.51 ether (ETH)
In December 2021, Paul tweeted that he had spent a whopping $2.645 million on his NFT collection. According to DappRadar, the current value of his collection is just under $1 million. That's about 37% of what he initially paid for it.
Justin Bieber’s BoredApe, $1,300,000 -> $59,000
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the Grammy award-winning pop sensation, who decided to ride the NFT wave at its peak. In January 2022, Bieber splurged a whopping 500 ETH—equivalent to around $1.3 million at the time—on a Bored Ape NFT #3001.
According to Bitcoinist, Bieber's prized Bored Ape has plummeted in value to a mere $59,000. That's a staggering 95% drop in value over a year and a half. Ouch.
But as with stocks, if you don’t sell it, you don’t realize it. It can always bounce back.
Adding fuel to the fire, several celebrities, including Bieber, Curry, and Madonna, have been named in a class-action lawsuit. The suit alleges that their endorsements of the Bored Ape Yacht Club NFTs were "manufactured," casting a shadow over the entire collection.
Jack Dorsey’s First Tweet 2,900,000 -> Pocket Change.
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Take the case of Jack Dorsey's first-ever tweet, a piece of internet history turned NFT. In March 2021, Iranian-born crypto entrepreneur Sina Estavi shelled out a jaw-dropping $2.9 million for this digital artifact. At the time, Estavi tied the NFT's astronomical value to its unique historical significance and its association with Twitter, a social media giant.
Fast forward to 2023, and the narrative has drastically changed.
Estavi had initially listed the NFT for a staggering $48 million, even promising to donate half of the proceeds to charity. But the philanthropic angle failed to entice potential buyers. The bids for the NFT were dismally low, with the peak bid being $280.
This lack of interest has left Estavi in a quandary. He reportedly stated that he might never sell the NFT, given the lackluster response.
