The negative trend affecting the overall NFT market has hit American comedian Kevin Hart, like many other celebrity NFT investors. The price of Bored Ape Yacht Club’s piece number 9258, which Hart purchased in 2022, has officially plummeted.
NFT Value Drops from 79.5 ETH to 13.26 ETH
The NFT piece number 9258, which is trading for about 13.26 Ethereum (ETH) or $46,200 on the leading NFT marketplace Blur, indicates a significant drop from Hart’s initial purchase price based on current rates.
According to data from Blur, the NFT piece adorned with a colorful propeller hat was purchased by Hart in January 2022 for 79.5 ETH, and its value at that time was over $200,000. This represents a decline of approximately 83% in the NFT’s price.
Despite its initial popularity, the NFT collection Bored Ape Yacht Club is facing a significant drop in the floor price, which represents the value of the cheapest NFT in the collection. Data provided by the crypto data and price platform CoinGecko reveals that the collection’s floor price has sharply fallen from over 150 ETH in May 2022 to as low as 14 ETH. This downward trend follows the general direction of the NFT market.
Legal Troubles Arise
On the other hand, Hart’s purchase of a part of the Bored Ape NFT in 2022 was allegedly facilitated by the crypto startup company MoonPay, which is reported to have helped many celebrities, including Justin Bieber, Madonna, and Jimmy Fallon, become owners of a piece of the Bored Ape NFT in exchange for promotions. MoonPay, despite denying allegations that it distributed Bored Ape NFTs to celebrities for free as some sources claim, is widely believed to have done so.
Indeed, in December 2022, Hart was sued along with MoonPay, Bored Ape creator Yuga Labs, and numerous other celebrities in a class-action lawsuit filed by California-based law firm Scott + Scott. The lawsuit alleges that the individuals and companies involved were not transparent and misled people by concealing their collaboration with MoonPay.
