NFT prices keep plummeting and celebs are the biggest losers

Madonna, Eminem, and Neymar Jr. also spent huge amounts of cash on NFTs from the Bored Ape Yacht Collection and they’ve lost nearly all the money they invested.

Neymar, for example, spent $847,900 on the NFT you see here (below, right), and it is now worth around $83,700.

That’s a 90 percent drop.

Madonna’s NFT (below, left) shared a similar fate.

She bought it in 2022 for the (then) equivalent of $571,000 and it is now valued at around $57,000.

The problem, to put it in crypto terms, is NFTs have sort of ‘lost their peg’ to the rest of the crypto market.

The meteoric rise of NFTs in 2021 was followed by a bloodbath in 2022 when everything including BTC went down the drain.

However, Bitcoin and some other crypto assets have since recovered, recouping some of their losses.

Meanwhile, NFT prices just keep going down.

The way NFTs were marketed and sold to the general public may have something to do with this massive market crash.

An NFT (non-fungible token) is a blockchain-verified asset that cannot be replicated or corrupted.

There are some interesting use cases, in theory, but so far they’ve only been advertised as a must-have flex for the mega rich.

People stopped caring after the initial hype, and now everyone’s left with monkey pictures in their crypto wallets, unsure what to do with them.