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Tom Brady rarely takes Ls, but after jumping into the NFT game that 99% of the world still doesn’t fully understand, he’s taken a rather massive one. It turns out spending $430,000 on a Bored Ape NFT wasn’t the wisest of investments.
Like many other wealthy celebrities and athletes, the Tampa Bay QB purchased an NFT from the Bored Ape Yacht Club back in April. Brady paid 133 ether for his ape, which amounted to right around $430,000 at the time.
— FFVV1211.eth (@FFVV1211) April 5, 2022
Just to be clear, this is a digital painting of an ape that lives on the Internet that you can do nothing with other than watch its value go up or go down. Unfortunately for the Bored Ape owners out there, the crypto market has plummeted, meaning the value of said apes has depreciated drastically.
In the four months that Brady has owned his Bored Ape, 133 ether is now worth just over $235,000. He’s received offers for the NFT, but the best one is a whopping 77 ether, valued at just over $136,000.
So, in summary, Brady’s ape has dropped 68% in value with the best offer he’s received being just $136,034 worth of ether.
This could all change if the crypto market bounces back, but it doesn’t look like that’s going to be happening anytime soon, maybe ever. With the real-world economy struggling and inflation hitting an all-time high, people aren’t exactly looking to spend hundreds of thousands of dollars on digital art.
A single Bitcoin was worth an all-time high $68,000 in November of last year. Now, a Bitcoin is worth approximately $23,000. Ether has taken a similar hit as well, leaving the NFT world in a horrible place.
From day one NFTs, specifically Bored Apes, were only for the rich and famous, now those rich and famous are taking massive hits for playing a game not many others could participate in.