Tom Brady has lost a lot of money on his Bored Ape.
He paid $433,000 for it in April. There is a best offer.
The celebrities have promoted NFTs to the people who will lose more during the winter.
Tom Brady took a bit of an L on one of his investments.
In April of this year, the 45-year-old purchased an NFT from the popular Bored Ape Yacht Club collection for 133 ether.
133 ether is now worth $235,000, and the best offer his NFT, #3667, has is 77 ether, meaning its worth has dropped by more than 70%.
It's a stark dip that coincides with a broader decline in the world of cryptocurrencies. The price of ether has fallen with it. Users are less likely to invest in risky assets due to trust falling and rising inflation.
It was at an all-time high of $68,000 in November and is currently around $23,000, while ether was at an all-time low of $4,800 in late 2021.
Fortunately for Brady, he has plenty of money to spare, as evidenced by the $375 million broadcasting contract he signed with Fox in May. He launched a company called Autograph that will sell digital collectibles from celebrities.
Brady is one of many multimillionaire celebrities that have jumped into the web3 space face first in the past year and endorsed exchanges and NFT projects.
In June, the market fell below the $1 trillion mark for the first time in over a year, due to the winter that started last November.
According to the Wall Street Journal, daily sales in the NFT market have fallen from 225,000 in September of 2016 to about 19,000 in May.
The average retail investor is the one who feels the greatest effect from lost holdings.
You would have seen over half of your investment wiped out by now if you had invested on October 28th.
Business Insider has an article on it.
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