Science

Devaluation: Elon Musk’s ex’s NFTs at their lowest

AwareNovember 17, 2021, 10:51 PM

Buyers of digital tokens issued by celebrities like Canadian singer Grimes bite their fingers after their audience ratings plummeted.

Canadian singer Grimes did a great job last February. Within 20 minutes, Elon Musk’s “separate half” had pocketed $ 5.8 million by auctioning off his NFT (non-fungible token) certified digital art collection. But the excitement of the first few hours has faded over the months. While a token sold for $ 7,500, it is now only worth $ 1,200, a dizzying 84% drop, Bloomberg reported.

“Most of these collections don’t have a lot of cash. This is one of the two ways that an NFT collection can die: it loses value or freezes. It’s probably too early to draw a conclusion, but it seems that these are more experiences than truly valuable collections, ”said Gauthier Zuppinger, founder of the specialty site NonFungible.com.

Other stars like wrestler John Cena, singer Shawn Mendes, and Paris Hilton have all surfed the wave. They also offered their own non-fungible tokens which then saw their prices drop rapidly. Mendes would still have made a million dollars from this operation. After the runaway created by the ads and the almost immediate purchase of NFT by fans, reselling seems very complicated in a niche market. Investors in NFT don’t touch it either.

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