SNEAK PEEK
- On his Bored Ape NFT, NFL quarterback Tom Brady has lost tens of thousands of dollars.
- In April, he purchased it for 133 ether, which is currently worth $235,436. Its top deal is $136 034 dollars.
- The Wall Street Journal reports that daily sales in the NFT market in particular had dropped from a high of 225,000 in September 2021 to a low of about 19,000 as of early May.
Legendary NFL quarterback Tom Brady appears to have lost a little money on one of his most recent ventures. The 45-year-old paid 133 ether, or about $430,000 at the time, for an NFT from the well-known Bored Ape Yacht Club collection in April.
But in the four months thereafter, its value has fallen precipitously; 133 ether is now worth $235,436 and the greatest offer his NFT, #3667, has 77 ether, or $136,034.31, a 68% decline in value.
It’s a sharp decline that has occurred at the same time as a general decline in the cryptocurrency and decentralized finance industries. The price of ether has decreased along with the price of bitcoin, which has dropped significantly. Users are currently less willing to invest in such risky assets due to rising federal interest rates and declining ecosystem trust.
For instance, the bitcoin price was $68,000 in November and is currently about $23,000, while the price of ether was $4,800 in late 2021 and is currently at $1,700.
Brady, fortunately, has plenty of money in hand because in May he signed a post-retirement, 10-year, $375 million broadcasting contract with Fox. In 2021, he also established an NFT business called Autograph, which will market and sell digital artifacts from famous people and athletes.
Brady is one of many multimillionaire celebrities who are crypto-curious and who have dove headfirst into the Web3 field in the past year, backing exchanges and NFT initiatives and comparing investing in cryptocurrencies to exploring outer space.
However, a large portion of the market has been destroyed by the crypto winter that started to set in last November. In June, the market went below the $1 trillion threshold for the first time since February 2021. According to thd e Wall Street Journal, daily sales in the NFT market specifically have decreased from 225,000 in September 2021 to roughly 19,000 as of early May.
