It was a real boom. Between 2021 and 2022, digital art had come out all guns blazing. Some pieces were even sold for exorbitant prices. What happened?
Perhaps jumping on every trend doesn’t end up being so rewarding. This seems to have happened with investors who decided to buy NFTs, at the height of the digital art boom. Justin Bieber, LeBron James, Tony Hawk and Madonna were some of those who jumped on the bandwagon, but what happened to those multi-million dollar investments two years later?
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It is worth noting that in May 2022, this market had a market capitalization of US$526 billion but today it fell to US$18 billion, a capital outflow of 97%.
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The most shocking purchases and how much they are worth today
CryptoPunks represent one of the largest and most recognizable NFT series. It was launched on the Ethereum blockchain in 2017 by Larva Labs, the collection of 10,000 24 x 24 pixelated “punk” characters.
On February 12, 2022, CryptoPunk #5822 was sold for 8,000 Ether or $23.7 million. Just a month later, Thapliyal turned down an offer of 10,000 ETH for his punkwhich would have earned him an almost immediate profit of $2 million.
In April 2024, another Alien CryptoPunk, #635, sold for 4,000 ETH or $12.4 million, and Alien CryptoPunk #3100 sold for 4,500 ETH in March 2024. These sales indicate that 2022 investment fell by approximately half in just two years.
Another strange collection was EtherRock, released in 2017, which included 100 “Pet Rocks” based on a free ClipArt image. All rocks in the EtherRock series are the same size and shape, but vary in color. On November 2, 2021, EtherRock #93, a common gray rock, sold for 420 ETH.
At the moment, An EtherRock is trading at a price close to 200 ETH, in the range of $750,000 to $800,000, or $1 million less than in 2021.
Bored Ape Yacht Club
In 2021, another very famous collection was The Bored Apes that were everywhere. On October 26, 2021, Sotheby’s announced that had sold Bored Ape #8817 for a record $3.4 million. On February 12th, Golden Bored Ape #1726 was sold for just 275 ETH or $665,000.
Source: Ambito
I am a 24-year-old writer and journalist who has been working in the news industry for the past two years. I write primarily about market news, so if you’re looking for insights into what’s going on in the stock market or economic indicators, you’ve come to the right place. I also dabble in writing articles on lifestyle trends and pop culture news.