One of the notable collections that received a significant drop in value is the Doodle 2238, which was initially purchased for an astonishing $862,000. The current highest bid for this NFT stands at just $12,000, resulting in a significant loss for Aoki.
How Steve Aoki Turns $1.6M Into $33,000 Trading NFTs ↓ pic.twitter.com/qnuWNgv2vM
— Herbie (@liamherbst_) Jul 22, 2023
Similarly, Aoki’s investment in The Cool Cat 8665 NFT, which he bought for $123,000, has also undergone drastic devaluation. The highest bid for this particular token now stands at a measly $4,700.
The 3 Moonbirds NFTs, previously acquired by Aoki for $297,000, have experienced an astonishing 97% drop in value.
Furthermore, the Cryptomories 1026, once bought for $483,000, has sold for just $15,000, leaving Aoki with a staggering $468,000 loss on this particular investment.
According to DappRadar data, Aoki currently owns more than 13,000 NFTs, with an estimated total value of $1.05 million. However, a few months ago in early June, these NFTs were valued at an impressive $8.8 million, highlighting the significant drop in value.
NFTs, unique digital assets that represent ownership of artwork, music, or other collectibles, have gained significant popularity in recent years. The crypto art market witnessed an explosion, with NFT sales reaching remarkable heights. However, the volatility of the market has also exposed investors to potential risks, as can be seen in the case of Aoki.
DJ Steve Aoki is facing significant losses as the value of his blue-chip NFTs drops significantly. Herbie’s calculations show that NFTs that were once worth $1.6 million are now worth just $33,000. The market volatility underscores the importance of careful consideration and research when investing in NFTs and the crypto art market as a whole. As the market matures, investors must remain vigilant to make informed decisions in this dynamic and ever-changing industry.
DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We recommend that you do your own research before investing.