Home / Trend News /From Fine Art To Bored Apes And Punks: Blue Chip NFTs Owned By Celebs Lose Significant Value

From Fine Art To Bored Apes And Punks: Blue Chip NFTs Owned By Celebs Lose Significant Value

22 Nov 2022

Huobi will endeavour to bring value to its business and provide secure and professional services to its users as it rebrands. Various technologies and resources will also be integrated into Huobi’s global public chain ecosystem, including the technology and resources offered by the HECO and TRON public chains, as well as the bridge between their chains, the BTTC.

Huobi: New Brand, New Strategies

Huobi Global has been rebranded to Huobi. The updated name of the company is composed of the Chinese characters “火” and “必”. Originally from Chinese culture, the first character symbolizes perpetual vitality and the transmission of this vitality to subsequent generations. The second means determination to succeed, illustrating Huobi’s goal of returning to the industry’s top three positions.

In Chinese, the character “必” can also be seen as an amalgamation of the characters “心” and “义”, which mean “heart” and “righteousness”, respectively. By displaying the symbolism behind these two Chinese characters, Huobi demonstrates its commitment to providing professional digital asset management services from the heart to users around the globe. It also aligns with the company’s mission, “empowering assets, promoting financial inclusion.”

Moreover, the updated name represents Huobi’s vision of ‘technology changes the world’ by upholding the Chinese virtue of righteousness, implementing the brand philosophy, contributing to innovation and development in blockchain and virtual asset technology, and embodying the brand philosophy ‘science and technology for good’.

Following the completion of the brand refresh, Huobi will work on enhancing the brand via various strategies. Since the inception of Huobi, the company has placed a great deal of emphasis on developing high-quality projects on the market, which will remain a key component of Huobi’s business strategy in the future. With the HT (Huobi Token) voting system, Huobi gives the listing right back to its users, who can now vote on listings with their HT. The company also intends to make HT the centre of the platform’s activities.

In addition to creating cutting-edge assets and supporting assets with strong market potential, the company will foster communities built around projects and empower them to thrive. With the intention of using science and technology for good, Huobi will continuously strive to create a safer and more stable environment for users to participate in early-stage quality projects, supporting the continued growth of the global virtual asset industry.

In order to further expand its global presence, Huobi plans to establish a presence in the Caribbean region, a region well-positioned to become a virtual asset hub because of its open regulatory environment, standard law systems, and the use of English as its primary language. Also, Huobi plans to increase its investments in Southeast Asia, Europe, and other regions with high growth potential for its user base.

Huobi will seek to achieve growth through strategic mergers and acquisitions that will contribute to creating a robust Huobi ecosystem worldwide in accordance with its planned expansion. Additionally, the company will exert great efforts on recruiting top-notch talent in the fields of blockchain and virtual assets. Also, Huobi intends to contribute significant resources and technology to developing a global public chain ecosystem, integrating the technology and resources available from the HECO and TRON public chains and the BTTC cross-chain bridge. Huobi is deeply committed to innovation and will continue to grow its business with such commitment.

In addition to receiving numerous financial licenses across several countries and regions, Huobi currently serves more than 50 million customers in over 160 countries worldwide. It is Huobi’s policy to adhere to the regulations of every country in which it operates to ensure compliance with the law. As part of Huobi’s global business strategy, the company will expand its cooperation with other countries and develop a business model compliant with international standards.

 

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Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

Ripple CEO: SEC Lawsuit Over XRP 'Has Gone Exceedingly Well'

The CEO of Ripple Labs says that the lawsuit brought by the U.S. Securities and Exchange Commission (SEC) against him and his company over XRP "has gone exceedingly well." He stressed: "This case is important, not just for Ripple, it’s ... read more.

Huobi will endeavour to bring value to its business and provide secure and professional services to its users as it rebrands. Various technologies and resources will also be integrated into Huobi’s global public chain ecosystem, including the technology and resources offered by the HECO and TRON public chains, as well as the bridge between their chains, the BTTC.

Huobi: New Brand, New Strategies

Huobi Global has been rebranded to Huobi. The updated name of the company is composed of the Chinese characters “火” and “必”. Originally from Chinese culture, the first character symbolizes perpetual vitality and the transmission of this vitality to subsequent generations. The second means determination to succeed, illustrating Huobi’s goal of returning to the industry’s top three positions.

In Chinese, the character “必” can also be seen as an amalgamation of the characters “心” and “义”, which mean “heart” and “righteousness”, respectively. By displaying the symbolism behind these two Chinese characters, Huobi demonstrates its commitment to providing professional digital asset management services from the heart to users around the globe. It also aligns with the company’s mission, “empowering assets, promoting financial inclusion.”

Moreover, the updated name represents Huobi’s vision of ‘technology changes the world’ by upholding the Chinese virtue of righteousness, implementing the brand philosophy, contributing to innovation and development in blockchain and virtual asset technology, and embodying the brand philosophy ‘science and technology for good’.

Following the completion of the brand refresh, Huobi will work on enhancing the brand via various strategies. Since the inception of Huobi, the company has placed a great deal of emphasis on developing high-quality projects on the market, which will remain a key component of Huobi’s business strategy in the future. With the HT (Huobi Token) voting system, Huobi gives the listing right back to its users, who can now vote on listings with their HT. The company also intends to make HT the centre of the platform’s activities.

In addition to creating cutting-edge assets and supporting assets with strong market potential, the company will foster communities built around projects and empower them to thrive. With the intention of using science and technology for good, Huobi will continuously strive to create a safer and more stable environment for users to participate in early-stage quality projects, supporting the continued growth of the global virtual asset industry.

In order to further expand its global presence, Huobi plans to establish a presence in the Caribbean region, a region well-positioned to become a virtual asset hub because of its open regulatory environment, standard law systems, and the use of English as its primary language. Also, Huobi plans to increase its investments in Southeast Asia, Europe, and other regions with high growth potential for its user base.

Huobi will seek to achieve growth through strategic mergers and acquisitions that will contribute to creating a robust Huobi ecosystem worldwide in accordance with its planned expansion. Additionally, the company will exert great efforts on recruiting top-notch talent in the fields of blockchain and virtual assets. Also, Huobi intends to contribute significant resources and technology to developing a global public chain ecosystem, integrating the technology and resources available from the HECO and TRON public chains and the BTTC cross-chain bridge. Huobi is deeply committed to innovation and will continue to grow its business with such commitment.

In addition to receiving numerous financial licenses across several countries and regions, Huobi currently serves more than 50 million customers in over 160 countries worldwide. It is Huobi’s policy to adhere to the regulations of every country in which it operates to ensure compliance with the law. As part of Huobi’s global business strategy, the company will expand its cooperation with other countries and develop a business model compliant with international standards.

 

This is a sponsored post. Learn how to reach our audience here. Read disclaimer below.

Bitcoin.com is the premier source for everything crypto-related. Contact the Media team on ads@bitcoin.com to talk about press releases, sponsored posts, podcasts and other options.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

Ripple CEO: SEC Lawsuit Over XRP 'Has Gone Exceedingly Well'

The CEO of Ripple Labs says that the lawsuit brought by the U.S. Securities and Exchange Commission (SEC) against him and his company over XRP "has gone exceedingly well." He stressed: "This case is important, not just for Ripple, it’s ... read more.

During the week of Jan. 30 to Feb. 5, 2022, the search term “NFT” had a Google Trends (GT) score of 90 and today the GT score has dropped a great deal down to a score of 12. Not only has interest declined, but blue chip non-fungible tokens (NFTs) don’t hold the value they once did at the beginning of 2022. For instance, statistics show the Bored Ape Yacht Club (BAYC) collection’s market valuation based on floor values was worth $2.33 billion on Feb. 3, 2022 — 291 days later and the collection’s market cap is now worth $615 million. Celebrities holding blue chip NFTs like BAYCs and Cryptopunks have seen their NFTs lose a great deal of value over the last nine months.

Popular non-fungible tokens (NFTs) stemming from specific collections like BAYC, Cryptopunks, Clonex, Mutant Ape Yacht Club (MAYC), Azuki, and Moonbirds are still pricey digital collectibles. For instance, the lowest valued Moonbird NFT is around 7 ether or $7,906, while a BAYC NFT will cost 57.50 ether or $63K.

Statistics from nftpricefloor.com show that on Nov. 22, 2022, the Cryptopunks collection held the largest market capitalization of around 619,900 ether. That’s not much less than the Cryptopunks floor capitalization the collection had on Feb. 3, 2022, when it was 650,000 ETH.

However, the price of ethereum per unit on Feb. 3 was approximately 2,667 nominal U.S. dollars per ether. That means while the floor capitalization was worth $1.73 billion nine months ago, today the market cap is down to $685.16 million.

This means the Cryptopunks NFT collection dropped by 60.47% during the last nine months. The same can be said about BAYC’s NFTs as the market cap has dropped from 875,000 ether worth $2.33 billion on Feb. 3, to today’s 556,900 ETH worth $615.53 million.

The data shows during the last nine months, BAYC’s collection dropped by 73.62% against the U.S. dollar. On Jan. 2, 2022, the rap star Eminem purchased BAYC #9055 for 123.45 ether and at the time, it was worth roughly $452K.

Eminem moved his BAYC from the “Shady_Holdings” account he uses on Opensea to the address “0x79f.” Dappradar.com estimates show Eminem’s BAYC is only worth 57.96 ETH today or $63,934.

From Fine Art to Bored Apes and Punks: Blue Chip NFTs Owned by Celebs Lose Significant Value

Eminem’s NFT at that estimated value means BAYC #9055 lost 85.85% in value since he first bought the NFT. Pop star Justin Bieber acquired Bored Ape #3001 for 500 ETH which was worth $1.3 million at the time. Today, Bieber’s BAYC NFT is worth less than 60 ETH or roughly $69K.

From Fine Art to Bored Apes and Punks: Blue Chip NFTs Owned by Celebs Lose Significant Value

Socialite Paris Hilton leveraged the company Moonpay to buy Bored Ape #1294 for 119 ether or $317K. At the end of November 2022, Hilton’s BAYC #1294 is only worth $63,783 according to current estimates.

The same can be said for a myriad of celebrities that own BAYCs or Cryptopunks NFTs, including owners like Shaquille O’Neal, Jimmy Fallon, and Gwyneth Paltrow. It’s safe to say that NFTs have lost a lot more value than the fine art some of these celebrities own, as fine art prices have not seen values fall by 60% to 80% in nine months’ time.

What do you think about the decline in blue chip NFT values since the start of the year? What do you think about the NFTs owned by celebrities losing significant value since they were purchased? Let us know what you think about this subject in the comments section below.

Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

Central Bank of Brazil Confirms It Will Run a Pilot Test for Its CBDC This Year

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