Rumors have been swirling around that rapper Eminem has offloaded his Bored Ape non-fungible token (NFT), but it turns out these claims are unfounded. The popular musician’s Bored Ape remains firmly in his possession, according to blockchain records.
Despite Eminem’s reluctance to sell, NFTs have been struggling lately, with the floor prices of “blue chip” NFTs such as CryptoPunks and Bored Apes declining, while many other NFTs see their values plummet into insignificance. However, this downward trend could present some attractive investment opportunities, according to Michael Anderson, co-founder of Framework Ventures. Speaking on the Bell Curve podcast, Anderson revealed that some fund managers believe that now might be the right time to purchase.
However, buying in a bear market can be a difficult decision to make, and the podcast’s co-host, Mike Ippolito, admitted that he and another co-host, Jason Yanowitz, had yet to buy any Punks. Part of the hesitation may be the result of new NFT marketplace models that have changed the game. Vance Spencer, fellow co-founder of Framework Ventures, explained that features like Blur points for bidding on NFTs, while beneficial for sellers and the protocol, left buyers holding onto devalued assets.
Despite the uncertainty in the current NFT market, Eminem’s Bored Ape #9055 received a current best offer of 35 wrapped ether, which equates to about $67,000. It seems uncertain if Eminem will let go of his prized NFT anytime soon, but given the fluctuations in the market, it may be wise to hold onto it for a little longer.
The pros and cons of investing in NFTs in the current market revolve around their potential for growth and the risk of further devaluation. While declines in floor prices may offer attractive entry points for new buyers, the possibility of prices continuing to drop can deter investors. Additionally, marketplace features like Blur points have shown that benefits can be skewed heavily towards sellers and the protocol, leaving buyers at a disadvantage. Ultimately, it may be wise to exercise caution before diving headfirst into the unpredictable world of NFTs, as their value and future potential remain uncertain.
Source: Blockworks
