In 2022, American actor and comedian Kevin Hart joined a growing number of celebrities vying to be a part of the cryptocurrency revolution. He apparently paid 79.5 ETH ($200,401) for a Bored Ape Yacht Club non-fungible token (NFT) using MoonPay, a cryptocurrency marketplace.
Bored Ape Yacht Club debuted in April 2021 as a collection of 10,000 distinct ape NFTs on the Ethereum blockchain. Hart’s NFT features an ape with a rainbow headgear and pinwheel. According to the company’s website, four pals formed the Bored Ape Yacht Club to “build something (ridiculous)” and create gorgeous digital art.
In its first year, the platform outperformed expectations, becoming popular in the market and generating sales of more than $1 billion. However, in December 2022, the platform was served with a class action lawsuit. The lawsuit claimed that celebrities violated state and federal laws by advertising Bored Ape Yacht Club NFTs. The lawsuit included 37 co-defendants, including Hart, Stephen Curry, Snoop Dogg, Justin Bieber, Madonna, and others.
Yuga Labs, the firm behind Bored Ape Yacht Club, denied the allegations. “In our view, these claims are opportunistic and parasitic,” a corporate spokeswoman told Decrypt. “We strongly believe that they are without merit, and look forward to proving as much.”
Hart sold his NFT for $47,000, a considerable decrease from his previous purchase of nearly $200,000, according to ZyCrypto. The outlet labeled the purported sale as a “81% discount,” implying he lost money. Analysts are concerned about the NFT market’s long-term viability in light of Hart’s sale, according to the site.
In September 2023, dappGambl evaluated over 73,000 NFT collections and concluded that “the vast majority of NFTs are worthless.”
“Of the 73,257 NFT collections we identified, an eye-watering 69,795 of them have a market cap of 0 Ether (ETH),” according to the report. “This number practically implies that 95% of persons with NFT collections are currently holding worthless investments. After reviewing such numbers, we estimate that 95% includes more than 23 million persons whose investments are now worthless.”
Despite the loss, Hart remains one of the world’s highest-paid celebrities, with a reputed net worth of $450 million.
Hart, born on July 6, 1979, in Philadelphia, Pennsylvania, began his comedic career by playing at an amateur night at a Philadelphia-area club. He was also featured on ABC’s “The Big House,” however his act did not resonate with his audience, and the show was cancelled after six episodes.
Hart took influence from comedians such as Chris Tucker and others. However, he altered his act to get his career back on track. His career recovered in 2006, when he published his debut stand-up CD, “I’m a Little Grown Man.”
This solidified his status as one of the top upcoming young comedians. His second album, “Seriously Funny,” was published in 2010 and proved to be even more successful. He also launched a series of comedy in 2011 and 2013.
Hart’s prowess in humor earned him multiple film appearances. He gained movie acclaim for his roles in “The 40-Year-Old Virgin,” “Soul Plane,” and “Little Fockers.” Since then, he has been in numerous films.
His success in humor and cinema won him a job as an event host. In 2012, he presented the MTV Awards and other high-profile events. Hart’s other initiatives include collaborating with Tommy John to produce an underwear brand. He also established the comedic streaming service Laugh Out Loud. The streaming service also offers a radio broadcast.
He has signed endorsement deals and/or formed relationships with brands such as Samsung, Wrangler, AT&T, and Mountain Dew. HartBeat Productions was founded in 2019 and employs over 40 people to manage Hart’s film, television, comedy, and radio projects.