Jake Paul NFT Fail: A Sign Of Things To Come?

jake paul nft
  • Pro-boxer and YouTuber Jake Paul has set up an auction for a video of him knocking out Nate Robinson in November 2020.
  • The auction will run until the 17th of April, and the winner will get another NFT video of his fight against Ben Askren.
  • The 30-second NFT video has been pegged at $10 million.
  • After more than 48 hours, the highest bid for Jake Paul’s knockout video remains $11k.

The non-fungible token (NFT) mania continues to roll along, peaking with the sale of Beeple’s The First 5,000 Days and Jack Dorsey selling a tweet for $2.9 million. As the NFT-craze reaches its peak, controversial YouTuber and professional boxer Jake Paul has put up an NFT sale of his fight last November.

Jake Paul NFT Auction

Jake Paul has uploaded an NFT video of the unforgettable knockout punch from his fight against Nate Robinson on November 28, 2020. The fight was Triller’s first-ever Fight Club boxing event.

The winner of the bidding event will also own the last 30 seconds of the upcoming Jake Paul vs. Ben Askren fight – including any knockout. The bout will be headlining the Triller Fight Club event on Saturday, April 17.

The NFT video was put up by TrillerNet, the parent company of micro-video TikTok competitor Triller. According to TrillerNet, its NFT marketplace was developed in partnership with the consumer engagement platform Amplify.

The reserve price of the auction has been set at a whopping $10 million as a buy-it-now option. Based on what we’ve seen with NFTs recently, that seemed like a standard price.

A Hitch In The Auction

The NFT marketplace, as we’ve come to know it, has been out of the ordinary and highly unpredictable. However, there may be a hitch in Jake Paul’s NFT auction.

The reserve price for the 30-second knockout video was set at $10 million. However, after more than 48 hours, the highest bid has been $11,003 – 0.0011% of the asking price. This drastic disparity has led to the question – is this a sign of things to come?

A Sign Of Things To Come?

After completing some eye-popping sales, questions are now being raised regarding the future of the NFT marketplace. The total amount of NFT sales has declined since mid-February, so have the weekly volume, user volume, and the number of transactions on NFT marketplaces.

Data from reputable NFT trackers suggest that the NFT craze might just be winding up. The seeming lack of interest in the auction sale put up by the influential Jake Paul may just confirm the growing concerns that the NFT craze has died out.

On the Flipside

  • While NFT sales might be facing rapid declines, some NFT marketplaces have continued to record significant sales.
  • Over the last seven days, a total of 465 sales, amounting to $28.4 million, has been completed on CryptoPunks.
  • The biggest individual sale, Ͼ #6704, was for 380 ETH or $783,579.

Could NFTs Pull Off Another Miracle?

While the auction is far from the reserve price, there may still be hope in sight for Jake Paul’s NFT. Beeple’s industry-defining sale of $69 million received more than 180 bids in the final hour of the auction.

Jake Paul’s auction runs until the end of his upcoming fight on Saturday, April 17th. That means there could be more than enough time for a change in the fate of his NFT auction. The coming days will offer more insight into the future of the NFT marketplace.

This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

Tags
Author
Milko Trajcevski

Milko Trajcevski is a DailyCoin news reporter, mainly focused on Ethereum (ETH), Cardano (ADA), and their founders (Vitalik Buterin and Charles Hoskinson). Milko is an avid follower of crypto and blockchain technology and has written thousands of articles on the subjects. He finds joy in transforming complex issues into written content that anyone can understand. Milko has used and analyzed numerous exchanges, such as Coinbase, FTX, and Binance. He also closely follows all of the latest news around the largest decentralized exchanges (DEXs). Location: Skopje, Macedonia