NFT Mania Over? Jake Paul Punch at 1% of Reserve Price

Reading Time: 2 minutes
  • An NFT auction featuring Jake Paul knocking out Nate Robinson is currently set to fetch a little over 1% of its reserve
  • The auction may be a victim of a collapsing NFT market
  • Many metrics are down to pre-mania levels or below

NFT mania has been impossible to ignore even for those who actively try to avoid the crypto space. The craze has swept through the mainstream media like a crypto tornado, especially when Beeple sold his NFT Everydays – The First 5000 Days for a sensational $69 million. For many this represented the top whereas others predicted it was just the beginning, and if another famous auction is anything to go by then the skeptics may be right – YouTuber Jake Paul’s NFT knockout of Nate Robinson has only reached 1% of its reserve price.

Jake Paul Punch Fails to Hit Home

Paul and Robinson went head-to-head last year in what NFT marketplace TrillerNFTs labels “one of the most talked-about and controversial sports and culture events of 2020!” The knockout punch, the culmination of a 10-second video, has been listed on TrillerNFTs with a staggering reserve price of $10 million, with bidding closing on Saturday. However, with the current bid only $112,000 it seems that Paul and Triller NFTs may have missed the NFT boat.

NFT Bubble Has Burst

The lack of interest in Paul’s NFT may not be a reflection on him as an individual but rather the NFT space as a whole. According to NFT tracker, NFT sales are down on all metrics – number of sales, dollar volume, and active wallet addresses, with many metrics down to where they were before the NFT mania hit, and some even lower.

With three days left of the Jake Paul auction there is of course time for the price to increase further, but given the state of the market now it is highly unlikely that the target will be reached and Paul will have to drastically reduce his asking price next time round.