ZombieClub NFTs spearheaded by HK actor Shawn Yue plummet 90% in value two years on

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24th February 2024 – (Hong Kong) Two years after their dazzling debut, the ZombieClub tokens, once a celebrated NFT project spearheaded by Shawn Yue, have seen their value tumble by 90 per cent, marking a sharp downturn in what was once a high-flying segment of the crypto market.

Launched on 15th March, 2022, the ZombieClub tokens were initially priced at 0.666 ETH each, which at the time, with Ethereum priced around $3,300, pegged the token’s value at approximately HK$17,252. The tokens witnessed a stunning trading volume of 4,925 ETH (equivalent to HK$76 million) on the secondary market in a single day, achieving an average sale price of 2.07 ETH (about HK$32,000).

However, the allure of rapid gains has since faded, with the tokens breaking below their initial offering price just three months after their release. Today, despite a resurgence in Ethereum’s price to $3,000, the floor price of ZombieClub tokens has haemorrhaged to just 0.0749 ETH (around HK$1,743). Accounting for transaction fees on the secondary market, the take-home value could be as low as approximately HK$1,500. This represents a loss of about 0.59 ETH, or around HK$15,752 per token for the holders.

The investment narrative took an intriguing turn when Yue, after the initial sale period, was seen purchasing a Rolls-Royce for transportation, a stark contrast to the project’s subsequent performance.

In light of these investment losses, or perhaps as a reflection on miscalculated decisions, some token holders have resurfaced statements made by Yue on Discord back in May 2022: “Hold your zombie, you won’t regret it.” These posts have seen a resurgence on X (formerly known as Twitter), with a mix of continued belief and self-mockery among the community.

In contrast, the recent NFT project ‘Nobody’, led by movie director Stephen Chow, sold out swiftly, garnering substantial support from cryptocurrency and NFT collectors who were hopeful about its future potential. However, unlike ZombieClub, ‘Nobody’ maintained its value at 0.4 ETH (around $9,420), which is double the minting price, reflecting a different trajectory in the volatile NFT market.