Hong Kong celebrity Alex Fong's unspoken NFT losses reveal the other side of the celebrity NFT gold rush

Author: ChandlerZ, Foresight News

In October 2026, Hong Kong actor and singer Alex Fong recalled on the online program "Chill Good" that during the pandemic, he had just bought a property when his acting work came to a halt, and with no income, he bought NFTs that were popular at the time. Fong revealed that his losses exceeded what he had previously lost in stock trading, and the amount was so large that he didn't dare tell his family. His wife repeatedly pressed him on just how many figures the loss amounted to, but he never answered.

Interestingly, Fong also disclosed another expense during the interview. He said that the more his work was going poorly and the tighter his finances became, the more he wanted to use luxury watches to make others think he was doing well. He had bought watches costing anywhere from over HK$100,000 to over HK$200,000, but rarely actually wore them—he worried about scratching them and feared others would notice he lacked work.

But four or five years ago, celebrity involvement in NFTs presented a very different picture. From 2021 to 2022, large numbers of avatar-based NFTs were used by buyers as social media profile pictures, and prices rose along with collecting enthusiasm. Owning a particular avatar also became a way to show that one had joined a certain collector community. The Bored Ape Yacht Club, composed of 10,000 ape avatars, attracted numerous singers, actors, and sports stars to buy in. Social media avatars, celebrity friend circles, and limited releases generated continuous attention. Fans didn't need to understand on-chain addresses, copyright boundaries, or liquidity—they only needed to recognize the celebrity behind the avatar.

From the pandemic-era low point Fong recalled to the high-priced avatars publicly bought by overseas stars like Justin Bieber and Kevin Hart, the investment bills left behind by the previous NFT boom are still being brought up repeatedly years later.

Phanta Bear: Sold Out in 40 Minutes

In January 2022, the streetwear brand PHANTACi founded by Jay Chou partnered with Ezek to issue 10,000 Phanta Bears at a mint price of 0.26 ETH, selling out within 40 minutes. Jay Chou and Hannah Quinlivan publicly displayed the related avatars, and entertainers such as Mayday's Ashin, JJ Lin, and Edison Chen subsequently joined in spreading the word.

JVR Music quickly clarified that Jay Chou had only received NFTs gifted by PHANTACi, had not participated in project planning or operations, and had not earned any proceeds.

What Jay Chou received was a gift for which he bore no cost, while ordinary buyers paid ETH, the issuing team collected minting revenue, and the operator promised concerts, merchandise, membership qualifications, and community events. When the market rose, these various roles together generated hype; after prices fell, the losses mainly remained in the accounts of those still holding NFTs and unable to find buyers.

In 2021, Shawn Yue consigned private collectibles including CryptoPunks, BAYC, and Meebits to Christie's for auction, among which CryptoPunk #9997 sold for HK$33.85 million. In March 2022, ZombieClub, which he co-led, issued 6,666 NFTs at 0.666 ETH each, and the average transaction price briefly exceeded 2 ETH after launch. Based on the OpenSea page as of October 14, 2026, the collection's floor price was about 0.0064 ETH, roughly 99% below the mint price, with zero 24-hour trading volume.

2426C, led by Edison Chen, brought together eight groups of creators including CLOT and tattoo artist Dr.Woo in 2022 to release 8,888 RED NVLPE tokens at 0.1888 ETH each. At the time of sale, the project faced technical controversies such as delayed image reveals and duplicate NFT receipts. Public reports in May 2024 showed that its social media account had not been updated since April 2023.

Stephen Chow participated in launching 10,000 Nobody NFTs in 2024, with a reference issue price of about 0.195 ETH, and the floor price briefly exceeded 0.8 ETH after opening. On October 14, 2026, OpenSea showed a floor price of about 0.02 ETH, or roughly US$50, with zero 24-hour trading volume. Celebrities can still sell out a batch of avatars in a short time, but subsequent prices must be sustained by continued operations and real buying demand.

In addition, the list of entertainers from Taiwan who issued NFTs also includes Nine Chen and Show Lo. Nine Chen launched 999 YOLO Cat NFTs, writing dining discounts, concert tickets, community interaction, and collaborative creation into holder rights. Show Lo served as art director for LION HEART, which issued a total of 7,300 NFTs, and the team once promised to buy them back if the price fell below 0.1 ETH. Both attempted to turn NFTs into celebrity membership cards, but YOLO Cat currently shows inconsistent supply and prices across different aggregator platforms, and LION HEART also lacks verifiable active market data for 2026, so this article does not estimate holder losses based on them.

An Avatar Bought for US$1.3 Million, Valued at About US$12,000 Four Years Later

In January 2022, Justin Bieber bought Bored Ape #3001 for 500 ETH, worth about US$1.3 million at the then-current price. The ape wears a black T-shirt and has a downcast expression, and its appearance traits are not rare within the collection. Even during that year's boom, the transaction was questioned for being far above the price of ordinary avatars in the same collection.

By February 2026, Decrypt estimated based on the collection's floor price of about US$12,000 at the time that this avatar had shrunk by about 99% from its purchase price. The floor price is the lowest listing price among NFTs for sale in the same collection, and Bieber's avatar did not trade at that price. Whether a celebrity's old holdings can fetch an extra premium still depends on the emergence of a buyer willing to pay.

Bored Ape #9258, once held by Kevin Hart, has a subsequent transaction record. The American comedian bought the NFT with MoonPay's assistance in January 2022 for 79.5 ETH, then over US$200,000. According to The Block, the avatar changed hands multiple times over a single weekend in March 2024 and sold on March 25 for about 13.26 ETH, or US$46,200. Compared with Hart's original purchase price, the ETH transaction price of this collectible fell by about 83%.

Brazilian footballer Neymar also bought two Bored Apes in January 2022. Boardroom recorded the purchase prices as 189.6 ETH and 159.9 ETH respectively, totaling about US$1.07 million at the time. He subsequently displayed the collectibles on social media. For such high-priced avatars, buyers can reference the most recent transaction price when buying, but when selling they need to find a new buyer; the fact that a collection once had million-dollar transactions does not guarantee that every avatar can exit at a similar price.

Showing Off Avatars Together on TV, but Each Has Their Own Ledger When Exiting

In January 2022, Paris Hilton appeared on "The Tonight Show" hosted by Jimmy Fallon, where the two displayed their respective Bored Apes and discussed the avatars' appearance. Hilton also introduced her NFT work in collaboration with Superplastic and announced that NFTs would be given to the studio audience. In a single TV interview, buying collectibles, displaying collectibles, and promoting one's own release happened at the same time, making it easy for viewers to interpret celebrity participation as endorsement of the entire market.

For ordinary collectors who followed celebrities into avatars, returns mainly depend on whether they can later sell at a higher price. After buyers decline, listing prices can remain unchanged, but transactions may not occur for a long time.

In this interview, Alex Fong said that he now has a family and is more cautious about spending. In the past, if he had ten dollars, he might spend eight or nine; now he keeps spending to around six. As for the investment experience he didn't dare explain to his family, the lesson he publicly acknowledged is that he used to always dream of getting rich overnight.