Steve Aoki’s Crypto Journey: From NFT Advocate to Portfolio Liquidation

Steve Aoki’s Crypto Journey: From NFT Advocate to Liquidation

In August 2021, renowned DJ and producer Steve Aoki confidently proclaimed that non-fungible tokens (NFTs) would become “part of culture” within five years. Fast forward to today, and Aoki is taking a different approach, liquidating significant portions of his crypto portfolio as the NFT market faces a stark downturn.

Recent data from Arkham Intelligence reveals that Aoki’s crypto wallet made headlines this week after selling 1.785 billion SHIB tokens for approximately $10,300 and swapping 7.25 ETH for around $15,900. In total, the artist routed $29,650 in USDT to the cryptocurrency exchange Gemini. Just two weeks prior, the same wallet offloaded 4.155 billion PEPE tokens through 1inch for $14,700, with smaller transactions ranging from $600 to $1,700 filling in the gaps between these larger exits.

While these sales may seem minor in the grand scheme, the losses are anything but trivial. Aoki invested over $800,000 in seven Bored Ape Yacht Club NFTs during the 2021 crypto boom, positioning himself as one of the most visible celebrity advocates for the NFT space. Today, those seven Apes are valued at approximately $13,800 each, totaling around $97,000—an astonishing 88% decline from his initial investment. Although he has yet to sell them, the current floor prices suggest little hope for recovery.

At the height of the NFT frenzy, Aoki ventured into the production realm with “Dominion X,” an NFT TV show developed in collaboration with Seth Green’s Stoopid Buddy Stoodios. The show made headlines when it sold 500 NFTs in just 30 seconds on Nifty Gateway. However, Aoki’s manager later revealed that the sale “barely covered” production costs, despite showcasing a market for “original IP on the blockchain.” Unfortunately, the show never made it to broadcast.

The broader NFT market reflects a similar narrative. Bored Ape floor prices have plummeted from over $400,000 in early 2022 to under $14,000 today. The recent 2023–2025 bull market, which saw Bitcoin soar to all-time highs above $126,000, largely bypassed NFTs, with investors increasingly favoring projects that demonstrate clear utility and portfolio value over speculative assets.

As Aoki continues to hold onto his seven Apes, the rest of his crypto portfolio is making its way to Gemini. The shift in Aoki’s strategy underscores a broader trend in the NFT landscape, where the once-promising digital assets are now grappling with a harsh reality. As the culture surrounding NFTs evolves, it remains to be seen how Aoki and others will navigate this changing terrain.