Justin Bieber’s Bored Ape NFT loses 94% of its value

Purchased for $1.3 million by Justin Bieber, NFT Bored Ape Yacht Club #3001 is now worth just $71,500.

Justin Bieber bought NFT Bored Ape #3001 for 500 ETH earlier this year. Currently, the non-fungible token is worth only 59.16 ETH, which is a loss of 88%.

Likewise, the floor price of the collection has fallen to 58.2 ETH, according to data of the NFT price floor.

A loss of more than a million dollars for Justin Bieber

Justin Bieber’s “Lonely Ape” NFT was worth about $1.3 million at the time of purchase. Due to the collapse of the non-fungible token market and the drop in the price of Ethereum, the price of NFT Bored Ape #3001 no longer exceeds $71,500.

#3001 | Source: The open sea

As a reminder, non-fungible tokens (NFTs) are immutable digital certificates that prove ownership of digital or physical items. These are released or “struck” on the blockchain.

Many criticized Justin Bieber for buying his NFT BAYC at full price, as the Lone Monkey attributes he holds are not uncommon. Indeed, Bored Ape NFTs with rarer features often fetch significantly higher prices on the secondary market.

Justin Bieber also wears unchanging tokens from CLONE X – X TAKASHI MURAKAMI, Mutant Ape Yacht Club, Doodles, World of Women and LIVES collections by LALISA.

Launched on April 23 by Yuga Labs, the NFT collection Bored Ape Yacht Club (BAYC) quickly gained popularity, becoming a status symbol for some celebrities.

In addition to Justin Bieber, other American stars have NFT BAYC, including TV host Jimmy Fallon, actress Gwyneth Paltrow and celebrity. Paris Hilton. Also note that holders of these non-tradable tokens have access to an exclusive Discord server.

Market dips into red, but BAYC NFTs dominate selling

According to Bloomberg, NFT sales fell by two-thirds in Q3 2022. As some investors lost interest in fickle tokens. Others keep them hoping to benefit from them in the future.

Similarly, a report published by Activate Technologies reveals that the phase of NFT speculation is over and that they will have a greater role to play within blockchain projects and Web3 which should start in 2023.

BeInCrypto reported Last month the NFT Azuki Bumblebee owned by YouTuber Logan Paul suffered a meteoric decline in value. Purchased for $623,000 in 2021, the NFT would be worth just $10, according to the famous influencer.

Paul launched his NFT collection in 2021, selling 3000 non-fungible tokens for 1 ETH each. Last December, he claimed to have spent $2.645 million on digital collections.

According to a Nansen analyst, high-level NFT collections, such as Bored Ape Yacht ClubAzuki and CryptoPunks, still dominate sales. This, despite the launch of new, much cheaper collections in the NFT markets such as magical eden from Solana.

According to data from CryptoSlam, Bored Ape Yacht Club continues to record relatively satisfactory figures in terms of sales. In the last 24 hours, nearly 33 NFT BAYC trades were completed with a total volume of $2.2 million. The NFT collection ranks second only to the Mutant Ape Yacht Club, which reached approximately $2.5 million in sales that day.

NFT Bored Ape 30 Day Sales | Source: CryptoSlam

In the last 30 days, BAYC topped the chart with $49 million in sales volume. This, despite its base price falling to 58.2 ETH.

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