Justin Bieber’s NFT Bored Ape 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 just 59.16 ETH, which represents an 88% loss.

Similarly, the minimum collection price dropped to 58.2 ETH, according to data from NFT Price Floor.

A loss of over a million dollars for Justin Bieber

Justin Bieber’s “Lonely Ape” NFT was worth an estimated $1.3 million at the time of purchase. Due to the decline 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: OpenSea

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

Many have criticized Justin Bieber for buying his NFT BAYC at full price, since the Lonely Ape attributes he owns are not uncommon. In fact, Bored Ape NFTs with rarer traits often fetch significantly higher prices in the secondary market.

Justin Bieber also holds non-fungible tokens from the CLONE X – X TAKASHI MURAKAMI, Mutant Ape Yacht Club, Doodles, World of Women, and LIVES of LALISA collections.

Launched on April 23 by Yuga Labs, the NFT Bored Ape Yacht Club (BAYC) collection has rapidly 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 the famous Paris Hilton. Also note that holders of these non-fungible tokens have access to an exclusive Discord server.

The market plunges into the red, but BAYC NFTs dominate sales

According to Bloomberg, NFT sales fell by two-thirds in the third quarter of 2022. While some investors have lost interest in non-fungible tokens. Others keep them hoping to benefit from them in the future.

Similarly, a report released by Activate Technologies reveals that the NFT speculation phase is over and that they will have a bigger role to play within the blockchain and Web3 projects that are expected to see the light of day in 2023.

BeInCrypto reported last month that the NFT Azuki Bumblebee owned by YouTuber Logan Paul has suffered a dramatic drop in value. Purchased for $623,000 in 2021, the NFT would be worth just $10, according to the popular influencer.

Paul launched his NFT collection in 2021, selling 3,000 non-fungible tokens for 1 ETH each. Last December, he said he spent $2.645 million on digital memorabilia.

High-end NFT collections, such as Bored Ape Yacht Club, Azuki and CryptoPunks, still dominate sales, according to a Nansen analyst. This, despite the launch of much cheaper new collections on NFT markets such as Solana’s Magic Eden.

According to data from CryptoSlam, Bored Ape Yacht Club continues to post relatively good numbers in terms of sales. In the past 24 hours, nearly 33 BAYC NFT trades were conducted with a total volume of $2.2 million. The NFT collection is second only to Mutant Ape Yacht Club, which made approximately $2.5 million in sales that day.

Bored Monkey 30 Day Sales NFT | Source: CryptoSlam

In the past 30 days, BAYC topped the chart with $49 million in sales volume. This, despite the drop in its minimum price to 58.2 ETH.

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