JVTech News NFT: Justin Bieber loses a fortune to his bored monkey (BAYC)
For a few days, artist Justin Bieber was the laughingstock of the NFT sphere… A few months ago, the singer had purchased an NFT from the Bored Ape Yacht Club (BAYC) for a hefty price, like other stars of the show. Today, however, the American star is paying full price for the drop in value of the non-fungible token (NFT) market.
Justin Bieber is far from profitable with his NFT Bored Ape
10 months ago, the famous Canadian singer bought an NFT Bored Ape. A little original initiative, given that at the time many stars had also fallen in love with the collection of virtual signs.
Launched on April 30, 2021, Bored Ape Yacht Club NFTs are no more and no less than 10,000 images of monkeys holding 170 randomly generated more or less rare attributes, making each NFT unique. Bought by the first owners for 0.08 ETH, around €200 at the time, with the craze, the NFTs in the collection very quickly reached exorbitant prices (around €350,000 at most).
Thus, when Justin Bieber became interested in the collection, he paid the sum of 500ths, or 1.3 million euros, to buy the Bored Ape 3001, 4 times more expensive than the base price. However, despite the price, this famous NFT does not have a particularly rare trait compared to the others… In this sense Justin Bieber may have gotten carried away too quickly given that with the recent drop in value of the NFT market, his Bored ape is estimated at around 66,000 euros.
A great collector of these tokens, Justin also suffers from the price drop of the other collections he owns:
- Mutant Ape Boat Club
- Women’s world
However, Justin Bieber isn’t the only one puzzled…
Bored Ape Yacht Club (BAYC): Celebrities are not spared the decline in the value of NFTs
To grow, the celebrated collection of Yuga Labs has used the credit of many celebrities. This powerful marketing influence involves various personalities in the Bored Ape Yacht Club adventure.
This collection of 10,000 “bored” monkey avatars has become a staple in the entertainment world. This phenomenon was largely visible a few months ago when several stars suddenly changed their profile photos to these very expensive JPEGs on various social media.
Among the followers of this collection we find:
- Post Malone
- Nosy dog
- Logan Paul
- Jimmy Fallon
- Madonna And many others…
Most are therefore also affected by this price drop, to a lesser extent. In fact, many of them still own a bored monkey. In addition, several are the subject of an investigation by the advertising monitoring association TINA (Truth in Advertising) to determine the links they had with the founders of the collection. The goal is to know if it was a disguised promotion.