Justin Bieber Spent $1.3 Million on an NFT of a Bored Ape Now it’s Worth $69K

Celebrities “aped into” the expensive Ethereum NFT collection popularized by the Bored Ape Yacht Club earlier this year, creating a media frenzy. Many people have even started businesses or put up shows using their apes.

However, interest has waned as the crypto bear market has taken hold, resulting in a steadily decreasing price at which new members might join the elite group. In addition, a “floor” Bored Ape, similar to the one that singer Justin Bieber paid $1.3 million in ETH for in January, currently sells for a fraction of that amount.

According to NFT Price Floor statistics, as of this writing, the floor price for the Bored Ape Yacht Club is about 58.2 ETH, or roughly $69,800. This is the price of the cheapest available NFT listed on a marketplace. For the second time this month, the floor price dropped below $60,000 on Monday, but has since recovered and is once again rising.

Justin Bieber Spent $1.3 Million on an NFT
Justin Bieber Spent $1.3 Million on an NFT

November has not been kind to the Bored Apes, as their USD floor price has dropped by 33% since the beginning of the month. It’s clear that last week’s collapse of popular crypto exchange FTX had an effect on the NFT market, bringing down crypto prices and hitting NFT valuations as well, albeit other notable projects aren’t taking as hard of hits as the Apes.

The floor price of Yuga Labs’ second “blue chip” NFT project, CryptoPunks, has dropped by 23% this month to around $79,800 (66.5 ETH). The only difference between the price then and now is the fluctuating value of the US dollar; the ETH price has been essentially unchanged since November 1. However, the Bored Ape floor has decreased from 66.6 ETH to 58.2 ETH, and it even went as low as 48 ETH on Tuesday morning.

Due to excitement about the release of NFT land plots for Yuga’s Otherside metaverse game, the Bored Ape floor reached a high of around $429,000 (152 ETH) in late April, just before the crypto market meltdown. Owners of bored Apes had recently invested in on the March debut of ApeCoin and were expecting to receive free Otherside territory, making the NFTs seem like gifts that kept on giving.

Why Bored Ape Prices Have Dropped?

Bored Ape prices have dropped dramatically over the past six months as the crypto market crisis has led to a sharp decline in the speculative fervor around NFTs. The current cost of a Bored Ape is almost 84% lower than it was in April when prices reached their highest point in US dollars.

Unique profile photographs (PFPs) and other blockchain-based items, such as membership in the Bored Ape Yacht Club, can be represented by NFTs. Those who purchase one of the project’s 10,000 NFT avatars will have access to a private community and events, special goods, future token drops, and the opportunity to monetize their own NFT artwork.

After a flurry of buys in late 2021 and early 2022 that brought people like Jimmy Fallon, Steph Curry, Madonna, Eminem, Gwyneth Paltrow, and Snoop Dogg into the club, we haven’t seen any notable recent examples of celebrities streaming into the project amid the fall.

After the price drop, some of the seven-figure Bored Ape purchases really stood out. In January, musician Justin Bieber spent $1.3 million (500 ETH) on an ape, a purchase that was criticized at the time by crypto influencers who argued that Bieber overpaid for an Ape with extremely typical qualities.

“Who [the fuck] is advising Justin Bieber’s NFT purchases,” tweeted Rug Radio co-founder and host Farokh Sarmad, “and how can I get in touch to sell them [floor] NFTs for 500 ETH? If it weren’t associated with a globally recognized celebrity, Rarity Tools would rate it as the 9,810th rarest Bored Ape in existence.

Today, an identical Ape may go for approximately one-ninth of that amount in ETH, or around one-ninth of the price in USD. Even though holders like Eminem and Snoop Dogg have continued to use their Apes prominently since Bieber’s purchase, it’s possible that Bieber’s purchase represented the peak of the celebrity Bored Ape boom.

CryptoSlam data shows that on Tuesday, the price of Apes dropped by 135%, leading to a surge in sales of $6.5 million. Director of research for NFT startup Proof, pseudonymous crypto analyst Punk9059, tweeted that the Bored Ape floor price drops when owners worry about NFT liquidations from BendDAO, but that it rises again when more people acquire the NFTs, presumably because of increased demand.

They also mentioned the influence of the new NFT marketplace Blur, which is geared toward “pro traders” and does not impose creator licensing fees or a marketplace fee. According to Punk9059, “[creating] a lot more flips” from Bored Ape traders is what would happen in such a setting.

Last Lines

Celebrities “aped into” the expensive Ethereum NFT collection popularized by the Bored Ape Yacht Club earlier this year, creating a media frenzy. Many people have even started businesses or put up shows using their apes.

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