Justin Bieber’s Bored Ape NFT Value Dropped by 95% After FTX Collapsed

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  • Justin Bieber’s bought a Bored Ape NFT for $1.3 mil­lion in Jan­u­ary. It’s now prob­a­bly worth $70,000, accord­ing to NFT Price Floor.
  • The 95% drop in val­u­a­tion comes after Sam Bankman-Fried’s FTX col­lapsed and caused cryp­to prices to crash.
  • Bored Ape isn’t the only ethereum-fueled NFT col­lec­tion impact­ed by the cryp­to crash.

Pop star Justin Bieber start­ed off the year pur­chas­ing his first Bored Ape Yacht Club NFT for 500 ethereum, a blockchain cur­ren­cy, equiv­a­lent to $1.3 million.

But the mar­ket val­ue, or “price floor,” of indi­vid­ual NFTs from the Bored Ape col­lec­tion has tanked to 58 ethereum, or $70,0000, as of Thurs­day morn­ing — a 95% drop in val­ue, accord­ing to data from NFT Price Floor

Sink­ing NFT prices fol­low the col­lapse of cryp­to exchange giant FTX ear­li­er this month as the Sam Bankman-Fried scan­dal report­ed­ly low­ered over­all cryp­to prices and hurt Bored Ape Yacht Club’s NFT val­u­a­tions. That’s because NFT own­ers pan­ic-sold them to avoid prices from drop­ping even fur­ther, accord­ing to a report from cryp­to news site Decrypt

Bored Ape, which com­pris­es more than 10,000 NFTs depict­ing car­toon mon­keys wear­ing dif­fer­ent out­fits, is one of the most suc­cess­ful NFT art col­lec­tions, val­ued at more than $1 bil­lion.

Before the cryp­to crash, Bored Ape’s NFT prices peaked at $429,999 in late April in response to hype around the use of NFT land plots for its per­son­al meta­verse plat­form Oth­er­side. But since NFT sales have dipped, its prices have fall­en by 82% as of this month, report­ed Decrypt.  

In addi­tion to Bored Ape, some top ethereum NFT col­lec­tions are also fac­ing low­er val­ues this month. DeGods prices have fall­en by 68%; Cryp­toP­unks’ dropped by 37%; and DeGods’ by 66%, accord­ing to Forbes

While Bieber nev­er spec­i­fied why he pur­chased an NFT, some crit­ics spec­u­late that celebri­ties buy NFTs as a sta­tus sym­bol, a way to flaunt their wealth and exclu­sive purchases.

Talk show host Jim­my Fal­lon, mod­el Paris Hilton, and rap­pers Snoop Dogg and Eminem also own Bored Ape NFTs. 

 

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