Justin Bieber's $1.3 Million Bored Ape NFT Is Now Worth Just $60,000
Justin Bieber’s Bored Ape NFT which was valued at a staggering $1.3 million in 2022 has seen a dramatic decline in value, now worth approximately $60,000. This sharp price drop is reflective of the current state of the non-fungible token (NFT) market which has experienced a significant downturn in recent months.
The rise of NFTs in 2021
In 2021, NFTs burst into the mainstream, capturing the attention of celebrities and the general public alike. These digital collectibles gained immense popularity, with millions of dollars being spent on buying and trading them, per CNBC Make It. Trading in NFTs hit $17.6 billion in 2021, indicating a whopping 21,000% surge from 2020′s total of $82 million, per CNBC. One of the most sought-after collections was the Bored Ape Yacht Club (BAYC), known for its unique and visually striking ape-themed artwork.
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The plunge in Bored Ape NFT values
Justin Bieber's Bored Ape NFT, Bored Ape #3001, was purchased for 500 ETH (approximately $1.3 million at the time) in January 2022. However, its value has since plummeted, and as of July 2023, it is worth only around $59,000, according to Bitcoinist. This represents a shocking 95% decline in value over the past year and a half.
Notably, other high-profile individuals have also experienced significant losses with their Bored Ape NFTs. For instance, basketball star Stephen Curry bought Bored Ape #7990 for 55 ETH (nearly $180,000 at the time) in August 2021 but the highest bid for the NFT as of July 6, 2023, stands at 30.5 ETH, or about $58,000—a decline of nearly 68%.
Similarly, music icon Madonna purchased Bored Ape #4988 for 180 ETH (around $466,000 at the time) in March 2022. However, the highest bid for the NFT sits at 28 ETH (a little over $53,000) as of July 6, 2023.
Legal challenges and market downturn
In addition to the decline in value, celebrities such as Justin Bieber, Stephen Curry, and Madonna have faced legal challenges related to their involvement with Bored Ape NFTs. A class-action lawsuit filed by investors accused Yuga Labs, the creator of the Bored Ape Yacht Club collection of manufacturing celebrity endorsements and promotions. These legal concerns have further impacted the market sentiment surrounding these NFTs.
The overall market for NFTs has also seen a downturn. The floor price of Bored Ape NFTs has reached lows not seen since October 2021, with the cheapest Bored Ape costing approximately 30 ETH. In April 2022, the floor price surged to 153.7 ETH, equivalent to around $430,000 at that time. While the NFT market recorded a trading volume of $24.7 billion in 2022, slightly lower than the previous year's $25.1 billion, the market's downward trend has continued into 2023. In May and June, NFT trading volume failed to surpass the $1 billion mark, marking the first time since December 2022. However, it is crucial to note that lower trading volume does not necessarily indicate a decrease in overall market enthusiasm, as stated in DappRadar's report.
So, what's in store for Bored Ape NFTs?
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Despite the decline in value and trading volume, the Bored Ape Yacht Club remains one of the top NFT collections on OpenSea. Some sellers are still optimistic, hoping that collectors will be willing to pay millions for these digital artworks. The lowest asking price for a Bored Ape is approximately 30.6 ETH ($57,712) as of July 6. On the other end of the spectrum, the most expensive Bored Ape NFT carries an asking price of over 6,969 ETH ($13 million), according to OpenSea.
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