Get 40% Off
⚠ Earnings Alert! Which stocks are poised to surge?
See the stocks on our ProPicks radar. These strategies gained 19.7% year-to-date.
Unlock full list

Justin Bieber’s $1.3M Bored Ape Declines 98% As BAYC NFT Floor Price Tumbles

Published 11/17/2022, 01:00 PM
Updated 11/17/2022, 02:30 PM
Justin Bieber’s $1.3M Bored Ape Declines 98% As BAYC NFT Floor Price Tumbles

Plenty of people from the entertainment industry eagerly aped to the Bored Apes Yacht Club NFTs over the past two years. Now the most successful NFT collection of all time seems to be fading away, as the exclusive BAYC Club got caught up in the ongoing crypto winter.

The Canadian pop star Justin Bieber is among those celebrities who jumped on the Bored Ape NFT train in its prime. The singer spent a colossal $1.3 million for a sad-looking Bored Ape with very basic traits in January. According to the current estimates, today Bieber’s miserable, teary-eyed Ape is only worth around $74,000 because of the dramatic decline in Bored Apes’ NFT floor price.

.tweet-container,.twitter-tweet.twitter-tweet-rendered,blockquote.twitter-tweet{min-height:261px}.tweet-container{position:relative}blockquote.twitter-tweet{display:flex;max-width:550px;margin-top:10px;margin-bottom:10px}blockquote.twitter-tweet p{font:20px -apple-system,BlinkMacSystemFont,"Segoe UI",Roboto,Helvetica,Arial,sans-serif}.tweet-container div:first-child{ position:absolute!Important }.tweet-container div:last-child{ position:relative!Important }

Faded Glory Of The Bored Apes Yacht Club

According to NFT Price Floor, Bored Apes Yacht Club’s entry price is 58.1819ETH. The NFT price floor had dropped to its lowest point ever since May 22nd, 2022, when the Terra-affected crypto market was in extreme fear. On that day, the NFT floor price plunged thrice, from a generous 152 Ethereum (ETH) to just 50 ETH and 14 sales in the 24-hour period. On top of that, Justin Bieber acquired his under-the-weather Bored Ape for a whopping 500 Ethereum (ETH).

The hype was partly due to Yuga Labs launching the Otherdeed metaverse game. Blockchain gamers flocked to test out pioneering visuals and new utilities for their beloved BAYC NFTs. However, the hype quickly died down when the Terra (LUNA) and Terra (UST) depegging set fire to the whole crypto industry. That’s also evident in Yuga Labs’ native cryptocurrency, ApeCoin, which had its moments of shine back in April.

ApeCoin (APE) was priced at $23.63 on April 29th, 2022. It has shrunk almost 10 times since then. At press time, Bored Apes NFT native cryptocurrency is priced at $2.86, signaling another 2.8% in the red for the last 24 hours. Currently, the Bored Apes NFT collection has to face the music of another downturn with the unexpected and intense FTX collapse.

On the Flipside

  • Justin Bieber’s purchase was deemed awkward even when the NFT market was flourishing.
  • NFT collectors on Twitter share success stories that are the opposite of Bieber’s decisions.

Why You Should Care

Yuga Labs, the company behind the most successful blue chip NFT collection ever, was valued at $4 billion at the beginning of the year. With many ongoing NFT and metaverse projects, Yuga Labs managed to spread retail adoption faster than most. Celebrities like Snoop Dogg, Eminem, and Seth Green became their ambassadors.

Find out what’s happening in the mercurial world of NFTs:

Fans Gather At Decentraland: Is Metaverse Music Festival Worth Your Virtual Sweat?

Astra Nova’s Deviants NFT Collection Will Be Multichain

See original on DailyCoin

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.