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Justin Bieber paid $1.3M for an NFT of a Bored Ape, Its Value Is Now $69K

Justin-Bieber-paid-$1.3M-for-an-NFT-of-a-Bored-Ape,-Its-Value-Is-Now-$69K

The value of Bored Ape Yacht Club NFTs has decreased by 84% since April’s peak, with the current floor price being 84% below the April high.

Celebrities “aped” into the costly Ethereum NFT collection at the height of the Bored Ape Yacht Club craze earlier this year. Some have even used their Apes to develop merchandise, themed restaurants, and live shows.

However, as a result of the bear market in cryptocurrencies, the price to join the exclusive club has decreased steadily over the past few weeks. And a “floor” Bored Ape, similar to the one that Justin Bieber purchased for $1.3 million worth of ETH in January, is now available for a tiny fraction of that price.

As of this writing, the floor price for the Bored Ape Yacht Club, which is the price of the least available NFT listed on a marketplace, is approximately 58.2 ETH, or approximately $69,800, according to data from NFT Price Floor. On Monday, the floor price fell below $60,000 for the second time this month, but on Tuesday it began to rise again during the day.

November has been a difficult month for the Bored Apes, as the USD floor price has decreased by 33% from the beginning of the month. The collapse of the popular cryptocurrency exchange FTX last week had an apparent impact on the NFT market, bringing down crypto prices and affecting NFT valuations as well, but other notable projects are not suffering as severely as the Apes.

The floor price of CryptoPunks, another “blue chip” NFT project controlled by Yuga Labs, has decreased by 23% this month to around $79,800 (66,5 ETH) in November. The price in ETH is almost comparable to what it was on November 1; what has changed is the value of ETH in USD. The Bored Ape floor has decreased from 66.6 ETH to 58.2 ETH and reached a low of 48 ETH on Tuesday morning.

The Bored Ape floor peaked at approximately $429,000 (152 ETH) in late April, just prior to the meltdown of the cryptocurrency market, due to excitement surrounding the launch of NFT land plots for Yuga’s Otherside metaverse game. Bored Ape owners had just profited from the March launch of ApeCoin and were about to receive free Otherside land, giving the impression that the NFTs were perpetually generous.

The price of Bored Ape has decreased significantly over the past six months as a result of the rapidly diminishing speculative fervor surrounding non-fungible tokens following the crypto crash. The current entry price for a Bored Ape is approximately 84% less than it was in April, as measured in USD.

An NFT is a blockchain token that represents ownership in an item, including unique profile pictures (PFPs) like the Bored Ape Yacht Club. The project’s 10,000 NFT avatars grant users access to a private community and events, as well as exclusive merchandise, the possibility of future NFT and token drops, and the ability to monetize their NFT-owned artwork.

During the decline, there have been no notable examples of celebrities flooding into the project, in contrast to the 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.

The price reduction has also made some seven-figure Bored Ape purchases more notable in retrospect. The musician Justin Bieber’s January purchase of an Ape for $1.3 million (500 ETH) is a notable example. At the time, crypto influencers criticized the purchase, claiming that Bieber overpaid for an Ape with very common characteristics.

“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?”

According to Rarity Tools, it is the 9,810th rarest Bored Ape based on its attributes and features, hence it would likely sell for floor price if not associated with a celebrity.
A comparable Ape may sell for roughly one-ninth as much in ETH today, or nearly one-ninth as much in USD. Bieber’s acquisition may have represented the peak of the celebrity Bored Ape craze, but owners like as Eminem and Snoop Dogg have continued to conspicuously display their Apes subsequently.

The falling prices appear to be stimulating sales, as Tuesday saw $6.5 million worth of Apes sold, a 135% increase over the previous day’s sales volume.

Pseudonymous crypto analyst Punk9059, director of research for NFT startup Proof, tweeted that the Bored Ape floor price tends to drop as owners worry about NFT liquidations from BendDAO, an NFT lending service, but then sales increase and the floor price recovers as people purchase NFTs.

In addition, they mentioned the impact of the recently launched NFT marketplace Blur, which is geared toward “pro traders” and does not charge a marketplace fee or enforce creator royalty fees. According to Punk9059, such a setting “[creates] a lot more flips” from Bored Ape traders.

About Tiffany Ellis

She is a smiley curious writer from the USA. She loves Cryptocurrencies, Arts an also NFTs.

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