Justin Bieber’s Bored Ape NFT Down by 95%

Popular artist Justin Bieber purchased a Bored Ape NFT for $500 and 16 ETH, worth $1.3 million at the beginning of the year. Today, the NFT’s worth is $59 and 16 ETH.

NFT Price Floor, a data and analytics platform for NFTs, revealed the floor price of a Bored NFT to be 58.18 ETH, giving a loss of 84%.

Justin Bieber has been criticized on Twitter for buying the NFT for an outrageous amount. A Twitter user known as “gmoneyNFT” stated,

At the start of the year, Justin Bieber paid $500 and 16 ETH for a Bored Ape NFT, which was worth $1.3 million. This same NFT is currently worth $59 and 16 ETH.

NFT Price Floor, an NFT data and analytics platform, revealed the floor price of a Bored NFT to be 58.18 ETH, representing an 84% loss.

Justin Bieber was criticized on Twitter for paying an exorbitant price for the NFT.

“gmoneyNFT,” a Twitter user, stated,

“Next time you think you’re down bad, just remember that .@justinbieber just bought a floor ape for 500 ETH.”

Bored Ape Yacht Club (BAYC) is a collection of 1000 unique ape-themed NFTs built on the Ethereum blockchain. The collection was launched in 2021 by Yuga Labs.

The collection became popular due to limited pieces and purchases from high-profile individuals. It was adopted as a state symbol by celebrities. Jimmy Falon, Eminem, and Snoop Dogg own at least one BAYC NFT. Jack sold his tweet as an NFT for a whopping $2.9 million.

NFTs provide creators with greater flexibility and helps them retain true ownership of their work. Anyone can create an NFT; it is not limited to a specific group of people.

The crypto bear season has plunged the sales of NFTs. According to data from DappRadar, total volume and sales have dropped by 25%. According to various reports, the speculative phase of NFTs is over, and their true utility is just beginning. NFTs are just getting started.

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