Justin Bieber Bored Ape NFT bought at $1.3M is now at $69k. At the beginning of this year, the market for cryptocurrencies was increasing, and the expectation in and around the Bored Ape Yacht Club was at a fever pitch. Famous people did not waste any time in getting their hands on their very own NFTs and hopping on board with the trend as a result of the high degree of excitement that was prevalent across the community. After some time had passed, the pricey collection garnered such a following that it spurred the development of its very own themed restaurants, which serve only the collection’s loyal customers as their only customers. These restaurants are exclusive to the collection’s clients.
The recent downward trend in the market for cryptocurrencies has resulted in a decline in the number of activities among non-fungible tokens (NFTs), particularly inside the extremely elite Bored Ape club. As a direct consequence of this, there have been fewer transactions. The global superstar of the music industry, Justin Bieber, shopped at Bored Ape #3001 during the month of January. One of the most well-known musicians in the world today is Justin Bieber. When the transaction took place, the value of 500 ETH was equivalent to around $1.3 million US Dollars. This cryptocurrency was used by him as payment for the item (the initial floor price). The floor price for the BAYC NFT is currently somewhere in the neighborhood of 52.8 ETH, which is about equivalent to $69,800 USD. When compared to the initial price that was being offered on the market, these prices reflect a huge discount. The FTX crisis prompted shockwaves to be sent across the crypto market, which resulted in the floor price dropping below $60,000 USD before gradually increasing to $69,000 USD. This occurred because the FTX crisis created shockwaves. This took place before the price reached the level it is at the present day.
The value of ape #3001 Justin Bieber has plummeted by 95% since the time when Bieber first got the NFT. As of right now, it is believed that the ape is worth $69,000 USD, which is the new floor price. Bieber has not commented on the rumor that he is selling the ape. In other words, since the time that Bieber made his initial purchase of the NFT, the value of the ape has plummeted to its all-time low, and it is unlikely that it will ever recover. After purchasing BAYC NFT #3001 in the month of January, he went on to purchase another BAYC NFT in the month that followed; as a result, the total amount of money he spent on BAYC NFT was $444,00 USD. The current value of this BAYC NFT investment is equivalent to the floor price, in a manner that is not dissimilar to the previous illustration. NFT proponents stated back then that Bieber’s #3001 was overpriced since it was an NFT and did not have any additional or unique features. They provided support for their claim by arguing that the NFT lacked any distinguishing qualities in any way, which was how they rationalized their accusation. It has been determined that the particular Bored Ape in question is the 9,810th rarest of all of them, which places it in ninth place overall when ranked according to its features and qualities. Just a few short moments before the collapse of the cryptocurrency market at the end of April, the floor price of Bored Ape reached an all-time high of almost 429,000 USD. This was the highest it had ever been. As soon as the price reached this level, the stability of the bitcoin market began to rapidly deteriorate. The sharp decline in the value of cryptocurrencies has resulted in a precipitous fall in the value of non-fungible tokens (NFTs), which has now reached an all-time low in terms of the number of trades. This has caused the value of NFTs to hit an all-time low. As a consequence of this, the value of NFTs has fallen to an all-time low.
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