Justin Bieber paid $1.3 million for a Bored Ape NFT. Now worth $69K

Bored Monkey Yacht Club the hype was in full swing earlier this year when celebrities “got into” the expensive Ethereal NFT collection. Some have even used their apes to create products, Theme restaurants, live entertainmentand more.

But the rumor has faded amid the crypto bear market, and the price to join the exclusive club has been getting lower and lower in recent weeks. And a boring “floor” jumpsuit, like the one singer Justin Bieber spent $1.3 million worth of ETH to buy back in January, is now selling for a tiny fraction of that price.

At the time of writing this article, the minimum price of the Bored Ape Yacht Club, that is, the price of the cheapest available NFTs listed on a market, is approximately 58.2 ETH, according to data from Minimum NFT Price, or about $69,800. On Monday, the minimum price fell below $60,000 for the second time this month, but rose again throughout the day on Tuesday.

Bored Ape Yacht Club NFT Prices Drop After FTX Crashes Crypto Market

It’s been a tough November for Bored Apes as the USD floor price has dropped 33% since the beginning of the month. Last weeks collapse of popular crypto exchange FTX had an apparent impact on the NFT market, driving down cryptocurrency prices and Impact on NFT valuations too, but other notable projects aren’t taking quite as hard a hit as the Apes.

cryptopunks, another top-tier NFT project owned by Yuga Labs, has seen its bottom price drop by 23% this month to around $79,800 (66.5 ETH) in November. Its price in ETH today is almost identical to that of November 1; what has changed is the USD value of ETH. The Bored Ape floor, on the other hand, fell from 66.6 ETH to 58.2 ETH, falling as low as 48 ETH on Tuesday morning.

Bored Monkey’s Floor peaked at around $429,000 (152 ETH) at the end of April, before the crypto market crash, due to the hype around the debut of NFT lands for Yuga. metaverse game from the other side. The Bored Ape owners had just cashed in on the ApeCoin March Launch and they were set to receive free land from the Other Side, making NFTs feel like gifts that just kept on being given.

But the crypto crash led quickly decline in speculative frenzy around NFTs, and that has driven Bored Ape prices down significantly in the last six months. The entry price for a bored monkey today is about 84% less than it was at the April peak, measured in USD.

An NFT is a blockchain token that represents ownership of 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, potential future NFT and token launches, and the ability to market their own NFT artwork.

The Biggest Celebrity NFT Owners at the Bored Ape Yacht Club

Amid the decline, we haven’t seen recent major examples of celebrities flooding into the project, following a shopping spree in late 2021 and early 2022 that brought the likes of Jimmy Fallon, Steph Curry, Madonna, Eminem, Gwyneth Paltrow, and Snoop Dogg to the club.

The price drop has also made some of Bored Ape’s seven-figure purchases stand out even more in retrospect. A notable example is the January of musician Justin Bieber. purchase of an Ape for $1.3 million (500 ETH), a van that was considered questionable at the time by cryptoinfluencers who said he overpaid for a monkey with very common features.

“Who [the fuck] is advising on Justin Bieber’s NFT purchases.” tweeted Farokh Sarmad, co-founder and host of Rug Radio, “and how can I get in touch to sell them [floor] NFT for 500 ETH?”

It is ranked as the 9,810 rarest boring monkey based on its traits and characteristics, per rarity toolsmeaning it would probably sell for rock bottom if it wasn’t tied to a world-famous celebrity.

A similar Ape could sell today for almost a ninth of that price in ETH, or almost 1/19 of the price in USD. The Bieber purchase may have marked the peak of the Bored Ape celebrity boom, even as possessors like Eminem and Snoop Dogg have followed suit. use their apes prominently as they.

Still, falling prices appear to be boosting sales: About $6.5 million worth of Apes sold Tuesday, according to data from CryptoSlam—a 135% increase over the previous day’s sales.

The pseudonymous cryptanalyst Punk9059, director of research at the startup NFT Proof, tweeted that the Bored Ape floor price tends to drop as owners become concerned with BendDAO NFT Liquidationsan NFT lending service, but then sales pick up and the price floor picks up as people buy the NFTs.

They also mentioned the impact of Newly Launched NFT Marketplace Blur, which is aimed at “professional traders” and does not charge a marketplace fee or impose creator royalty fees. Punk9059 suggested that such an environment “[creates] many more flips” from Bored Ape dealers.

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