Justin Bieber’s NFT Regret: A $1.2 Million Bored Ape Mistake
Superstar singer Justin Bieber has faced financial challenges since entering the NFT world through the Bored Ape Yacht Club (BAYC) last year.
His purchase of Ape #3001 for 500 ETH ($1.3 million) now holds a value of just 29.95 WETH ($58,610), a 95% decline. Ape #3850, bought for 166 ETH ($470,000), is now bidding at 30.06 WETH ($58,898.56).
Justin Bieber spent over $1.3 million on this NFT last year
It is currently worth $59,000 pic.twitter.com/LwdNkLyRZU
— Dexerto (@Dexerto) July 3, 2023
NFTs gained popularity in 2021 as speculative investments and unique digital collectibles. Bieber’s NFTs were criticized for lacking rarity.
The BAYC collection peaked at 1,448,475 ETH in April 2022 but has since dropped to 322,930 ETH with a floor price of 31.4 ETH.
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In April 2022, MoonPay raised $87 million, with Bieber, Snoop Dogg, Drake, and others leading the investment.
Twitter skeptics questioned the connection between MoonPay’s fundraiser and celebrity NFT investments. BAYC recently saw a 16% drop in floor price, while NFT trading volume decreased by 50% in June.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
