Pop star Justin Bieber purchased a Bored Ape NFT in January 2022 for $1.3 million. That same ape is now worth just $71,500 as digital collectibles take a hit from the decline in the crypto market.
Justin Bieber purchased his Bored Ape #3001 for 500 ETH at the beginning of the year. The value now is sitting at just 59.16 ETH, representing an 88% loss.
Similarly, the collection’s floor price has fallen to 58.2 ETH, according to data from NFT Price Floor.
Justin Bieber Bought the BAYC Top
In dollar terms, Justin Bieber purchased this “Lonely Ape” for $1.3 million only to see its value plummet to approximately $71,500 following a decline in the price of Ethereum throughout 2022.
After buying the non-fungible token (NFT), Justin Bieber posted a picture of the ape on his Instagram.
NFTs are immutable digital certificates proving ownership of digital or physical media that are minted on a blockchain.
Justin Bieber was criticized for overpaying for his BAYC NFT, which has many common traits. Other apes in the collection with rarer traits often fetch significantly higher prices on secondary marketplaces.
Justin Bieber also holds non-fungible tokens from the CLONE X – X TAKASHI MURAKAMI, Mutant Ape Yacht Club, Doodles, World of Women, and LIVES of LALISA collections.
Yuga Labs released the Bored Ape Yacht Club NFT collection in a presale on Apr. 23, 2021, and soon became a celebrity status symbol.
Apart from Justin Bieber, other notable celebrities who own BAYC NFTs are TV host Jimmy Fallon, actress Gwyneth Paltrow, and media personality Paris Hilton. Holding an ape grants holders access to an exclusive Discord server.
NFT sales fall, but BAYC still dominating stats
According to Bloomberg, NFT sales sequentially fell two-thirds in the third quarter, as many holders dumped assets that they deemed had little prospective value. Those who held onto their tokens did so because of different potential use cases.
This phenomenon dovetails with a recent report by Activate Technologies suggesting that the NFT speculation phase is over and that web3 and blockchain will drive greater utility for the tokens in 2023.
BeInCrypto reported two months ago that YouTube influencer Logan Paul’s Azuki “Bumblebee NFT” also experienced a sharp dip in price. Bought for $623,000 in 2021, Paul estimated Bumblebee’s value to be around $10 in July 2022.
Paul entered the NFT market in 2023, selling 3,000 NFTs for 1 ETH each. In December 2021, he claimed to have spent $2.645 million on NFTs.
Additionally, high-profile collector Daniel Maegaard went from buying NFTs for tens of thousands of dollars in October 2021 to buying them for around $2,000 one year later.
According to a Nansen analyst, blue-chip NFT collections like Bored Ape Yacht Club, Azuki, and CryptoPunks still dominate sales on significant marketplaces, despite the addition of new, lower-cost collections on more recently-launched marketplaces like Solana’s Magic Eden.
Data from CryptoSlam confirms that Bored Ape Yacht Club sales are still comparatively strong. In the last 24 hours, it did a little under $2.2 million in sales, with 33 transactions, coming in behind Mutant Ape Yacht Club with sales of just under $2.5 million.
In the last 30 days, BAYC has come out on top with $49 million in sales, despite a floor price of 58.2 ETH.
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BeInCrypto has reached out to company or individual involved in the story to get an official statement about the recent developments, but it has yet to hear back.