Canadian singer Justin Bieber has lost more than a million as the value of his non fungible token (NFT) Bored Ape has fallen extremely low. He joined the Bored Ape Yacht Club (BAYC), last year. Other celebrity stars who became members include Eminem, Jimmy Fallon, Stephen Curry, Mark Cuban, Madonna, and others.
The Baby singer had bought a Bored Ape NFT No. 3001 for reported $1.3 million. Now, the value of the same NFT has crashed and has a value of $59,090. The approximately $1.24 million loss is one of his biggest losses, although it never was a rare NFT in the first place.
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The Bored Ape NFTs reached a cult-like status as investors began buying cryptocurrency as well as NFTs. Many celebrity stars joined the one-time booming industry and touted the value of digital coins and tokens. However, both these digital assets have crashed from their earlier highs.
Celebrity Justin Bieber invested in six NFTs. He reportedly spent $2 million dollars on the following NFTs
Bored Ape No. 3850—166 ETH
Bored Ape No. 3001—500 ETH
Alien Fren No. 8591—2.85 ETH
World of Women No. 7853—16 ETH
Doodle No. 3595 —17.97 ETH
Doodle No. 8426 —13 ETH.
The Bored Ape NFTs, also referred to as the BAYC collection, reached peak popularity in April 2021. It is a collection of 10,000 NFTs. Open Sea, an non fungible tokens marketplace, has provided data showing that the collection had a market cap of more than 1,448,475 ETH. It now has a market cap of 322,930 ETH.
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According to CoinGecko, Bored Ape NFTs had a floor price of 153 ETH. Now, the floor price has reached 31.4 ETH. The value of the BAYC has seen a deep plunge in the past eighteen months.
Celebrity Justin Bieber is not the only one to lose money on NFTs as assets but he most probably has lost the most among other celebrity stars as he bought a common non fungible token for a high price, unlike others. Hence, he lost more money as NFT trading volume also fell by 50 percent in June, and BAYC owners lost 16 percent in value, these past few days.
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