Just a few months ago, buying an NFT was the new flex, but today it seems to be more of a bad investment.
At the end of January 2022, Grammy award-winning artist, Justin Bieber, entered the world of NFTs by paying 300% higher than Bored Ape Yacht Club’s (BAYC) floor price. The purchase cost him an astounding 500 ETH ($1.3 million).
At the time, NFTs seemed to be the new iced-out watch or chain – something only rockstars like Travis Barker, or better yet, millionaires, could purchase. However, today the NFT Bieber bought is worth about just 52.8 ETH, equivalent to about $69,800 — a 95% drop from when he first purchased the NFT.
Bieber’s first purchase was a Bored Ape #3001 NFT that lacks any special features and is ranked the 9,810th most rare Bored Ape. Soon after, he bought another BAYC NFT for $444,000, which is also now worth the floor price.
At the time of his purchase, Bieber joined many other celebrities making investments in Bored Ape Yacht Club (BAYC) NFTs, including Serena Williams, Gunna, Travis Barker and Stephen Curry.
The tremendous drop in price follows the shockwaves the FTX crash has sent throughout the crypto market, leading the NFT market to diminish rapidly. Furthermore, trades are now at an all-time low.
Photo /NFT credit: OpenSea | Justin Bieber