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How Much Is Justin Bieber’s Bored Ape NFT Worth Today?

How Much Is Justin Bieber’s Bored Ape NFT Worth Today?
How Much Is Justin Bieber’s Bored Ape NFT Worth Today?

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The hype surrounding the Bored Ape Yacht Club (BAYC) non-fungible token (NFTs) is fading. The hype of these NFTs is dropping amid the bear market, which has triggered a notable decline in cryptocurrency prices this year.

Justin Bieber’s BAYC NFT loses value

Justin Bieber paid a floor price of $1.3 million worth of ETH to buy a BAYC NFT. The floor price of this NFT has since dropped to around 58.2 ETH. The floor price of this NFT has dropped below $60,000 for the second time in one month.

The BAYC NFTs have been having a rough time this month. The floor price of these NFTs has dropped 33% since the beginning of November. After the collapse of the FTX cryptocurrency exchange last week, the NFT market has been dramatically affected by a drop in the price of crypto assets. Nevertheless, it seems like the BAYCs are taking the largest hit.

The other NFT that has also taken a hit is CryptoPunks. This “blue chip” NFT that Yuga Labs also offer has lost 23% of its value this month to around $79,000. Nevertheless, the price of this NFT in ETH is nearly the same. The only thing that has changed is the price of Ether, which has lost a lot of value this year.

The BAYC NFT peaked at around $429,000 towards the end of April before the market crash. The price of these NFTs increased around the time that Yuga Labs was releasing NFT land plots for the Otherside metaverse game.

The owners of the BAYC NFTs received an airdrop of ApeCoin that was released in March, and they were also slated to receive free Otherside land. These airdrops made these NFTs appear very valuable.

The crash in the crypto market has diminished the hype around NFTs, and this has plunged the value of BAYCs in the last six months. The average of BAYCs today is 84% below what it was in April when the price peaked.

The decline in BAYC NFT prices has resulted in a drop in the number of celebrities showing interest in the project. When these NFTs were at their peak, and the hype was still on, some celebrities that purchased them included Madonna, Eminem, Snoop Dogg, Steph Curry, Jimmy Fallon, and Gwyneth Paltrow.

The drop in BAYC prices has been behind a notable decline in Justin Bieber’s BAYC NFT. At the time that the musician was buying this NFT, there were speculations from the crypto community that he had purchased a BYC that had common traits. The NFT is ranked as the 9810 most-rare Bored Ape.

Dropping BAYC prices increase sales

The dropping prices for BAYCs seem to be increasing sales. On Tuesday, $6.5 million worth of Bored Apes were sold, according to data from CryptoSlam. This was a 135% increase from the sales made during the previous day.

Some crypto analysts have said that the floor price of the Bored Ape NFTs tends to decline as the owners become concerned about NFT liquidations from BendDAO. The latter is an NFT lending service, which triggers a rise in sales and the floor price as people acquire NFTs.

Moreover, there are reports about the launch of a new NFT marketplace known as Blur. This marketplace is focused on “pro traders” and does not impose any fee for the NFTs traded on this marketplace. This marketplace makes it possible to increase BAYC sales.

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