Lots of people from the entertainment industry have been avidly accustomed to Bored Apes Yacht Club NFTs over the past couple of years. Now the most successful NFT pool of all seems to be fading away, as the BAYC exclusive club plunges into the ongoing crypto winter.
Canadian pop star Justin Bieber is among those celebrities who jumped aboard the Bored Ape NFT train in his prime. The singer spent $1.3 million on a boring, sad-looking monkey with very basic features in January. According to current estimates, the miserable teary-eyed ape Bieber is worth about $74,000 just because of the huge drop in the NFT price of the Bored Apes floor.
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Justin Bieber bought this Bored Ape NFT in January for $1.31 million. Today, it’s worth $74,382. pic.twitter.com/Oc1kqrTZYJ
– NFT Metaverse News (@NftMeta_News) November 17, 2022
The glory of the bored monkeys yacht club has faded
According to the NFT Price Floor, the entry price for Bored Apes Yacht Club is 58.1819ETH. The minimum NFT price has fallen to its lowest level since May 22, 2022, when the Terra-influenced cryptocurrency market was in deep fear. On that day, the price of the land-based NFT dropped three times, from 152 (ETH) to 50 ETH and 14 sales took place in a 24-hour period. Moreover, Justin Bieber captured his bored monkey under the weather for 500 Ethereum (ETH).
Next time you think you’re down, just remember that. @justinbieber bought a ground monkey for 500 ETH.
– gmoney.eth (@gmoneyNFT) January 29, 2022
The hype was in part due to Yuga Labs releasing the Otherdeed metaverse. Blockchain players flocked to test groundbreaking visuals and new utilities for their beloved BAYC NFTs. However, the hype quickly died down when Decryption (LUNA) and Terra (UST) set the entire crypto industry on fire. This is also evident in Yuga Labs’ native cryptocurrency, ApeCoin, which had its moments of brilliance in April.
ApeCoin (APE) was priced at $23.63 on April 29, 2022. It has shrunk nearly 10 times since then. At the time of publication, the native Bored Apes NFT cryptocurrency is priced at $2.86, indicating another 2.8% in the red over the past 24 hours. Currently, the Bored Apes NFT group has to face the music of another contraction with the unexpected and massive collapse of FTX.
ApeCoin ($APE) price fell 49% from $5.2 to $2.65 under the influence of #FTX/#Alameda, and we found that influencers sold $APE before the price collapsed. pic.twitter.com/nXGzGJ497V
– Lookonchain (@lookonchain) November 14, 2022
on the flip side
- Justin Bieber’s purchase was considered embarrassing even when the NFT market was booming.
- NFT collectors on Twitter share success stories that contradict Bieber’s decisions.
Why should you bother
Yuga Labs, the company behind the most successful NFT kit ever, was valued at $4 billion at the start of the year. With so many NFT and metaverse projects underway, Yuga Labs has managed to spread hash adoption faster than most. Celebrities like Snoop Dogg, Eminem, and Seth Green have become their ambassadors.
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