The Bored Ape NFT Justin Bieber Bought For $1.2 Million Is Now Worth $69,000

face palm: The cryptocurrency crash has affected a large number of companies and ordinary people who have invested in this industry. There are so many sad stories, but one person who is unlikely to receive much sympathy is Justin Bieber, whose $1.29 million NFT is now worth about $69,000.

The semi-random images of monkeys that make up the Bored Ape Yacht Club (BAYC) remain the most popular set of non-fungible tokens. At the height of the NFT craze and ahead of the cryptocurrency winter, celebrities including Jimmy Fallon were rushing to buy and promote them. We even saw a group sold at Sotheby’s for a frankly bewildering $24.4 million.

Justin Bieber was one of those who jumped on the bandwagon. He paid $1.29 million for monkey #3001 (highest) in the group, which, even as NFT prices were rising again in January, many said was too much. Not long after, the “Baby” singer bought another monkey one month later for the much more reasonable price of $400,000.

TerraUSD and support coin Luna crashed in May, wiping out nearly $1 trillion from the cryptocurrency markets. Prices never recovered, and investors took another hit earlier this month on cryptocurrency exchange FTX. explodeLeads to Lawsuits.

The disruption affected the value of NFTs. Decrypt reports The minimum price—the lowest you can buy a piece of a given collection—for Bored Apes collapsed to $60,000 after the FTX incident. It has improved slightly since then but it’s still at $69,000, a far cry from its all-time high of $429,000 in April. Both Bieber’s Apes sit at the lowest price, which means that in the case of $1.29 million, he lost about 95% of his money on that investment.

Unlike most of the others affected by the cryptocurrency/NFT crash, Bieber is unlikely to be too upset about his loss, given that he has a net worth of around $200 million.

Although many companies have been distancing themselves from NFTs recently, some have not given up on non-fungible tokens. LG He said Last September, it brought NFTs to its smart TVs so owners could discover, buy, sell, and trade “high quality artwork” directly from their TVs. Elsewhere, Square Enix announce Symbiogenesis last month, a browser-based game for PC and mobile — the start of a franchise — that uses NFT digital art.

free: Kotaku

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