The NFT business goes wrong for Justin Bieber: he paid 1.3 million for his ape and now it’s worth very little

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Justin Bieber’s gamble on Bored Ape Yacht Club (BAYC) non-fungible token (NFT) apes has not panned out for him. One of the primates that the singer bought at the beginning of the year does not stop devaluing: it cost him 1.3 million dollars, his peak value was in April and now his value is well below, at 70,000 dollars.

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It has not been a good operation at all, because Bieber wants to sell them as soon as possible. If the singer wanted to sell them, the first NFT would cost around $69,000 and the second, around $60,000.

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bad investment

Business of NFT Apes

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Bored Ape Yacht Club

NFT community Bored Ape Yacht Club, owned by Yuga Labs, experienced great success earlier this year with their collection of algorithmically generated apes. Justin Bieber also joined the NFT fever and acquired two apes from Bored Ape Yacht Club: one (Collection Number 3001) purchased in January for $1.3 million in ethereum and another a month later for $440,000.

However, after peaking in value in April, Bored Ape Yacht Club NFTs have lost up to 84% of their dollar value in recent days, according to reports. Decrypt. If the Bieber wanted to sell them, the first NFT would cost around $69,000 and the second, about $60,000, well below the investment he made in his day.

The non-fungible token business is not going through its best moment. We are talking about a unique, unrepeatable and indivisible digital asset linked to the development of technology blockchain. Its owners are considered to be owners of a digital work of art, but the price bubble has ended up exploding.

Many celebrities have come to pay outsized prices. They have also been affected by the collapse of the FTX exchange, which has had an impact on NFT evaluations, and more specifically, the base price in dollars of the Bored Ape Yacht Club collection has fallen in recent months.

It is not the first news that there is a very high initial payment for an NFT that in a short time loses much of its value. In April, the businessman who last year acquired the NFT from Jack Dorsey’s first tweet published on Twitter for 2.9 million dollars auctioned it last April with a starting price of 48 million, getting lower bids at $7,000.

Source: Lavanguardia

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