Justin Bieber, one of the worlds most popular pop stars, purchased Bored Ape NFTs for a reported $1.3M in January of 2022, and currently, NFTs are down 94% USD. In January, Justin Bieber, the worlds pop star, paid 500ETH, worth $1.3 million USD (the initial base price), on a Bored Ape No.3001. Musician Justin Bieber purchased Bored Ape in January for $1.3 million USD, a much higher value than similar NFTs will sell on the open market today.
A similar Ape could be sold today in ETH for almost a ninth of that price, or almost 1/19th the price in USD. A similar Ape would probably promote for almost one-ninth of that value in ETH right now, or nearly 1/19th of the value in USD. A floor-bound bored Ape, such as one singer Justin Bieber spent $1.3m in ETH to purchase back in January, is currently selling for a fraction of that price.
Measured against individual purchasing power, the drop in price for NFT Apes is tiny in comparison with the drop of fake U.S. dollars. Punk9059, the pseudonymous crypto analyst who is director of research at the NFT start-up Proof, tweeted that the current price of the base has been tending down, with owners worried about NFTs being liquidated by BendDAO, the NFT loan service, but then sales have picked up, and the base price has recovered, with people buying the NFTs. The cryptocurrency markets collapse led to rapidly dwindling speculative fever around the NFTs, and this has driven down Bored Apes value significantly in the past six months.
The Bored Apes prices have fallen significantly in the last six months, as the crypto market crash led to rapidly diminishing speculative frenzy around NFTs. The crash last week of FTX, the popular crypto alt-currency, has had a noticeable effect on the NFT market, driving crypto values lower, affecting the valuations of NFTs too, but other prominent initiatives are not taking the same heavy blows that Bored Apes has. Last weeks collapse of common crypto exchange FTX had an obvious influence on the NFT market, driving down crypto costs and impacting NFT valuations as well, however other notable projects are not taking as severe hits as the Bored Ape Yacht Club.
Bored Apes floor peaked around $429,000 (152ETH) at the end of April, shortly before the crypto markets collapse, because of the hype surrounding the NFT landing spot launch for the metaverse game The Otherside by Yuga Labs. At the time of writing, the price of a Bored Ape NFT, which is the price of the lowest-priced NFTs available in the NFT market, is about 58.2 ETH, according to data obtained from NFT Price Floor, translating to around $68,800. At the time of writing, the floor value of a membership in Bored Ape Yacht -- i.e., the price of the cheapest NFT available listed on a market -- is around 58.2 ETH, according to data obtained from NFT Value Floor, which translates to about $ 69,800.
Yuga Labs also owns CryptoPunks, the blue-chip NFT project, which has seen its price drop 23% so far this month, down to around $79,800 (66.5 ETH) as of this month. CryptoPunks, another blue chip , NFT project owned by Yuga Labs, has seen its cryptopunks floor value fall by 23 % this month to about $ 79,800 (66.5 ETH) in November. Yuga Labs Inc., the company behind a highly successful non-fungible token (NFT) set-up, the Bored Ape Yacht Club (BAYC) and the Mutant Ape Yacht Club (MAYC), is under investigation by the U.S. Securities and Exchange Commission (SEC), according to a Bloomberg report.
The companys NFT series, Bored Ape Yacht Club (BAYC), which features cartoonish apes, skyrocketed in value after its release, reaching a record-breaking sales price of $3.4 million USD in October of 2021. For example, statistics indicate that Bored Ape Yacht Club (BAYC) collections market value, according to its base value, was $2.33 billion on 3 February 2022 -- 291 days later, and the collections market capitalization is now $615 million.
After the wave of buys at the end of 2021 and beginning of 2022, which brought the likes of Jimmy Fallon, Steph Curry, Madonna, Eminem, Gwyneth Paltrow, and Snoop Dogg to Bored Ape Yacht Club, we do not see any recent noteworthy examples of celebrities flocking to the project amid a drop. The payouts might mark the peak of the celebrity-fueled Bored Ape boom, though owners such as Eminem and Snoop Dogg have continued to make heavy use of the exclusive club ever since.
Bored Ape owners recently invested on ApeCoins debut in March, and are expected to get some free Otherside territories, making NFTs look like gifts that just keep giving. One prominent example was musician Justin Biebers purchase of one Ape for $1.3m (500ETH) back in January -- an acquisition deemed dubious by cryptocurrency experts at the time, who said that he had overpaid for a Ape with highly communal traits. In January, singer Justin Bieber spent $ 1.3 million (500 ETH) on an Ape, a purchase that was criticized at the time by crypto influencers who said that Bieber overpaid for an Ape with extremely typical traits an Ape with extremely typical traits.
Bored Ape #3001 is now valued at a new base price of $69,000 USD, which is 95% lower than when the worlds biggest pop star, Justin Bieber, originally purchased the NFT. After buying the Bored Ape #3001 in January, he bought another Bored Ape Yacht Club NFT for $444k USD in January the following month, also now valued at the floor price. BAYC # 9055 for $63 means that since the Rap Star Eminem bought this NFT for the first time, BAYC # 9055 has lost 85% of its value.