News JVTech NFT: Justin Bieber Loses A Fortune Over Bored Ape (BAYC)
Artist Justin Bieber has been the laughing stock of the NFT sphere for a few days now… A few months ago, like other showbiz stars, the singer bought an NFT from the Bored Ape Yacht Club (BAYC) for a considerable price. Today, however, the American star is paying the full price for the depreciation of the non-fungible token (NFT) market.
Justin Bieber is anything but profitable with his NFT Bored Ape
10 months ago, the famous Canadian singer bought an NFT Bored Ape. A not very original initiative, because at that time many stars had also fallen in love with collecting virtual signs.
Launched on April 30, 2021, the Bored Ape Yacht Club NFTs are no more and no less than 10,000 images of monkeys with 170 randomly generated more or less rare attributes that make each NFT unique. Bought by the first owners for 0.08 ETH, around 200 dollars at the time, the NFTs in the collection very quickly reached exorbitant prices (at most around 350,000 dollars) with the enthusiasm.
When Justin Bieber became interested in the collection, he paid the sum of 500th or 1.3 million dollars to acquire the Bored Ape 3001 – four times more expensive than the reserve price. Despite the price, however, this famous NFT does not have a particularly rare quality than the others … In this sense, Justin Bieber may have gotten carried away too quickly, since the recent depreciation of the NFT market puts his bored monkeys at around $66,000.
As a big collector of these tokens, Justin is also suffering from the price drop of the other collections he owns:
- clone
- doodle
- Mutant Ape Yacht Club
- world of woman
Nonetheless, Justin Bieber isn’t the only one who’s at a loss…
Bored Ape Yacht Club (BAYC): Celebs have not been spared the fall in NFT values
To grow, the famous Yuga Labs collection relied on the credit of many celebrities. This powerful marketing influences to involve different personalities in the adventure of Bored Ape Yacht Club.
This collection of 10,000 “bored” monkey avatars has become a showbiz staple. This phenomenon was widely visible a few months ago when several stars suddenly switched their profile photos to these overpriced JPEGs on various social media sites.
Among the followers of this collection we find:
- Post Malone
- snoop dog
- LoganPaul
- Eminem
- neymar
- Jimmy Fallon
- Madonna and so many others…
Most are therefore also affected by this price drop to a lesser extent. In fact, many of them still own a bored monkey. In addition, several are the subject of an investigation by advertising watchdog organization TINA (Truth in Advertising) to determine their links to the creators of the collection. The goal is to know if the promotion is disguised.
