At the height of the “Bored Ape” craze earlier this year — I’m ashamed of the species my kids ever need to learn about it — pop star Justin Bieber paid a paltry $1.29 million for a receipt saying he had a owned jpg of an ugly cartoon monkey.
As decrypt reportbut the ass has not only dropped out of the crypto market and fewer NFTs in recent months; Even Bored Apes, once the fad’s flagship mascots, have taken a hit. The “reserve price” for the JPGs – which is the cheapest price you can buy in a collection – peaked in April at a staggering $429,000.
But on Monday after the FTX crash sent shockwaves The crypto market (and the adjacent NFT market) dropped this floor below $60,000. This is pretty bad news for NFT buyers; The slightly less dire news is that this “value” has struggled back up slightly in the days since, and stands at $69,000. That’s, I think we all agree, very nice for her.
Bieber’s monkey, #3001 in the collection (pictured above), was purchased back in January. It’s one of the monkeys currently “rated” at that $69,000 reserve price. That’s quite a dramatic drop—around 95%!—but the free fall is not solely due to the tank market; Bieber’s own impetus helped, because even then, at the height of the mania, other collectors knew he’d massively overpaid just to get in the game:
G/O Media may receive a commission
If after a day or two of deliberation you thought he regretted his purchase, the next month he bought one second Bored Ape, this one for $440,000. It is now also “worth” the reserve price.
If you are a fan (of the artist, not the monkeys) and are concerned don’t cry for Bieber because of these mistakes; The guy is worth over $200M and could lose $1.3M on an NFT like you or I would buy a $10 game on a Steam sale.
