Justin Bieber bought a Bored Ape NFT in January for $1.3 million that’s likely worth about $70,000 in the wake of the FTX collapse.

Email icon An envelope. It indicates the ability to send an email.

Share icon An curved arrow pointing right.

Twitter icon A stylized bird with an open mouth, NFT tweeting.

Twitter LinkedIn icon The word “in”.

LinkedIn Fliboard icon A stylized letter F.

Flipboard Facebook Icon The letter F.

Facebook Email icon An envelope. It indicates the ability to send an email.

Email Link icon An image of a chain link. It symobilizes a website link url.

Justin Bieber purchased a Bored Ape NFT for $1.3 million that’s now worth $70,000. Bellocqimages/Bauer-Griffin/ Getty Images.

Redeem now.

Justin Bieber’s bought a Bored Ape NFT for $1.3 million in January. It’s now probably worth $70,000, according to NFT Price Floor. The 95% drop in valuation comes after Sam Bankman-Fried’s FTX collapsed and caused crypto prices to crash. Bored Ape isn’t the only ethereum-fueled NFT collection impacted by the crypto crash.

Sign up for our newsletter for the latest tech news and scoops — delivered daily to your inbox.

Loading Something is loading.

Thanks for signing up!

Access your favorite topics in a personalized feed while you’re on the go. download the app.

Pop star Justin Bieber started off the year purchasing his first Bored Ape Yacht Club NFT for interest NFT projects 500 ethereum, a blockchain currency, equivalent to $1.3 million.

But the market value, or “price floor,” of individual NFTs from the Bored Ape collection has tanked to 58 ethereum, or $70,0000, as of Thursday morning — a 95% drop in value, according to data from NFT Price Floor.

Sinking NFT prices follow the collapse of crypto exchange giant FTX earlier this month as the Sam Bankman-Fried scandal reportedly lowered overall crypto prices and hurt Bored Ape Yacht Club’s NFT valuations. That’s because NFT owners panic-sold them to avoid prices from dropping even further, according to a report from crypto news site Decrypt.

Bored Ape, which comprises more than 10,000 NFTs depicting cartoon monkeys wearing different outfits, is one of the most successful NFT art collections, valued at more than $1 billion.

Before the crypto crash, Bored Ape’s NFT prices peaked at $429,999 in late April in response to hype around the use of NFT land plots for cryptocurrency its personal metaverse platform Otherside. But since NFT sales have dipped, its prices have fallen by 82% as of this month, interest NFT projects reported Decrypt.

In addition to Bored Ape, some top ethereum NFT collections are also facing lower values this month. DeGods prices have fallen by 68%; CryptoPunks’ dropped by 37%; and DeGods’ by 66%, according to Forbes.

While Bieber never specified why he purchased an NFT, cryptocurrency some critics speculate that celebrities buy NFTs as a status symbol, a way to flaunt their wealth and exclusive purchases.

If you treasured this article and also you would like to obtain more info about 二元期權.forexrabota.ru please visit our own page.

Lascia un commento

Il tuo indirizzo email non sarà pubblicato. I campi obbligatori sono contrassegnati *

Questo sito usa Akismet per ridurre lo spam. Scopri come i tuoi dati vengono elaborati.