At the height of the āBored Apeā craze earlier this yearāI am embarrassed for the species that my kids are ever going to have to learn about thisāpop star Justin Bieber paid a ridiculous $1.29 million for a receipt that said he owned a jpg of an ugly cartoon ape.
As Decrypt report, though, the ass hasnāt just fallen out of the crypto market and lesser NFTs in recent months; even Bored Apes, once the flagship mascots of the fad, have taken a hit. The āfloorā price for the jpgsāwhich is the cheapest price you can buy into a collectionāpeaked at an eye-watering $429,000 in April.
On Monday, however, after the FTX crash had sent shockwaves through the crypto (and its adjacent NFT) market, that floor price dropped below $60,000. For NFT purchasers thatās some pretty bad news; the slightly less terrible news is that in the days since that āvalueā has clawed its way back up slightly, to sit at $69,000. Which is, I think we can all agree, very nice for them.
Bieberās ape, #3001 in the collection (pictured above), was purchased back in January. It is one of the apes currently āvaluedā at that $69,000 floor price. Thatās a pretty dramatic dropāaround 95%!ābut itās free-fall isnāt entirely down to the tanking market; Bieberās own impulses contributed, because even then, at the height of the mania, other collectors knew heād massively overpaid just to get into the game:
https://twitter.com/embed/status/1487542764208336899
If you thought after a day or twoās consideration he may have regretted his purchase, the next month he purchased a second Bored Ape, this one for $440,000. It is also now āworthā the floor price.
Justin Bieber bought this NFT for $444k. We posted this picture of the same NFT for free. pic.twitter.com/wXM8VIdiNE
— Market Rebellion (@MarketRebels) February 4, 2022
If youāre a fan (of the artist, not the apes) and are concerned over these mistakes, donāt cry for Bieber; dude is worth over $200 million, and could drop $1.3 million on an NFT like you or I would buy a $10 game on a Steam sale.
