At the height of the âBored Apeâ craze earlier this yearâI am embarrassed for the species that my kids are ever going to have to learn about thisâpop 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 hasnât 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 âfloorâ price for the jpgsâwhich is the cheapest price you can buy into a collectionâpeaked 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 thatâs some pretty bad news; the slightly less terrible news is that in the days since that âvalueâ has clawed its way back up slightly, to sit at $69,000. Which is, I think we can all agree, very nice for them.
Bieberâs ape, #3001 in the collection (pictured above), was purchased back in January. It is one of the apes currently âvaluedâ at that $69,000 floor price. Thatâs a pretty dramatic dropâaround 95%!âbut itâs free-fall isnât entirely down to the tanking market; Bieberâs own impulses contributed, because even then, at the height of the mania, other collectors knew heâd massively overpaid just to get into the game:
https://twitter.com/embed/status/1487542764208336899
If you thought after a day or twoâs 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 âworthâ 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 youâre a fan (of the artist, not the apes) and are concerned over these mistakes, donât 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.
