{"id":873,"date":"2022-11-18T20:03:43","date_gmt":"2022-11-18T20:03:43","guid":{"rendered":"https:\/\/nft.runfyers.com\/index.php\/2022\/11\/18\/justin-biebers-1-3-million-bored-ape-plunges-in-value-to-just-70000-as-nft-prices-continue-their-free-fall-artnet-news\/"},"modified":"2022-11-18T20:03:43","modified_gmt":"2022-11-18T20:03:43","slug":"justin-biebers-1-3-million-bored-ape-plunges-in-value-to-just-70000-as-nft-prices-continue-their-free-fall-artnet-news","status":"publish","type":"post","link":"https:\/\/nft.runfyers.com\/index.php\/2022\/11\/18\/justin-biebers-1-3-million-bored-ape-plunges-in-value-to-just-70000-as-nft-prices-continue-their-free-fall-artnet-news\/","title":{"rendered":"Justin Bieber&#8217;s $1.3 Million Bored Ape Plunges in Value to Just $70,000 as NFT Prices Continue Their Free Fall | Artnet News"},"content":{"rendered":"<p><\/p>\n<div data-post-id=\"2213196\">\n<p>One of Justin Bieber\u2019s Bored Apes, bought for $1.3 million in ETH this January, is likely now worth just $70,000.<\/p>\n<p>That figure\u2019s based on the <a href=\"https:\/\/nftpricefloor.com\/bored-ape-yacht-club\" target=\"_blank\" rel=\"noopener\">current floor price<\/a>, or lowest asking price, for any artwork in the Bored Ape Yacht Club\u2019s collection of 10,000 utility-enabled PFP (profile picture) artworks. Bieber\u2019s Ape pegs to that value because its variable traits and features (like eyes and outfit) are common among the collection\u2014one of several critical indicators of value when it comes to BAYC NFTs.<\/p>\n<div class=\"embed-container\">\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">Next time you think you\u2019re down bad, just remember that .<a href=\"https:\/\/twitter.com\/justinbieber?ref_src=twsrc%5Etfw\" target=\"_blank\" rel=\"noopener\">@justinbieber<\/a> just bought a floor ape for 500 ETH.<\/p>\n<p>\u2014 gmoney.eth (@gmoneyNFT) <a href=\"https:\/\/twitter.com\/gmoneyNFT\/status\/1487542929950482434?ref_src=twsrc%5Etfw\" target=\"_blank\" rel=\"noopener\">January 29, 2022<\/a><\/p>\n<\/blockquote>\n<\/div>\n<p>The whole collection has a taken hit as of late. <a href=\"https:\/\/finance.yahoo.com\/news\/justin-bieber-paid-1-3-195705336.html?guccounter=2\" target=\"_blank\" rel=\"noopener\">Yahoo Finance<\/a> noted this week that BAYC\u2019s floor price has fallen about a third since just the beginning of November, dipping below $60,000 for the second time this month on Monday, after peaking at $429,000 in April.<\/p>\n<p>Still, out of 10,000 Bored Apes in existence, Bieber\u2019s January acquisition ranks the 9,810th most rare. If he specifically didn\u2019t own it, the piece would probably sell for floor price. Bieber\u2019s involvement with BAYC coincided with crypto\u2019s cultural and financial high water mark.<\/p>\n<p>Some have wondered why Bieber even bought the otherwise unremarkable ape in the first place. \u201cThe common thought is that the specific traits spoke to him and lyrics of a recent song he had released,\u201d a crypto expert known as Punk9059 told Artnet News. \u201cHe had released a song about being sad at the time. Everyone in the community knew it was an \u2018outlier sale.\u2019\u201d<\/p>\n<p>Punk9059 added that the true value of Bieber\u2019s NFT was probably $300,000 when he bought it, meaning the market-driven value dip on this particular work might not be as bad as outlets are making it out to be.<\/p>\n<p>\u201cThe idea of people paying for NFTs is very easy to want to sensationalize and dunk on,\u201d Punk0959 continued. \u201cThe vast majority of people find it crazy. So articles that describe how down people are often go viral, especially when you mix in a celebrity.\u201d<\/p>\n<div class=\"embed-container\">\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">It&#8217;s funny seeing articles dunking on NFTs because Bieber is down 95% on his Bored Ape. A few articles say it&#8217;s because of the FTX Collapse.<\/p>\n<p>Chart below shows that he was down 75% the minute he bought it. <a href=\"https:\/\/t.co\/OkSZns3HLY\" target=\"_blank\">pic.twitter.com\/OkSZns3HLY<\/a><\/p>\n<p>\u2014 NFTstatistics.eth (@punk9059) <a href=\"https:\/\/twitter.com\/punk9059\/status\/1593665816611803136?ref_src=twsrc%5Etfw\" target=\"_blank\" rel=\"noopener\">November 18, 2022<\/a><\/p>\n<\/blockquote>\n<\/div>\n<p>Another of this month\u2019s biggest headlines was the surprise disappearance of FTX Ventures founder Sam Bankman-Fried\u2019s $16 billion fortune\u2014history\u2019s largest wealth destruction event.<\/p>\n<p>\u201cNFT prices were hurt by the FTX collapse, but we\u2019ve been on a multi-month trend where prices on profile-picture projects have been declining,\u201d Punk0959 said. \u201c[Bieber\u2019s] wasn\u2019t all that out-sized of a move.\u201d<\/p>\n<p>Interest in BAYC spiked this week too, increasing 135 percent to $6.5 million worth of Apes sold Tuesday, perhaps due to speculators buying the dip in hopes the Apes do rebound.<\/p>\n<p><em>Follow <a href=\"https:\/\/www.facebook.com\/artnet\" target=\"_blank\" rel=\"noopener\">Artnet News<\/a> on Facebook: <\/em><br \/>\n<iframe loading=\"lazy\" src=\"https:\/\/www.facebook.com\/plugins\/like.php?href=https%3A%2F%2Ffacebook.com%2Fartnet&amp;width=156&amp;layout=button_count&amp;action=like&amp;size=large&amp;show_faces=false&amp;share=false&amp;height=46&amp;colorscheme=dark&amp;appId=1094996403930552\" width=\"100\" height=\"28\" style=\"border:none;overflow:hidden\" scrolling=\"no\" frameborder=\"0\" allowtransparency=\"true\"><\/iframe><br \/>\n<br \/>\n<em><a href=\"http:\/\/link.artnet.com\/join\/522\/newscta&amp;hash=8e9534fb495110baf97a368037111816\" target=\"_blank\" rel=\"noopener\">Want to stay ahead of the art world? Subscribe to our newsletter to get the breaking news, eye-opening interviews, and incisive critical takes that drive the conversation forward.<\/a><\/em>\n\t\t\t\t\t\t\t\t<\/div>\n<p><script async src=\"\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><br \/>\n<br \/><a href=\"https:\/\/news.artnet.com\/market\/justin-biebers-bored-ape-value-plunges-2213196\" target=\"_blank\" rel=\"noopener\">Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>One of Justin Bieber\u2019s Bored Apes, bought for $1.3 million in ETH this January, is likely now worth just $70,000. That figure\u2019s based on the current floor price, or lowest asking price, for any artwork in the Bored Ape Yacht Club\u2019s collection of 10,000 utility-enabled PFP (profile picture) artworks. Bieber\u2019s Ape pegs to that value [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":874,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jetpack_publicize_message":"","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true},"categories":[16],"tags":[33,43,44,46,41,48,42,47,49,45],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/p-news-uploads.storage.googleapis.com\/2022\/11\/GettyImages-1370384457-scaled.jpg","jetpack_sharing_enabled":true,"jetpack_likes_enabled":true,"_links":{"self":[{"href":"https:\/\/nft.runfyers.com\/index.php\/wp-json\/wp\/v2\/posts\/873"}],"collection":[{"href":"https:\/\/nft.runfyers.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/nft.runfyers.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/nft.runfyers.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/nft.runfyers.com\/index.php\/wp-json\/wp\/v2\/comments?post=873"}],"version-history":[{"count":0,"href":"https:\/\/nft.runfyers.com\/index.php\/wp-json\/wp\/v2\/posts\/873\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/nft.runfyers.com\/index.php\/wp-json\/wp\/v2\/media\/874"}],"wp:attachment":[{"href":"https:\/\/nft.runfyers.com\/index.php\/wp-json\/wp\/v2\/media?parent=873"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/nft.runfyers.com\/index.php\/wp-json\/wp\/v2\/categories?post=873"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/nft.runfyers.com\/index.php\/wp-json\/wp\/v2\/tags?post=873"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}