There have been several effects as a result of the recent great chaos in the non-fungible universe. Seriously! The recent market crisis was heard of by everyone and their moms. You already know that when the stakes are high, the risk is also great. For instance, the members of the Bored Ape Yacht Club are currently licking their wounds. Why? Well, the value of the Bored Ape NFTs cruelly declined this month; in fact, the floor price fell by 84% from the peak in April. Consequently, for the first time since 2021, it is below $100,000! How is the NFT of pop singer Justin Bieber faring in this bearish chaos?
Justin Bieber is made from the same stuff as other famous people who enjoy jumping on the hype train. Back in January, when the excitement surrounding the pricey Ethereum NFT collection was in full gear, the "Baby" Singer paid an astounding $1.3M for his Bored Ape. Not to add that some people employed their apes in the production of goods, live performances, and other activities. These celebrities specifically include: DJ Steve Aoki, Snoop Dogg, Eminem, Gwyneth Paltrow, Madonna, Neymar, Paris Hilton, and Jimmy Fallon.
Cryptanalysts found Justin Bieber's NFT purchase to be seriously flawed and dubious at the start of the year. Evidently, he grabbed an ordinary Ape for seven figures (500 ETH at the time)! Crazy! Today, this remark strikes out even more. Currently, the Justin Bieber NFT is only valued $69K. Talk about terrible... In addition, Rarity Tools lists it as the 9,810th rarest Bored Ape. Imagine, if it weren't glamorized by its connections to the well-known celebrity, it would likely sell for floor price. Who are we to judge? According to many skeptics, spending $1.3 million on a NFT is done for the "cool factor" rather than as an investment.
The Bored Ape floor price tends to decline as owners worry about NFT liquidations from BendDAO, an NFT lending service, but then sales rise and the floor price recovers as people buy up the NFTs, according to Punk9059, a pseudonymous crypto analyst and director of research for NFT startup Proof, who tweeted after the Justin Bieber NFT AND BAYC panic. They also addressed how the freshly introduced NFT marketplace Blur affects the situation. Blur specifically targets "pro traders" and doesn't impose author royalty fees or collect a marketplace fee. According to Punk9059, Bored Ape merchants exhibit "a lot more flips" in such a setting.
