In 2021, NFTs became all the rage as celebrities and the general public alike spent millions to buy and trade digital collectibles. Today, however, the price of Bored Ape Yacht Club NFTs, one of the most popular collections, has fallen to a two-year low.
Take for example a Bored Ape NFT owned by Justin Bieber: It has lost about 95% of its value in the last year and a half.
In January 2022, the Grammy Award-winning artist entered the NFT world by investing 500 ETH (about $1.3 million at the time) in Bored Ape #3001, an NFT belonging to Yuga Labs’ Bored Ape Yacht Club (BAYC) collection.
But as of July 2023, Bieber’s Bored Ape is only worth about $59,000, according to Bitcoinist.
And it’s not just Bieber’s NFT that has dropped significantly in value.
Basketball star Stephen Curry bought Bored Ape #7990 for 55 ETH (nearly $180,000 at the time) on August 28, 2021. But as of July 6, the highest bid for NFT is 30.5 ETH, or about $58,000, according to OpenSea. That’s a drop of nearly 68%.
Pop idol Madonna bought Bored Ape #4988 for 180 ETH (about $466,000 at the time) on March 14, 2022, but the highest bid on NFT was 28 ETH (just over $53,000) on July 6, according to OpenSea.
It’s also worth noting that in December, a number of celebrities, including Bieber, Carrie and Madonna, were named in a class action lawsuit filed by investors who bought Yuga Labs’ digital assets, alleging that they helped promote and promote Bored Ape.
With information from CNBC
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