Pop singer Justin Bieber, who has not hesitated to explore the digital assets sector, has reportedly been exposed to the financial risks that crypto skeptics keep warning others about. An NFT bought by Bieber last year for a whopping $1.3 million (roughly Rs. 10 crores) has now fetched less than half of its original value. This drastic change in the values of digital collectibles can be attributed to the volatility of the market affecting the entire sector.
Bieber’s NFT is famous Bored Ape Yacht Club (BAYC) Collection. Created by Digital Art Platform Yug LabsBAYC’s NFTs feature bored-looking apes in various avatars.
BAYC NFT #3001, which now costs the “Peaches” singer over a million dollars Allegedly Its price is $ 59,090 (about Rs 48 lakh).
There has been a lot of discussion on development Twitter As a warning to potential NFT investors.
Justin Bieber bought this Bored Ape NFT in January 2022 for $1.31 million.
Today, it costs $59,090. pic.twitter.com/SEtUy4TasA
Say cheese! :lips::cheese_veg: (@SaycheeseDGTL) 3 July 2023
BAYC NFT price started falling around April when the overall crypto market was also starting to slow down amid COVID-19 inflation in the US.
Due to persistent interest rate hikes in the US as well as uncertainty of regularity in the global Web3 sector, investors pulled out in large numbers, negatively impacting the digital assets sector.
According to NFT and web3 analysts like open sea And coingecoThe minimum value of the BAYC NFT collection has decreased significantly over the past few months, setting a new record since October 2021.
The minimum value of BAYC NFT (lowest value of NFT from a collection) is less than ETH 30 (approximately Rs 48 lakh).
Bieber’s BAYC NFT #3001which features a crying, brown ape standing in a simple, black T-shirt against a “new punk blue” background, was purchased by the singer for more than the listed price.
The original price of the piece at the time of sale was around $270,908 (roughly Rs. 2 crores), but the Canadian singer bought it for 300 percent more. bitcoin.comThat time invited trollers to attack him.
Now that its price has dropped, it is unclear whether Bieber will retain the NFT or resell it for a profit.