News JVTech NFT: Justin Bieber Loses A Fortune Because Of His Bored Ape (BAYC)
Since a few days, the artist Justin Bieber has been the laughingstock of the NFT atmosphere… A few months ago, the singer had bought an NFT from the Bored Ape Yacht Club (BAYC) for a hefty price, just like other showbiz stars. Today, however, the American star is paying full price for the decline in value of the non-fungible token (NFT) market.
Justin Bieber is far from profitable with his NFT Bored Ape
10 months ago, the famous Canadian singer bought an NFT Bored Ape. An initiative that is not very original, since at the time many stars had also fallen in love with collecting virtual plates.
Launched on April 30, 2021, the Bored Ape Yacht Club NFTs are no more and no less than 10,000 images of monkeys with 170 randomly generated more or less rare attributes, making each NFT unique. Bought by the first owners for 0.08 ETH, about €200 at the time, with the craze the NFTs in the collection very quickly reached exorbitant prices (about €350,000 at the most).
So when Justin Bieber became interested in the collection, he paid the sum of 500th, or 1.3 million euros, to acquire the Bored Ape 3001 – 4 times more expensive than the bottom price. However, despite the price, this famous NFT does not have a particularly rare feature than the others… In that sense, Justin Bieber may have gotten too carried away since with the recent fall in value of the NFT market, his bored monkey is valued at around €66,000 .
Justin is a big collector of these tokens and is also suffering from the price drop of the other collections he owns:
- clone
- drawing
- Mutant Ape Yacht Club
- World of women
Yet Justin Bieber is not the only one who is at his wit’s end…
Bored Ape Yacht Club (BAYC): Celebrities have not been spared the fall in value of NFTs
To grow, Yuga Labs’ famous collection relied on the credit of many celebrities. This powerful influence on marketing to engage different personalities in the Bored Ape Yacht Club adventure.
This collection of 10,000 “bored” monkey avatars has become a showbiz staple. This phenomenon was all over the place a few months ago, when several stars suddenly changed their profile pictures to these overpriced JPEGs on various social media.
Among the followers of this collection we find:
- Post Malone
- candy dog
- Logan Paul
- Eminem
- Neymar
- Jimmy Fallon
- Madonna and so many others…
Most are therefore also affected by this fall in prices, to a lesser extent. Indeed, many of them still have a Bored Ape. In addition, several are the subject of an investigation by the advertising watch association TINA (Truth in Advertising) to determine the ties they had with the founders of the collection. The goal is to know if it was a promotion in disguise.