Bored Ape NFT Justin Bieber spends $1.3 million now worth 60k

Earlier this year, Canadian artist Justin Bieber bought a Bored Ape Yacht Club NFT for 500 $ETH, which at the time was worth about $1.3 million USD (about $1.74 million CAD).

Since then, the value of risk assets around the world has declined significantly. NFTs are perhaps furthest along the risk curve, and the same NFT collection now has a floor price of just $54 ETH, or roughly $61,193 USD (about $82,300 CAD).

Bored Ape Yacht Club #3001 is not listed on the market, though that hasn’t stopped potential buyers from sending in their bids. The last three bids on NFT are for roughly 54.25 $ETH, or $62,000 USD, a 95 percent reduction in value.

Valuations of digital collections began nose-diving around the Luna UST fiasco, while the recent FTX exchange collapse spooked market participants and seemed to be the nail in the coffin. Bored Ape Yacht Club’s collection floor price dipped into the 40s, only to return to the mid-50s in later days.

Beiber’s loss is unreal. He hasn’t sold his NFTs yet, and he might not until valuations get a little better. Conversely, if he were to sell Ape #3001 at this undervalued price, it wouldn’t really put a dent in his over $285 million net worth.

In other digital collectibles-related news, Meta announced during its Creator Week that it will allow select creators to create and sell digital collectibles (NFTs) directly on Instagram. Read more about it here.

Image credit: OpenC, Shutterstock