Pop music icon Justin Bieber became one of the most famous members of the Bored Ape Yacht Club when he spent 500 $ETH– or approximately $1.3 million – in January 2022 Ethereum-based $NFTBored monkey #3001.
Bieber’s monkey, one of the most common in the collection in terms of visual features, is now valued at around $12,000 just four years later, now that the luster of NFTs and the Yacht Club has largely faded.
The value of any work of art can be influenced by several factors, including personal taste, provenance and even previous ownership; Bieber’s history with the $NFT could possibly help him get a higher price if he were to put it on the market. But similar objects in the collection with similar characteristics have experienced a substantial decline in value.
The transaction, which would result in a 99% loss if the singer parted with his $NFT at the current bottom price, or the cheapest price $NFT listed on the marketplace, now seems bad.
But even at the time of purchase the $NFT community chided the star for his decision to purchase a “floor” monkey, or one without any rare features or attributes, for such an amount. Typically, only the rarest NFTs from a collection have sold for a large premium above the floor price.
‘Who the fuck advises Justin Bieber? $NFT purchases and how can I contact them to sell them flooring NFTs for 500 $ETH”, Farokh Sarmad, now president of Dastan – the parent company of an editorially independent company Declutter—posted after purchase.
The next time you think you’re in a bad place, remember that .@justinbieber just bought a floor monkey for 500 $ETH.
— gmoney.eth (@gmoneyNFT) January 29, 2022
Still, Bored Ape Yacht Club’s floor price rose significantly in the months following Bieber’s purchase, eventually reaching to $429,000 in April 2022. And the singer’s purchase was hardly the most stunning purchase of all time $NFT madness, which also saw artist Beeple sells digital art $NFT for $69.3 million the year before.
However, since that time, Monkeys have long been stuck in a situation in which they are embroiled $NFT winter that has lowered the rock-bottom prices of competing collections CryptoPunks And Pudgy penguins also.
Punks also once traded above $400,000, while Pudgy Penguins nearly eclipsed $100,000 according to data from $NFT Price floor. The projects are now trading at starting prices of around $60,000 and $8,850 $ETHrespectively.
Users of Myriad – a prediction market run by Dastan – also don’t believe winter will thaw anytime soon. A market that jointly follows the potential comeback of Apes, Punks and Penguins gives the trio only a 16% chance of reaching a bottom price of 10 $ETHor 50 $ETH in Punks’ case, by July.
Yet Yuga Labs, the parent company of the Bored Ape Yacht Club, continues to work on projects surrounding the collection. In October, Yuga announced that it would create a real Bored Ape clubhouse in Miami, Florida for its guests $NFT holders come together.
The other focus remains Other sidea massive multiplayer metaverse game featuring avatars from the Bored Ape Yacht Club and others $NFT projects.