The Bored Ape NFT Justin Bieber bought for $1.29 million is now worth $69,000

[midian182]

Facepalm: The crypto crash has impacted a huge number of businesses and everyday people who invested in the industry. There are a lot of sad stories out there, but one person unlikely to receive much sympathy is Justin Bieber, whose $1.29 million NFT is now worth around $69,000.

The semi-randomly generated images of apes that make up the Bored Ape Yacht Club (BAYC) remain the most famous collection of non-fungible tokens. At the height of the NFT craze and before the crypto winter, celebrities, including Jimmy Fallon, were rushing to buy and promote them. We even saw a set sell at Sotheby's for a frankly bewildering $24.4 million.

One of those to jump on the bandwagon was Justin Bieber. He paid $1.29 million for ape #3001 (top) in the collection, which, even when NFT prices were skyrocketing back in January, many said was too much. Undeterred, the "Baby" singer bought another Ape one month later for the much more sensible price of $400,000.

TerraUSD and support coin Luna crashed in May, wiping almost $1 trillion off the crypto markets. Prices never recovered, and investors were dealt another blow earlier this month when crypto exchange FTX imploded, leading to lawsuits.

Justin Bieber bought this NFT for $444k. We posted this picture of the same NFT for free. pic.twitter.com/wXM8VIdiNE

--- Market Rebellion (@MarketRebels) February 4, 2022

The turbulence has impacted the value of NFTs. Decrypt reports that the floor price---the lowest price you can buy a piece from a specific collection---for Bored Apes crashed to $60,000 following the FTX incident. It has improved slightly since then but is still at $69,000, a far cry from the all-time high of $429,000 in April. Both of Bieber's Apes are sitting at the floor price, meaning that in the case of the $1.29 million jpg, he's lost around 95% of his money in that investment.

Unlike most other people impacted by the crypto/NFT crash, Bieber is unlikely to be too upset by his loss, given that he's worth around $200 million.

Despite many companies distancing themselves from NFTs recently, some haven't given up on non-fungible tokens. LG said in September that it was bringing NFTs to its smart TVs so owners can discover, buy, sell and trade the "high-quality artwork" directly from the televisions. Elsewhere, Square Enix announced Symbiogenesis last month, a browser-based game for PC and mobile---the start of a franchise---that uses NFT digital art.

h/t: Kotaku

Permalink to story.

https://www.techspot.com/news/96700-bored-ape-nft-justin-bieber-bought-129-million.html

 

[Bullwinkle M]

"now worth $69,000" ?
Looks like you made another typo

Let me fix that for you.....

ZERO!

All NFT's were and are worth $0.00

 

[BadThad]

Now just think if Bieber spent that much money on GOLD or rare (and appreciating) sports cars. Now he's stuck with worthless pictures of apes....a fool and his money!

 

[yRaz]

"now worth $69,000" ?
Looks like you made another typo

Let me fix that for you.....

ZERO!

All NFT's were and are worth worth $0.00

They're worth whatever someone is dumb enough to pay for them. I'd say Biebers music is worthless but people pay for that

 

[umbala]

$69,000 for this garbage is still waaaay too high. I hope all this NFT and crypto nonsense crashes a lot more than it already has. This useless junk should be traded in pennies not dollars.

 

[Bullwinkle M]

They're worth whatever someone is dumb enough to pay for them. I'd say Biebers music is worthless but people pay for that

Exactly!

After extensive fact checking, I find that Biebers music is worth exactly ZERO!

 

[winjer]

A item that has it's worth based on the greater fool theory.
In reality, it's worth nothing, until another fool comes along to buy it.

 

[hahahanoobs]

I wanna laugh, but 1.2M is most likely pocket change to him. Put a B on it and I'm rollin.

 

[DSirius]

Right on point the subtitle article.
Want great articles about computers? You find them here.
Want hilarious, funny articles about IT. You also find them here.

 

[Uncle Al]

ROFLMAO ..... and people actually thought this junk would pass off for serious art work ...... oh brother!

 

[GoldenGoat]

Sometimes things that seem like a really bad investment.... actually are a really bad investment.

 

[VitalyT]

Now, who's the monkey?

 

[Kam7r]

Ahahahah , one of the first Darwin Award from this whole BS ... many more to come, bring me some popcorn !

 

[Morphine Child]

69000 too much.

 

[godrilla]

Meanwhile the central banks are stockpiling gold as I predicted. When the world economic forum said you will own nothing and be happy, I was like how will the Robinhoods of today steal from the poor and give to the rich on a mass scale? I came to a conclusion at that time it is probably going to be worthless crypto currencies and just this week Bankman Fried proved my theory.

 

[madboyv1]

After extensive fact checking, I find that Biebers music is worth exactly ZERO!

Your heroic sacrifice for putting yourself in harms way will be remembered and memorialized with a statue. /salute

 

[Avro Arrow]

I can't believe that anyone would pay more than $10 for it, let alone $69,000 or $1,200,000.

These NFTs make the RTX 4080 look like the deal of the century. At least it actually DOES something!

 

[mgwerner]

No one ever saw that coming.
/s

 

[Mr Majestyk]

NFT's are possibly the most !diotic thing in a very long time. Utterly useless. This is another great day that hopefully ends with crypto currency and the like disappearing forever.

BTW screw you censors for blanking out words.

 

[kiwigraeme]

NFT's are possibly the most !diotic thing in a very long time. Utterly useless. This is another great day that hopefully ends with crypto currency and the like disappearing forever.

BTW screw you censors for blanking out words.

They have a purpose - for unique identification - but I never got this bored ape stuff - Folks can create infinite of these junk images . To protect your IP rights - or ownership of something of intrinsic valve maybe

 

[ZedRM]

This article illustrates the sheer lunacy of NFT's and those who invest in them.

 

[ZedRM]

BTW screw you censors for blanking out words.

Use more creative vocabulary. The Censoring is automated. They can't block the whole dictionary now can they..

 

[BuckarooBonzaii]

Just copy that jpeg and give it away for free would make more sense.

 

[YHWACH]

I can't believe that anyone would pay more than $10 for it, let alone $69,000 or $1,200,000.

These NFTs make the RTX 4080 look like the deal of the century. At least it actually DOES something!

It's even sadder when you consider most buyers aren't getting an NFT, they are purchasing a hyperlink to the NFT itself

 

[Puiu]

That's still way too much. It should be zero