Bite Your Fingers, Justin Bieber’s NFT Prices Drop 95 Percent

Liputan6.com, Jakarta Justin Bieber’s NFT Bored Ape Yacht Club (BAYC) has seen a deep price drop. In January 2022, Bieber purchased NFT Bored Ape #3001 for 500 ETH, valued at USD 1.3 million at the time or the equivalent of Rp. 19.6 billion (assuming an exchange rate of Rp. 15,133 per US dollar).

Reporting from Crypto News, Friday (7/7/2023), the same collection is only worth 29.95 WETH, around USD 58,610 or the equivalent of IDR 886.9 million according to OpenSea data. That’s a decrease of about 95 percent.

Meanwhile, Bored Ape’s other NFT collection, namely series #3850 which Bieber bought for 166 ETH or USD 470,000, equivalent to Rp. 7.1 billion, now costs only around 30.06 WETH or USD 58,898, equivalent to Rp. 891.2 million.

NFTs soared in popularity in 2021 as a vehicle for speculation amidst a heated crypto market, and a way for celebrities and content creators to connect with their audiences through a new kind of digital collection.

None of Bieber’s NFTs are extremely rare, leading him to be widely criticized by crypto influencers last year for spending exorbitant amounts on the base price of these ape NFTs. Base price refers to the lowest bid price of an NFT in a given collection.

Although each NFT represents a uniquely identifiable blockchain token, many are sold as part of large collections with little variation between linked images or videos.

In an all-time high set in April 2022, BAYC’s collection of 10,000 pieces makes for a total market capitalization of over 1,448,475 ETH per OpenSea data and a base price of 153 ETH per CoinGecko data. Each of these values ​​has since slumped to just 322,930 ETH and 31.4 ETH respectively, after the NFT hype slowly fizzled out over the past 18 months.

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