NFT token bought by Justin Bieber has fallen in price by 95%

Although the field of non-fungible tokens, and in particular the Bored Ape Yacht Club collection, is very popular and generates stories of fabulous earnings, this coin has a downside. This was clearly shown by the famous singer Justin Bieber. In early 2022, the music artist purchased token number #3001 for $1,300,000, and now its value has dropped to $67,000 (at the time of writing).

This could happen for several reasons. Firstly, the non-fungible token, according to the majority of crypto enthusiasts, initially did not represent the great value that the singer saw in it. The uniqueness of NFT tokens depends on the rarity of their features, and BAYC (Bored Ape Yacht Club) #3001 did not have any truly rare distinguishing abilities. From the very beginning, experts in this niche area said that Bieber was overpaying a lot of money, and such a deal would not be beneficial for him.

Secondly, the reason for such an impressive drop could be a general decrease in the popularization of NFT tokens against the backdrop of what was demonstrated at the beginning of the year. In February, the average sales turnover in the field of non-fungible tokens was about $150,000,000 and exceeded this value. To date, this figure has fallen to $12,000,000. By the way, it is the BAYC collection that makes a huge part of this turnover. There, an amount exceeding the threshold of $11,300,000 is traded daily.

The third and no less important reason was the decline in the cost of Ethereum. In February, at the time of buying BAYC #3001 for 500 ETH, the cost of one Ethereum was $2,600. At the time of writing, Ethereum is quoted at $1,200 per unit. Consequently, only from this the cost of the token fell by 54%. The value of the token fell not only in dollars, but also in Ethereum. Now it can be sold not for 500, for which the singer purchased, but for 56.35. It was this best offer that was put forward to a musical performer.

Bored Ape Yacht Club #3001

Thus, the totality of all circumstances significantly reduced the cost of token number #3001. It is worth noting that most celebrities bought tokens not for the purpose of making money, but in order to show their commitment to the development of the crypto-currency industry and to enter the club of select owners of collectible coins. In addition to Justin Bieber, such stars as Snoop Dogg, Mark Cuban, Paris Hilton, Gwyneth Paltrow and others became owners of Bored Ape Yacht Club tokens. By the way, Justin has in his digital possessions not only the Bored Ape Yacht Club token, but also non-fungible assets from other collections: CLONE X - X TAKASHI MURAKAMI, Mutant Ape Yacht Club, Doodles, World of Women and LIVES of LALISA.

You can read more about the current state of affairs in the field of NFT in one of our materials by clicking on this link .