ALBAWABA- Justin Bieber purchased the Bored Ape NFT in January 2022 for $1.3 million when the artwork was at its peak. A year later, It is now worth only $59,090. A bunch of celebrities jumped on the hype train for NFTs when they came out including Steve Aoki, Logan Paul, and Neymar Junior.
To put it simply, NFTs are a collection of drawn images that are sold as digital assets. Each artwork in the collection has undergone minimum alterations.
According to Marca, NFTs have suffered a major loss in value similar to cryptocurrency. Bieber's Bored Ape ranked at 9,810 in rarity which led to it losing most of its value. The NFT market witnessed a boom and a crash within a few months of its release and it is still declining.
What is the Bored Ape Yacht Club?
The Bored Ape Yacht Club's website says that it is "A limited NFT collection where the token itself doubles as your membership to a swamp club for apes. The club is open! Ape in with us".
The NFT collection also had a limited endless runner racing game called Dookey Dash where people had to pay thousands of dollars just for the chance to play it.
The game was only playable for people with a "the sewer pass" which was given to the owners of the Bored Ape and the Mutant Ape NFTs.
Some of these owners started selling the sewer passes for thousands of dollars to people that wanted to play it, if you have the sewer pass, you can play the game.
The Ape is not Justin Bieber's only NFT
Justin owns 6 NFTs overall and has paid $2 million dollars for them! find them below on nft.fame's Instagram post.
