The falling price of NFTs, backed by celebrity investments, continues to drive the news. Last month, the famous American blogger Logan Paul hit the headlines after his NFT collections lost value. Today, it’s Justin Bieber’s Bored Ape making noise on the networks.
NFT price drop: Justin Bieber’s Bored Ape loses over 90% of its value
Publications about a Bored Ape by Justin Bieber are multiplying on Twitter. The American pop star is said to have bought one of the BAYC monkeys in January for 1.3 million dollars (500 ETH). Like all collections, this creation suffered the fall in the price of NFTs and would only be worth $69,000. This is Bored Ape #3001. In February, the star also acquired another Bored Ape (Bored Ape # 3850) for 166 ETH, or approximately $470,000. It is easy to imagine the current value of this work.
At the end of April, the floor price of Bored Ape Yacht Club NFTs reached an all-time high. This month, the value of the collection has fallen 84% from that peak. Last month, YouTuber Logan Paul also made headlines with his NFT, which went from a value of $600,000 to $10. Many are sounding the death knell for this asset class, others firmly believe in an upcoming market recovery.
A difficult month for NFT holders, an investment opportunity for others
Times are tough for NFT holders. The price of non-fungible tokens continues to crash. In itself, the situation is not surprising. The enthusiasm for the first collection launches has somewhat lost momentum. But above all, the NFT market is also suffering from the significant decline in cryptocurrencies. Result ? We are witnessing a decline in investor interest in recent months.
Since the beginning of the month, the price of monkeys has fallen by 33%. Last Monday, the floor price of a Bored Ape Yacht fell below the $60,000 mark, according to data provided by the NFT Price Floor site. Interestingly, some investors see this market downturn as a boon. Now is the time to invest. Analysis by CryptoSlam reveals an uptick in Bored Ape NFT sales with $6.5 million worth of apes sold on Tuesday, up 135% from the previous day.
While NFT holders like Justin Bieber are feeling the market downturn, others view it as a buying opportunity in anticipation of a market rebound. Whatever the future of the NFT market, everyone agrees that it has reached an inflection point from which anything is possible.
Receive a digest of news in the world of cryptocurrencies by subscribing to our new service of daily and weekly so you don’t miss any of the essential Tremplin.io!
