This artist acquired it for a price of $1.3 million dollars in January 2022, and since then not only has it not risen in value, but it has plummeted. To such a degree that it surprises a lot.
Bored Ape Yacht Club, aka BAYC, is a series of illustrations of chimpanzees dressed differently but always looking bored.
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Their creators sold them as pieces of art in the form of non-expendable tokens, and Justin Bieber decided to enter the fashion of this type of digital items.
But he never expected investors to lose interest and now his image with an annoyed monkey is only worth $59,090.
In other words, this Justin Bieber BAYC NFT went from costing more than $22 million Mexican pesos to just over a million.
It is a resounding drop in value but it is not an isolated case. According to analysts, in July 2023, the base price of these tokens fell by 88% of what they cost.
The highest point of its value was in April 2022 and what happened was simply that the speculative ‘bubble’ of these NFTs ended up bursting.
Justin Bieber, as well as other celebrities who bought the Bored Ape Yacht Club NFTs, only managed to make the company that owns this initiative, Yuga Labs, come to be valued at $4 billion dollars.
That was in 2022 and much of the company’s profits come from BAYC. Currently this company continues to invest in NFT projects as well as cryptocurrencies. But it seems that the business with these apes ceased to be.
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