Justin Bieber's Bored Monkey Price Drops 95%

Amid the fall of the cryptocurrency market, the value of the collection token (NFT) from the BAYC collection, bought at the beginning of the year by singer Justin Bieber for $1,31 million, fell by 95%.

In January, the famous Canadian singer Justin Bieber (Justin Bieber) got a "boring Monkey No. 3001 from the collection of the Bored Ape Yacht Club (BAYC). He paid 500 ETH ($1,31 million) for the token. Considering that the monkey has no rare traits or traits, and it also has no accessories, it was ranked 9810 in rarity. Therefore, some collectors were surprised why the singer spent such a large amount to buy this particular NFT.

Perhaps Bieber bought this digital monkey not for profit, but as a status symbol. But in general, the community supported Bieber to become part of the NFT space.

Now the minimum value of this “boring monkey” is only $74, and on the OpenSea trading platform it has fallen even lower — $382. Most likely, such a sharp decrease in the value of NFTs from the BAYC collection is due to the collapse of the FTX exchange, which provoked the fall of the entire market. cryptocurrencies. Many panicked NFT holders began to sell their digital assets, hoping to recoup their investment as much as possible, while the price of tokens continued to fall.

Other stars and artists are also actively interested in collectibles. In August, actor Anthony Hopkins launched an NFT collection featuring characters from his filmography. Last year, American rapper Snoop Dogg announced a collection of 8 songs presented as NFTs.