Justin Bieber’s Bored Monkey Price Drops 95%

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Against the background of 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, has fallen by 95%.

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In January, renowned Canadian singer Justin Bieber purchased Bored Monkey #3001 from the Bored Ape Yacht Club (BAYC) collection. He paid 500 ETH ($1.31 million) for the token. Considering that the monkey does not have rare characteristics or features, and it does not have any accessories, it ranked 9810 in rarity. Therefore, some collectors were surprised why the singer spent such a large amount on the purchase of this particular NFT.

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

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Now the minimum value of this “bored monkey” is only $74,382, and on the OpenSea trading platform it has fallen even lower — $66,781. Most likely, this 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 cryptocurrency market. Many NFT holders in a panic began to sell their digital assets, hoping to return as much of their investment as possible, while the price of tokens continued to fall.

Other stars and artists are also actively interested in collectible tokens. 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.

Source: Bits

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