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The recent crypto market downturn has significantly affected the NFTs in many terms—trading volume, floor price and eventually popularity. Following their growing popularity in the year 2021, people went on to buy these nft art pieces, including popular celebrities. Famous pop-star Justin Beiber’s 1.3 million USD worth NFT is said to witness the same fate as the large number of NFTs across space in the form of price drop.
Justin Beiber’s NFT Price Floor Tumbled Drastically
Justin Beiber purchased a Bored Ape Yacht Club #3001 from prominent NFT marketplace, OpenSea. He bought it in January this year for 500 ETH for which he paid about 1,311,170 USD given the contemporary ETH trading price 2,622 USD.
According to the OpenSea data, Canadian singer’s BAYC NFT dropped to the floor price of about 57.5 ETH. In terms of USD, the digital art piece currently cost approx 70,113.20 USD.
In terms of ETH, the BAYC #3001 witnessed a drop of over 88% while it lost about 94.66% in terms of its price in US dollars.
Characteristics Decide the Value
Justin Beiber added BAYC NFT in his NFTs collection earlier this year. He posted about it over the social media platform Meta’s Instagram. However, many people criticized the pop-star’s decision to buy an ordinary digital art collectible item at a premium price of 500 ETH.
NFTs or non-fungible tokens are one among the crypto innovations, simply known to be digital collectible items curated over the blockchain. The underlying technology of blockchain tech ensures the authenticity and security of nft art pieces. They follow the basic economics for its price valuation of demand and rarity.
Most expensive NFTs hold the rare characteristics or they themselves are rare digital art pieces. Justin Beiber’s BAYC said not to have anything specific and hence over-priced.
Celebrity NFT Collection
Other than BAYC #3001, Justin Beiber’s NFT collection have CLONE X – X TAKASHI MURAKAMI, sibling NFT collection of Bored Ape—Mutant Ape YAcht Collection (MAYC), World of Women, Doodles and LIVES of LALISA collections.
Bored Ape Yacht Club was developed by Yuga Labs and went out for presale in April 2021. Soon after the launch, people went crazy after the NFT collection and it became popular overnight. In no time, the BAYC NFT collection became a status symbol, admired and purchased by many celebrities—ending up giving the NFT itself a celebrity status. From Madonna to Snoop Dogg Jimmy Fallon to Neymar Jr, the list of BAYC celebrity holders is quite long.
The NFTs sliding prices became just another instance given the crypto winter lately. In addition, the recent FTX collapse also played a role in bringing the NFTs floor prices down ‘to the floor’.
Furthermore, several reports indicate the NFT frenzy is about to come to an end soon and the upcoming years will be of the Metaverse and Web 3. These tokens are expected to find their safe haven within the digital world.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
