Justin Bieber got some disappointing financial news in recent days, as a Bored Ape NFT that he spent over a million dollars on is now worth just pennies on the dollar.According to Insider, the nondescript non-fungible token is worth just $70,000 following the crash and Chapter 11 bankruptcy filing of the cryptocurrency exchange FTX.But Bieber, 28, but the ape back in January for a stunning $1.3 million, meaning it has plunged in value by 95 percent.
Plummeting value: Justin Bieber's nondescript Bored Ape NFT, which he paid $1.3 million for in January, is now worth only about $70K, according to Insider; seen November 6At the time, he paid 500 ethereum, which was worth more than a million dollars.
As of Thursday, the price of one ethereum is only a little above $1,200.According to the NFT Price Floor, the market value — referred to ask the 'price floor' — is only a little under 58 ethereum.
The massive drop in value of Bieber's NFT appears to be related to the collapse of FTX, which sent cryptocurrency values plummeting.Many NFT owners also reportedly panic-sold them in hopes of recouping as much of their purchase price as possible while prices continued to slide.
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