The Broke Ape Yacht Crash: Lessons For Justin Bieber And Other NFT Collectors

by Sandra.R

✏️ There is currently a lot of blame and finger-pointing happening among the investors of Bored Ape Yacht Club, a popular NFT collection known for its profile pictures. The value of these digital images rose significantly in early 2022 but has since plummeted due to a decline in overall interest in NFTs. The minimum price at which an Ape can be bought, known as the floor price, has dropped from a peak of 153.7 ETH in April 2022 to 27.4 ETH.

⚡ It’s important to mention that those who bought Bored Apes early on are still in a relatively good position. Bored Apes continue to hold high value and are actively traded compared to other NFT collections. It’s worth noting that they are not the only crypto-assets that have seen dramatic price increases and subsequent declines in recent years.

⚡ Interested people take and study courses and pay for them. You can learn this lesson from my article :))

⚡ The floor price serves as an indicator of the collective worth of an NFT collection. With an 82% decline in the floor price, it’s likely that the value of individual Bored Apes and related assets has experienced even more significant drops. For instance, Justin Bieber’s Ape, which was once valued at $1.3 million, currently has the highest bid of just over $58,000, reflecting a substantial 95% decline in value.

⚡ Currently, the Apes facing significant challenges are those who purchased their NFTs at the peak of the market. Many of them are experiencing even greater losses compared to Justin Bieber, and it’s unlikely that a substantial portion of their investment will be recovered.

🔍 Bored Apes attracted significant attention and criticism from experienced cryptocurrency enthusiasts due to their intensive marketing aimed at a wider audience. This became especially notable during the awkward Paris Hilton segment on Jimmy Fallon’s Tonight Show, which drew considerable attention.

🔍 The actual loss for Justin Bieber might be zero, despite him losing nearly $1.2 million on NFT investments. There are rumors suggesting that he received the NFT for free as a result of supporting BAYC on social media

📌 Some people have differing opinions, with some speculating that Justin Bieber received this valuable NFT as a gift from Moonpay.

📌 Even NBA legend Michael Jordan hasn’t been immune to the effects of the market. His “6 Rings” NFT collection saw a significant decline in value, dropping by over 50% by mid-November. In March 2022, Jordan released his own NFT collection, which included 5,000 unique tokens for sale. The collection was made available on the HEIR and MagicEden platforms, both based on the Solana blockchain.

☄️ Unfortunately, Neymar has experienced significant losses as a member of this exclusive club. The two apes he bought in January for around $480,000 and $570,000 are now worth $153,000 and $171,000, respectively, according to DappRadar, a site that tracks NFT values.

☄️ Although famous people have lost a lot of money by investing, this indicates that we should not buy projects just because of their popularity.

☄️ I would like to share my NFT portfolio with you, focusing on projects that I believe in not only for their monetary value but also for their underlying concepts and ideas.

🥪 Wen Sandwich —

🥪 A reputable NFT artist, it is known for their involvement in projects such as Bored Ape Yacht Club, Sneaky Vampire Syndicate, and HoF Goat Lodge. Their artworks have also been featured in books, video games, tabletop games, animated films, movies, and the toy industry.

🥪 The artwork’s main feature is its diverse cultural variations. No matter where you’re from, there is a Wen Sandwich that will satisfy your taste buds.

🚀 The next project I’m involved in is being a part of WhiteBIT, one of the biggest crypto exchanges in Europe which focuses on Web 3 development and ecosystems.

🦄 You have the opportunity to win 101 NFTs, featuring 10 unique crypto bulls and an exclusive art token. The fortunate winners of this giveaway will obtain full ownership rights to these exceptional digital items.

🚀 If you love airdrops and participating in similar activities, you have the opportunity to follow simple instructions until July 31 and be among the lucky people who will receive them.

🚀 If you haven’t already taken part in the testnet for their new network, now is the perfect opportunity to join and earn WB soul. Just follow the detailed instructions provided ⬇️

🎯 In conclusion, just like anyone else, famous people also make mistakes, as you’ve learned from my article. Therefore, the presence of risks is always justifiable, the information provided in this article will help you improve your crypto portfolio. If you haven’t participated in airdrops yet, you can start by joining the WhiteBIT testnet, and the instructions for that can be found here. Once you’ve done that, you can explore airdrops from other exciting projects as well.

Have a happy crypto journey !