Recently no new celebrities have been joining the BAYC club since late 2021 and early 2022 that brought in Jimmy Fallon, Madonna, Eminem, Gwyneth Paltrow, Snoop Dogg, and Justin Bieber. And there is a solid reason for that: the buzz at the beginning of the year has faded, the crypto crisis is here, and the price of a “floor” Bored Ape, like the one that Justin Bieber bought spending $1.3 million worth of ETH to buy it in January, is now 60 ETH or about $70,000.
Last month was rough for the Bored Apes, as the floor price in USD fell 33% since the start of the month. FTX collapse had a significant impact on the NFT market, driving down crypto prices and impacting NFT valuations, but other popular projects have suffered less than BAYC. For instance, CryptoPunks, another “blue chip” NFT project, has seen its floor price drop by only 23% this month to about $72,800 (63 ETH) at the time of writing this. Its price in ETH today is close to what it was on November 1, what’s changed is the USD value of ETH. So, CryptoPunks are now considered a more stable investment on the NFT market.
The Bored Ape floor price peaked at about $429,000 (152 ETH) in late April, ahead of the crypto market crash, but since then Bored Ape prices have gone down significantly over the past six months, so entry bar for the exclusive club has been lowered and people are creating products, restaurants, performance and more with the Ape characters. However, this doesn’t change the fact that someone advised Bieber to buy a $1.3 million Ape NFT that now is cheaper than a Tesla. Bieber’s NFT is ranked the 9,810th most rare Bored Ape based on its traits and features, meaning it would probably sell for floor price if not tied to a celebrity.
Next time you think you’re down bad, just remember that .@justinbieber just bought a floor ape for 500 ETH.
— gmoney.eth (@gmoneyNFT) January 29, 2022
The falling prices seem to have accelerated sales: owners are selling NFTs afraid of the even lower price drops, and there are investors that would love to stock up on some NFTs hoping the situation will stabilise. Well, let’s hope that Bieber will not be selling his Bored Ape soon, and will just hold on to it to see if prices bounce back. We continue to observe.
