Justin Bieber might be dealing with some buyer’s remorse after sinking $1.3 millon on a Bored Ape Yacht Club NFT.
NFT, which stands for non-fungible token, is a kind of cryptocurrency that allows a person to own a unique digital item, be it a piece of artwork, music or collectable.
Justin’s NFT was a sad-looking cartoon ape with its eyes welling up in tears, which might be similar to how he’s looking right now after seeing what that million-dollar monkey is now worth. Nearly a year after the sale, the non-fungible token has lost 95 percent of its total value. It currently costs $69,000.
So, what caused the crash? Business Insider reports it’s the collapse of the cryptocurrency exchange FTX — a top platform where users could buy and sell crypto. The exchange declared bankruptcy last Friday.
This development has caused other NFT prices to tank, and some owners are selling them out of concerns their prices could bottom out further. As it stands, the price of the Bored Ape Yacht Club NFTs are down 82 percent on average.
This is also bad news for Madonna, who dropped roughly $470,00 on a crimson-colored ape that had eyes all over its neck and arms back in March, according to her Instagram. The character is now worth $82,000.
Neither Justin nor Madonna have said anything about their Bored Apes.
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