LAGOS (CoinChapter.com) — No one seems to be exempted from the current downtrend in the cryptocurrency space as the value of the Bored Ape NFT purchased by Grammy Award-winning artist Justin Bieber in January 2022 for $1.3 million has slumped by around 85%.
In detail, the Bored Ape purchased by the Pop star is now worth $71,500 amid the current crypto bear market. Moreover, Justin Bieber’s Bored Ape #3001 price slumped following a decline in the price of Ethereum throughout 2022.
Currently, Justin Bieber holds a collection of NFTs including the Clone X – X Takashi Murakami, and Mutant Ape Yacht Club. The Canadian pop star also has in his NFT collection Doodles, World of Women, and LIVES of LALISA NFTs.
Meanwhile, Bored Ape NFT floor price has plummeted to 58 ETH ($69,800), according to data from analytics platform NFTPriceFloor. It is worth noting that on Monday, the floor price dipped below $60,000 for the second time this month.
Additionally, Bored Ape NFT collection sale in the last 24 hours has also plunged by almost 75%. Data from CoinGecko also indicated that the asset has been on a downtrend since reaching an all-time high of 153.7 ETH on May 1. However, the asset has risen significantly in the last 30 days, the highest level registered amongst NFT collections in the industry.
NFT Market Bleeds!
Last week’s collapse of popular crypto exchange FTX had an apparent impact on the NFT market. FTX was one of the top crypto derivative protocols, but a series of events have put the platform into bankruptcy. The collapse pushed crypto prices down which invariably affected NFT valuations as well.
Ethereum and Solana are the two top NFT chains. According to data from Dune Analytics, NFT trading on both protocols has slumped significantly. OpenSea’s trading volume on Solana has dropped by 80% over the past few days, from $70,000 to $14,000.
OpeaSea’s daily trading volume of Ethereum has dropped by almost half, from 6,000 ETH to 3,900 ETH. In dollar terms, the volume fell from $7.1 million to $4.6 million. Additionally, Solana’s top NFT marketplace, Magic Eden, has seen its volume drop by almost half within the period.
Additional data shows that buyers on OpenSea are buying collections at bid prices instead of sellers’ offer prices, which suggests users are trying to liquidate their holdings as fast as possible. As a result, OpenSea is witnessing an all-time ratio of wrapped ETH to ETH volume.
Other Celebrities Who Own Bored Ape NFTs
Apart from Justin Bieber, other notable celebrities also own Bored Ape NFTs. The Bored Ape Yacht Club is billed as an exclusive social group for NFT holders. Additionally, holding an ape grants holders access to an exclusive Discord server.
Some of the biggest celebrity holders of Bored Ape are TV host Jimmy Fallon, actress Gwyneth Paltrow, and media personality Paris Hilton. Billionaire investor, Dallas Mavericks owner, and “Shark Tank” star Mark Cuban apparently received his Bored Ape as a gift in May.
Other celebrity holders include Stephen Curry, DJ Steve Aoki, retired four-time NBA champion and prolific ad pitchman, Shaquille O’Neal, Post Malone, among others. Snoop Dogg is also a huge NFT collector via his Cozomo de’ Medici alias. In December, the rapper aped in hard, partnering with MoonPay to purchase a Bored Ape along with a Bored Ape Kennel Club companion and two Mutant Apes.
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