Earlier this year, the crypto market was booming and the Bored Ape Yacht Club hype was in full swing, so much so that celebrities quickly hopped on the train to secure themselves their own NFT. The pricey collection later garnered such a community that it opened its own themed restaurants.
As the crypto market goes bearish, the buzz amongst NFTs, including the exclusive Bored Ape club, have diminished. In January, global pop star Justin Bieber paid 500 ETH, which was worth $1.3 million USD (the original floor price) on Bored Ape #3001. The current floor price for the BAYC NFT is listed way below the original market price at about 52.8 ETH, equivalent to about $69,800 USD. The FTX crash sent shockwaves throughout the crypto market, causing the floor price to drop below $60,000 USD before going up slightly to $69,000 USD.
Bieber’s ape #3001 is now valued at the new floor price of $69,000 USD, a 95% drop from when he first bought the NFT. After he purchased #3001 in January, the following month, he bought another BAYC NFT for $444K USD, which is also now worth the floor price. NFT aficionados said at the time that Bieber’s #3001 was grossly overpaid, as it was an NFT without any special features. It is ranked the 9,810th most rare Bored Ape based on its traits and features. In late April, the Bored Ape floor price peaked at about $429,000 USD, right before the crypto market crashed. The crypto crash has caused the NFT market to diminish rapidly and trades are at an all-time low.