Justin Bieber paid $1.3 Million for a Bored Ape NFT, which is now only worth around $70,000 2 weeks ago

Justin Bieber paid $1.3 Million for a Bored Ape NFT, which is now only worth around $70,000

Hell of an investment return

The Bored Ape NFT, which Justin Bieber bought for $1.3 million (€1.26m) earlier this year, is now worth a fraction of the price, at around $67,000 (€64,760).

In January, the pop star purchased his first Bored Ape Yacht Club NFT for 500 Ethereum, a blockchain currency, the equivalent of $1.3 million, Insider reports.

Bieber was one of many celebrities who decided to invest in the digital art, as non-fungible tokens became all the rage (particularly among footballers).

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But world of NFTs and cryptocurrency is going through dire straits and the Bored Ape collection hasn't been able to avoid this.

The market value of individual NFTs from the Bored Ape collection has tanked to 58 ethereum, or $70,0000, as of Thursday (November 17) - a 95 percent drop in value, according to data from NFT Price Floor.

NFT prices have plummeted following the collapse of crypto exchange giant FTX earlier this month which lowered overall crypto prices.

According to Decrypt, owners of Bored Ape tokens panic-sold them before their value dropped even further, causing the market to spiral even more.

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Bored Ape, which comprises more than 10,000 NFTs depicting cartoon monkeys wearing different outfits, is one of the most successful NFT art collections, valued at more than $1 billion.

In April, Bored Ape prices peaked at  $429,999. The likes of Jimmy Fallon, Paris Hilton, Snoop Dogg and Eminem also own Bored Ape NFTs.

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Earlier this year, John Terry suffered an even more embarrassing NFT disaster. His Ape Kids Football Club NFTs launched in February, trading at an average price of $665.

But by the end of June their value had collapsed, and the project was worth just one percent of its original value.

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