Tag: bored ape yacht club

Justin Bieber’s BAYC NFT Worth $1.3 Million Plummets in Value, Now Stands at Under $60,000: Details

Pop singer Justin Bieber, who has not hesitated from exploring the digital assets sector, has reportedly been exposed to the financial risks that crypto sceptics keep warning others about. An NFT purchased by Bieber last year for an outlandish price of $1.3 Million (roughly Rs.10 crore) has now crashed to a price less than half of its original value. This drastic change in the values of digital collectibles can be blamed on the ongoing market volatility affecting the overall sector.

Bieber’s NFT belongs to the famous Bored Ape Yacht Club (BAYC) collection. Created by digital art platform Yuga Labs, NFTs from BAYC show bored looking apes in various avatars.

The BAYC NFT #3001, that cost the “Peaches” singer over a million dollars, now reportedly stands at the price point of $59,090 (roughly Rs. 48 lakh).

The development has been talked about heavily on Twitter as a warning to potential NFT investors.

The price of BAYC NFTs began to wobble around April when the overall crypto market was also beginning to slow down amid post-COVID-19 inflation in the US.

Owing to back-to-back interest rate hikes in the US as well as regularity uncertainty shadowing the global Web3 sector, investors exited in plenty, negatively impacting the digital assets sector.

As per NFT and Web3 analysers like OpenSea and CoinGecko, the floor price of the BAYC NFT collection has sunk significantly in the last few months, a new one recorded after October 2021.

The floor price (lowest price of an NFT from a collection) of BAYC NFTs stands lower than ETH 30 (roughly Rs. 48 lakh).

Bieber’s BAYC NFT #3001, that shows a teary, brown-coloured ape standing in a “new punk blue” background in a simple, black-coloured t-shirt, was purchased by the singer at a higher than listed price.

The original price of this piece was around $270,908 (roughly Rs. 2 crore) at the time of sale, but the Canadian singer bought it for a price 300 percent higher, according to Bitcoin.com, inviting trollers to attack him at the time.

Now that its price has fallen, it remains unclear if Bieber would retain the NFT or re-sell it for profits.

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ApeCoin Shoots Up in Value Following Yuga Labs’ Otherside Tech Demo

ApeCoin price has started the week on a positive note after Yuga Lab’s Bored Ape Yacht Club (BAYC) opened its Otherside metaverse for business and invited 4,300 “Voyagers” who had bought ‘Otherdeeds’ (digital land deeds) for a first-look tech demo and tour last Saturday. At the time of writing, APE was trading at $5.89 (roughly Rs. 471) after hitting a daily high of $6.07 (roughly Rs. 485). The price of APE has surged by close to 35 percent over the past week.

ApeCoin, which can be claimed by BAYC and Mutant Ape Yacht Club (MAYC) holders, was launched by ApeCoin DAO earlier this year. The utility token powers spin-off projects from the BAYC universe, most notably the BAYC-inspired metaverse game Otherside.

Back in May, the Otherdeed mint briefly sent Ethereum gas prices to the moon after more than $157 million (roughly Rs. 1,256 crore) in Ether was burned in gas fees.

Some reported paying more than double the sale price of 305 ApeCoin —approximately $5,800 (roughly Rs. 4.64 lakh) at the time — in gas fees alone, while others saw their transactions fail, but were still charged for gas.

In a litepaper published shortly after Saturday’s tech demo, the Otherside developers announced that only Otherdeed owners and “selected third-party developers” can participate in the game during its first phase, and only then after going on a “First Trip.”

According to the litepaper, “Phase 1” will see Otherdeed owners navigate Voyager’s Journey, an 11-part narrative game “surrounding a mysterious Obelisk that has appeared in the Otherside universe.” In Phase 1, Otherdeed owners will be able to contribute to the platform’s construction and shape its core capabilities as co-developers, via the Otherside Development Kit, the platform’s suite of creation tools.

“We believe in the extraordinary power of community and have seen firsthand how it can be a significant force for good in this industry,” the litepaper stated. “We aim to incentivise, empower, and recognise the expression, creativity, and ingenuity of Otherside’s community of contributors.”

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