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Community Bids $1.3 million worth NFT for only 55 ETH from Justin Bieber

David – Cryptocurrency Expert 

  • In January of this year, Justin Bieber did buy NFT called BAYC for $1.31 million

  • 55 ETH is the highest offer for the NFT

Recently, the Bored Ape NFT collection has decreased by more than 20%.

Bored Ape Yacht Club (BAYC), one of the most well-known NFT collections, was the subject of intense anticipation when notable people joined the Ethereum (ETH) NFT collection last year. However, cryptocurrency investment during bear market is nothing compared to how it used to be.

Justin Bieber, a Canadian musician, paid $1.31 million for one NFT from the BAYC collection. 500 Ethereum (ETH) tokens are equal. The same NFT that Bieber purchased is now only worth around $75,000 since the BAYC floor price has decreased to 58 ETH.

Surprisingly, the OpenSea NFT market place reports that the greatest offer for the NFT is presently 55 ETH, or around $67,000.

There were differing opinions on the music star's decision to buy the NFT. Some welcomed him into the NFT community, while others thought he spent too much for a digital token.

On the other side, as the crypto market investment continues to decline, the current ETH floor price of BAYC NFTs is at one of its lowest levels since November 2021. Data supplied showed a 20% decrease in Bored Ape NFT collecting over the previous weeks after hitting an all-time high of 153.7 ETH in May of this year, when it fell below 50 ETH.

For the uninitiated, Bored Ape NFT’s can be liquidated while the collection's floor price keeps declining since they were purchased using loans from the peer-to-peer lending market, BenDAO. If the loan repayment fails and the floor price drops to the point where the Non Fungible Tokens health factor drops below 1, the NFT will be offered for sale in a 48-hour auction to the highest bidder.

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