Justin Bieber’s BAYC NFT Valued at $59,000 After He Bought for $1.3 Mln

In light of the volatility, which the NFT market currently faces, people became more uncertain about investing in NFTs.

Earlier, world celebrities rushed to buy NFTs maybe because of the hype surrounding digital art at the time time. But recent events happened could lead to lethargy.

For example, Justin Bieber’s first Bored Ape Yacht Club (BAYC) NFT is now worth $59,000 after he bought it for $1.3 million in January 2022. Bieber’s BAYC NFT made a dramatic drop in value in the backend of 2022, declining to $67,340, according to Uniland.

Moreover, BAYC NFTs were down 90% from their all-time high, according to Reflexivity Research co-founder Will Clemente. The collection’s floor prices have plummeted over the past few days, falling 23% over the last week.

According to data collected from OpenSea, the floor price of the BAYC collection is below 30 ETH (around $58,440), the lowest it has been in over a year. However, it remains one of the most popular collections to be traded as it recorded the largest one by 30-day trade volume ($48.8 million in sales).

At the same time, NFTs of former US president Donald Trump saw a skyrocketing trend in trading, reaching over 300% in one day on OpenSea following the release of the newest token collection of his wife Melania Trump. Melania Trump’s new collection, known as “The 1776 Collection” is inspired by the upcoming Independence Day holiday.

Melania Trump’s NFTs are based on the Solana (CRYPTO: SOL) blockchain and feature iconic American imagery, displaying photographs of landmarks like the Statue of Liberty and Mount Rushmore on animated placards. The collection includes 3,500 NFTs with seven unique designs. Each NFT is priced at $50, according to Binance.