Who could've seen this one coming?
The value of Bored Ape Yacht Club NFTs have absolutely plummeted, leaving celebrities with six figure losses, in a perhaps predictable conclusion to a bewildering trend.
Earlier this year, for instance, pop star Justin Bieber bought an Ape for a whopping $1.3 million. Now that the NFT economy has essentially collapsed in on itself, as Decrypt points out, it's worth a measly $69,000.
NFTs, which represent exclusive ownership rights to digital assets — but usually, underwhelmingly, just JPGs and GIFs — have absolutely plummeted in value, spurred by the ongoing crypto crisis and a vanishing appetite.
According to NFT Price Floor, the value of the cheapest available Bored Ape dipped down to just 48 ETH, well below $60,000, this week. In November so far, the floor price fell 33 percent.
Despite the looming pessimism, plenty of Bored Apes are still being sold. In fact, according to Decrypt, around $6.5 million worth of Apes were moved on Tuesday alone, an increase of 135 percent day over day.
Is the end of the NFT nigh? Bored Apes are clearly worth a tiny fraction of what they once were, indicating a massive drop off in interest.
Yet many other much smaller NFT marketplaces are still able to generate plenty of hype, and millions of dollars in sales.
In other words, NFTs aren't likely to die out any time soon, but they are adapting to drastically changing market conditions — and leaving celebrities with deep losses in their questionable investments.
READ MORE: Justin Bieber Paid $1.3 Million for a Bored Ape NFT. It’s Now Worth $69K [Decrypt]
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