Sunday, May 22

Justin Bieber buys an NFT for 1.3 million dollars… It was worth five times less according to experts

Over $1.3 million for an NFT. That’s what pop star Justin Bieber spent on a non-fungible token from the Bored Ape Yacht Club collection. A purchase that underlines the fever that accompanies this market linked to cryptocurrencies. However, some see it as a bad deal.

This is a work of a depressed monkey (hence the name of these NFTs). The purchase made by the young Canadian singer last week was quickly commented on on social networks, from January 29. Because if some have welcomed the fact that the star also invests in NFTs, others – more familiar with this emerging market – have estimated that Justin Bieber would have been had.

The work that the singer allegedly acquired was actually not uncommon. Rarity being an element that generally boosts the rating of an NFT work. The Twitter account specializing in cryptoassets Theweeknd.eth estimates that the purchase made by Justin Bieber should have been negotiated five times cheaper.

In reality, Justin Bieber is not the only star to invest in these virtual primates. There are about 10,000 that have been marketed by Bored Ape Yacht Club on the blockchain. And we can count among the customers some prestigious names, like the rapper Eminem who bought one of them for 462,000 dollars last December. NBA player Stephen Curry as well as rapper Post Malone have also recently invested in this company’s NFTs.

Despite its hefty price tag, the star could see a payback in the next few years. Bored Ape Yacht Club plans to reach $5 billion in capitalization by 2022.

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