They were going to revolutionize the world, but so far NFTs have been bad business… except for vendors.
Of the debacle of the NFTs Not even his greatest success, the collection of the Bored Ape Yacht Club (BAYC) or the Bored Monkeys Nautical Club. A striking case is of the singer Justin Bieberwho bought one of the apes for $1.2 million a few months ago, and today is worth… $69,000. It is not the only loss of him.
An NFT or non-fungible token it is an encrypted digital asset, associated with a cryptocurrency blockchain, to demonstrate that it is unique. It can be anything that can be stored in a file: a photo, a drawing, a video, music, etc.
If it is strange that someone wants to pay millions for a digital fileit is even more so than most of these NFTs they are generated randomly by a program, to obtain thousands of small variations… and charge for each one of them.
The bored monkey… and forgotten
The NFT’s The most popular are those that are part of the Bored Ape Yacht Club (BAYC) collection or the Bored Monkeys Nautical Club, different variations of a lazy ape. For some of them the dizzying amount of $24.4 million:
#AuctionUpdate 101 Bored Ape Yacht Club NFTs just sold for $24.4 million and 101 Bored Ape Kennel Club NFTs achieved $1.8 million in our Ape in! auction – the most significant #BAYC goes out to date. Congrats to all the apes out there pic.twitter.com/e7UghlgtKy
famous canadian singer Justin Bieber came to pay $1.29 million for him Bored Ape that you can see in the opening photo of the news. today is worth $69,000, and going down… He’s not the only one. he also bought this other by $400,000which is worth $69,000 today.
The collapse of cryptos such as TerraUSD and Luna, or the bankruptcy of FTX, together with the invasion of Ukraine that has triggered inflation and increased the price of fuels and raw materials, have caused the price of cryptocurrencies to plummet. And they have dragged the NFT’s.
As Techspot explains, the “floor” price, or lowest price at which you can buy a NFTs of Bored Ape Yacht Club is now in $69,000and the singer’s two bored monkeys are in the shortest group.
In any case, I’m sure that the billionaire Justin Bieber this loss does not cause him much trouble. The drama behind the scenes is more important. thousands of buyers of NFT’s Y cryptos who now see how they have lost all their savings.