The NFT market picked up hype earlier this year, but since then it’s not been a good couple of months for individuals who purchased NFTs with an exorbitant amount of money.
Justin Bieber Purchased A Popular NFT For Over A Million Dollars
The singer is one of the individuals who purchased the ‘Bored Ape’ NFT at a whooping price of $1.3 Million.
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This was one of the most popular NFTs during the hype. In fact, it was used as the theme for restaurants, products, and even live performances. Unfortunately, the price has dipped massively and everyone is running at a loss.
The ‘Bored Ape’ NFT Price Has Fallen To Mere Thousands
Recently, the price of the NFT fell to $69K due to the FTX crash, and it’s been a nightmare for those who purchased it. While the prices of NFT and the value of cryptocurrencies have been moving up and down each passing day, it hasn’t been able to move to the value it was initially purchased in.
This has been the story for every NFT that was circulated in the market during its insanely hyped phase. Unfortunately, there’s not much anyone can do about this!
What Is The FTX Crash?
FTX, which stands for Futures Exchange, was one of the largest platforms where NFTs were traded. It so happens that FTX was facing certain liquidity issues and in that phase, it tried to attempt a possible bailout with Binance. However, that never went through.
Now, several crypto investors have dragged FTX and the celebrities who promoted the exchange to court. FTX has already filed for bankruptcy.
It’s possible that it will not be possible for FTX to recover from this crisis and move back to being one of the most used platforms for NFTs.
The crash arrived after CoinDesk released a report about Alameda Research’s most assets being tied up in FTT (FTX’s in-house NFT). Moreover, the rival company, Binance, reported that it would be selling off its FTT holdings of approximately $530 Million.
What Is Justin Bieber Doing Now?
Recently, Justin Bieber was diagnosed with Ramsay-Hunt syndrome which resulted in a part of his face becoming paralyzed. Following the diagnosis, Bieber canceled the remainder of his U.S. Tour.
He took to social media to explain to the fans that he won’t be able to physically do any of the remaining shows, and of course, he needs to focus on healing and ensuring the virus does not consume him.