{"id":1744125,"date":"2022-11-18T14:03:47","date_gmt":"2022-11-18T19:03:47","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1744125"},"modified":"2022-11-18T14:03:49","modified_gmt":"2022-11-18T19:03:49","slug":"justin-bieber-spent-1-3-million-on-a-bored-ape-nft-in-january-now-its-worth-70k","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/justin-bieber-spent-1-3-million-on-a-bored-ape-nft-in-january-now-its-worth-70k\/","title":{"rendered":"Justin Bieber Spent $1.3 Million On A Bored Ape NFT In January, Now It\u2019s Worth $70K"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">32<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fjustin-bieber-spent-1-3-million-on-a-bored-ape-nft-in-january-now-its-worth-70k%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1744125&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><p><a href=\"https:\/\/www.dailywire.com\/topic\/justin-bieber\" target=\"_blank\" rel=\"noopener\">Justin Bieber<\/a> spent a small fortune on a Bored Ape <a href=\"https:\/\/www.dailywire.com\/topic\/nft\" target=\"_blank\" rel=\"noopener\">NFT<\/a> in January, but less than one year later the value has plummeted due in part to the collapse of Sam Bankman-Fried\u2019s FTX, according to a report from Business Insider.<\/p>\n<p>The 28-year-old pop star purchased the non-fungible token for 500 of the cryptocurrency ethereum, which is equivalent to $1.3 million. However, the value of the NFT has dropped to only 58 ethereum, or $70,000,\u00a0Business Insider <a href=\"https:\/\/www.businessinsider.com\/justin-bieber-bored-ape-nft-value-dropped-after-ftx-collapsed-2022-11\" target=\"_blank\" rel=\"noopener\">reported<\/a>.<\/p>\n<p>It\u2019s all related to the collapse of <a href=\"https:\/\/www.dailywire.com\/topic\/cryptocurrency\" target=\"_blank\" rel=\"noopener\">crypto<\/a> exchange company FTX, which was headed by big-time Democrat donor Bankman-Fried. The company\u2019s implosion affected crypto prices across the board, which in turn decreased the value of Bored Ape\u2019s NFTs.<\/p>\n<p>Bored Ape Yacht Club (BAYC), known informally as Bored Ape, is an NFT art collection with a value of more than $1 billion. The NFTs are recognizable as they feature profile pictures of cartoon apes that are generated by an algorithm.<\/p>\n<p>Besides Bieber, other celebrities who have purchased Bored Ape NFTs include Jimmy Fallon, Snoop Dogg, Eminem, Gwyneth Paltrow, Madonna, Neymar, Paris Hilton, Timbaland, and DJ Steve Aoki.\u00a0<\/p>\n<p>Crypto messaging company XMTP founder and CEO Matt Galligan explained the Bored Ape phenomenon, telling <a href=\"https:\/\/www.newyorker.com\/culture\/infinite-scroll\/why-bored-ape-avatars-are-taking-over-twitter\" target=\"_blank\" rel=\"noopener\">The New Yorker<\/a>, \u201cIt became a status symbol of sorts, kind of like wearing a fancy watch or rare sneakers.\u201d<\/p>\n<p>The founder said he and his business partner chose apes because putting significant capital into new crypto currency or NFTS is called \u201caping in,\u201d and they also \u201cjust like apes.\u201d<\/p>\n<p>But even the popularity of Bored Ape NFTS wasn\u2019t enough to withstand the spectacular downfall of FTX. The Bahamas-headquartered company was launched in 2019 and grew to more than one million users by 2022. <\/p>\n<p>When it was revealed that both FTX and Alameda research had overlap on their balance sheets, users demanded $6 billion in withdrawals and <a href=\"https:\/\/www.dailywire.com\/news\/billionaire-ftx-founder-who-lost-entire-fortune-gave-massive-sum-to-democrats-before-empire-collapsed\">tanked<\/a> the value of the company. Bankman-Fried went from having a $15.6 billion net worth down to being broke in the span of two days.\u00a0<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Justin Bieber spent a small fortune on a Bored Ape NFT in January, but less than one year later the value has plummeted due in part to the collapse of Sam Bankman-Fried\u2019s FTX, according to a report from Business Insider. The 28-year-old pop star purchased the non-fungible token for 500 of the cryptocurrency ethereum, which &#8230;<\/p>\n","protected":false},"author":345,"featured_media":1744128,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_image_alt":"","footnotes":""},"categories":[541],"tags":[],"class_list":["post-1744125","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-the-daily-wire"],"fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1744125","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/345"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1744125"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1744125\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/1744128"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1744125"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1744125"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1744125"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}