At the beginning of this year, the NFT hype was at its peak. Top companies from various industries around the world dipped their toes in this space. In fact, even high-profile celebrities have ended up launching different, yet trendy, collectibles.
For example, Canadian singer Justin Bieber bought an NFT from the Bored Ape Yacht Club (BAYC) collection in January. At that time, he paid about $1.31 million to acquire the same.
Fast forward to today, the bottom price of the same NFT is just $74,382. In addition, at the time of going to press, the best offer on the Open sea marketplace was even lower at $66,781.
When the singer bought the NFT, people from outer space gladly welcomed him to Yacht Club. Nevertheless, to ask were raised as to why he spent such a high amount to buy that particular digital token.
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Many in the community pointed out that the said NFT had many common features. It is worth noting that Bieber’s NFT achieved a rarity rank of 9,810 based on its traits and characteristics, which justifies the said story.
State of the wider NFT market
Like the crypto market, even the NFT market seems to be on a slippery slope right now. Over the past day, BAYC’s total sales fell 74.48%. Similarly, the number of transactions, buyers and sellers also decreased. While Mutant Ape Yacht Club numbers were also in the red, other top collections such as Otherdeed and Azuki registered improvements on all fronts.
In terms of blockchain, NFT transactions on Ethereum and Solana are down 12.1% and 31.2% over the past day. However, peaks of 13.91% and 76.72% were recorded on Cardano and Polygon.
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