NFT Community Bids Justin Bieber $1.3 Million NFT for Only 55 ETH

• Justin Bieber bought BAYC NFT for $1.31 million in January this year.
• The highest bid for the NFT is 55 ETH, equivalent to $66,781.
• Bored Ape NFT collection had declined by more than 20% over the last week.

One of the most prominent NFT collections, Bored Ape Yacht Club (BAYC), was in full hype from last year when famous figures hopped into the Ethereum (ETH) NFT collection. However, it is no longer business as usual amid the crypto bear market.

Ten months ago, the Canadian music star Justin Bieber, purchased one NFT from the BAYC collection for around $1.31 million, equivalent to 500 Ethereum (ETH) tokens. Today, the identical NFT Bieber bought is worth only $74,382, as the BAYC floor price dropped to 58 ETH.

Interestingly, the best offer for the NFT is currently 55 ETH, equivalent to $66,781, according to the OpenSea NFT marketplace.

Back when the music star acquired the NFT, there were mixed reactions regarding his action. While some people welcomed him to the NFT community, others felt he overpaid to obtain a digital token.

On the other hand, the current ETH floor price of BAYC NFTs is at one of its lowest levels since November 2021 as the crypto market continues to deteriorate. According to available data, Bored Ape NFT collection had declined by more than 20% over the last week, when it dropped below 50 ETH, after reaching an all-time high of 153.7 ETH in May this year.

For the uninitiated, Bored Ape NFTS that are acquired using loans from the peer-to-peer lending marketplace, BenDAO can be liquidated as the collection’s floor price keeps dropping. The NFT will be sold in a 48-hour auction to the highest bidder if the loan repayment is unsuccessful and the floor price declines to the point where its health factor falls below 1.