At the height of the ‘Bored Ape’ craze earlier this year—I am embarrassed for the species that my kids are ever going to have to learn about this—pop star Justin Bieber paid a ridiculous $1.29 million for a receipt that said he owned a jpg of an ugly cartoon ape.
As Decrypt report, though, the ass hasn’t just fallen out of the crypto market and lesser NFTs in recent months; even Bored Apes, once the flagship mascots of the fad, have taken a hit. The “floor” price for the jpgs—which is the cheapest price you can buy into a collection—peaked at an eye-watering $429,000 in April.
On Monday, however, after the FTX crash had sent shockwaves through the crypto (and its adjacent NFT) market, that floor price dropped below $60,000. For NFT purchasers that’s some pretty bad news; the slightly less terrible news is that in the days since that ‘value’ has clawed its way back up slightly, to sit at $69,000. Which is, I think we can all agree, very nice for them.
Bieber’s ape, #3001 in the collection (pictured above), was purchased back in January….