The NFT hype was at its peak in the beginning of this year. Top companies from different sectors around the world dipped their toes into the into this space. In fact, even prominent celebrities ended up scooping different, yet trendy, collectibles.
In January, for instance, Canadian singer Justin Bieber purchased one NFT from the Bored Ape Yacht Club (BAYC) collection. At that time, he shelled out around $1.31 million to acquire the same.
Fast forward to today, the floor price of the same NFT stands at merely $74,382. Alongside, at press time, the best offer on the OpenSea marketplace was even lower—$66,781.
When the singer bought the NFT, people from them space gladly welcomed him to Yacht Club. Nonetheless, questions were raised as to why he spent such a high amount to buy that particular digital token.
Many from the community pointed that the said NFT had many common traits. Worth noting here is that, Bieber’s NFT bagged a rarity rank of 9,810 based on its traits and features, justifying the said narrative.
State of the broader NFT market
Like the crypto market, even the NFT market seems to be on a slippery slope at the moment. Over the past day, aggregate BAYC sales dropped by 74.48%. Similarly, the number of transactions, buyers and sellers also withered in size. While Mutant Ape Yacht Club’s numbers were also in red, other top collections like Otherdeed and Azuki registered improvements on all fronts.
Blockchain wise, NFT transactions on Ethereum and Solana shrunk by 12.1% and 31.2% over the past day. On Cardano and Polygon, however, spikes of 13.91% and 76.72% were noted.