Justin Bieber loses over $1M on Bored Ape NFT

 

  The Bored Ape Yacht Club NFT, NFT is short for Non-Fungible Token, is a collection of thousands of 

rare and unique images of Bored Apes NFT that are sold for tons of money. Some of these Apes NFTs 

are in the millions of dollars, just like the one that Justin Bieber bought for $1.3 million 9 months ago.

After the collapse of the FTX, a crypto currency exchange platform that was established in 2019 and 

peaked in 2021, Justin Bieber's million dollar Bored Ape is now worth $70,000, a dropped of 95% in 

value. 

Sad Justin Bieber

In 2021, FTX was valued at over $25B after raising over $1.5B from gigantic investors such as 

Temasek, Sequioa, Tiger Global, and hundreds of other well respected partners.

It may be too late now to say sorry for the owner of FTX as the currency exchange platform has 

already filed for bankruptcy. FTX's demise had started after investors had lost confidence and started 

pulling their money out. Learning of other cryptocurrencies' downfall also added concern. 

Sam Bankman-Fried, CEO of FTX, lying about its connection to Alameda Research, a trading firm that 

he had started, was also a red flag. Here is what Bankman-Fried said to BNN in an interview in August

“As of today, there isn’t that much of one there. You know, they obviously came from the same place originally. Or, you know, the same sort of original people … Most of the remaining nexuses have dropped off … Obviously, I know the people from Alameda decently well, but there isn’t like a large amount of, you know, ways remain that we are actively working together, anything like that … Alameda is a wholly separate entity.” 

 

Sam Bankman-Fried Interview with BNN Bloomberg

Justin Bieber is probably not too bothered about his million dollar loss on an internet image of 

an ape as it is nothing but pocket change for him, maybe.

Anyway, here's a Justin Bieber Autographed Card on Ebay that is worth more that his Bored Ape NFT