Yuga Labs' Bored Ape NFTs have absolutely plummeted in value, dropping to multi-year lows earlier this month.
that singer Justin Bieber's drab, hat-toting Bored Ape, which was once valued at $1.3 million in 2022, is now worth only around $60,000, making it a spectacularly terrible investment.
NBA star Stephen Curry's Bored Ape, which he bought for $180,000 worth of ETH in 2021, is now worth just under a third of that price. Bieber, Paris Hilton, and Madonna, among other investors, filed a class-action lawsuit in December 2022, arguing that they were duped into buying the NFTs by other celebrities who didn't disclose they were financially invested.
And other NFT projects are doing even worse. The Bored Ape Yacht Club is still one of the most valuable NFT collections on OpenSea, and Bored Ape prices have recovered somewhat since earlier this month, asreports — but collectors will now have to grapple with the fact that their once-coveted NFTs may end up leaving a huge hole in their pocketbooks.
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