Is a blue teethed JPG ape worth 470 000 USD? According to Justin Bieber, it surely is.
Justin Bieber gets called many things, and I’m sure dull is one of them. But ask any of his millions of fans and I’m sure they would use kinder words to describe him. Bieber was born on social media and is truly the king there. In 2010 Twitter claimed that 3% of their entire infrastructure was used to handle Tweets about Justin Bieber – and his account was only months old at that time. He has more than 180 million Instagram followers in 2022. And with all this fame, he has amassed a net worth of $265 million. But it’s what he does with this money that is most interesting.
Why did Justin Bieber Spend $470k USD on a Monkey NFT?
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This question leads to many more questions than you might imagine. When you realize that he just bought ape #3850 for 166 ETH, which is around $470k, you might think that he is many things, but not dull. But that is until you realize that he has a thing for NFTs (non-fungible tokens). And not only that, he has a particular appetite for buying from the Bored Ape Yacht Club collection. Only a week before buying ape #3850 for $470k, he purchased ape #3001 for a whopping 500 ETH – that equates to about $1.3 million. Experts have said that ape #3001 was sold at 300% more than its market price. He must really like NFTs, and he must absolutely love Bored Ape.
What is Bored Ape NFT Yacht Club?
The Bored Ape Yacht Club is a collection of more than 10,000 Bored Ape NFTs. Each Bored Ape NFT is a unique collectible, living only on the Ethereum blockchain. Purchasing a Bored Ape artwork gets you membership in an exclusive club known as the Bored Ape Yacht Club. There are currently more than 6,300 owners of Bored Ape NFTs, so Bieber is not alone with a fascination for buying them. Your membership in the Yacht Club gets you access to The Bathroom – a graffiti board where the members write on the walls. You can access other areas through roadmap activation.
How Risky are Expensive NFTs?
Just like any cryptocurrency, there are many risks involved with NFT’s. And when you weigh up these risks, you might think Bieber is crazy to shell out so much cash on an NFT. Well, that’s just the tip of the non-fungible token iceberg. Christies sold an NFT for the incredible sum of more than $69 million. When you are the owner of an NFT, you are the sole owner. Anyone can view it on the internet, but it lives in your online wallet. But if interest dwindles in your artwork, so might the number of potential buyers in the future. It is truly a very risky business to invest in NFTs.
Which other Major Investments has Bieber made?
The thing with Justin Bieber is that he isn’t some famous little kid that just buys random things. He also invests in a variety of startups and markets, including buying boats, cars, and property. He recently just sold his Beverly Hills home for $8 million. But that is peanuts compared to the $30 million he just spent on a lavish new home in Amsterdam. What does that kind of money get you? A 3-storey apartment right in DAM3, the center of Amsterdam. And it comes with a private lift, a butler, and even Dutch royalty as neighbors.
Alternative NFT’s with Potential
So if you’re thinking of getting into the game, there are many other NFTs other than Bored Ape that may have a lot of potential. And social media is the key to finding a lucrative investment. Twitter and Discord are popular places to showcase new art. OpenSea has the largest collection of NFTs around. According to them, keep your eyes on the Bored Bananas and 24px Collections as they have started to take off. But remember, it’s a risky business, so don’t spend money you can’t afford to lose.