BAYC NFT price drop 99% after Justin Bieber buy
Justin Bieber buy Bored Ape Yacht Club (BAYC) NFT #3001 for January 2022 for 500 ETH (around $1.3M dem). Di article talk say BAYC floor later collapse to about 5.25–6 ETH by April 2026, wey mean value near $12,000 — roughly 99% drawdown compared to wetin e pay.
Di piece explain why Bieber pay premium for 2022: dem market BAYC as "digital black card" and possible store-of-value, plus celebrity FOMO. E still point market-structure problems: NFT liquidity thin pass tokens for big exchanges, and pure PFP demand weak when sentiment shift to "utility-based NFTs" (gaming/identity).
Similar revaluations dey for celebrity holders — Eminem (~-83%) and Stephen Curry (~-53%). Even though Yuga Labs still dey build Otherside, article argue say early buyers get hard road to break-even.
For traders, the main takeaway na say BAYC NFTs repriced way more than BTC/ETH during the NFT hype cycle, showing NFTs fit suffer sharper risk-off moves when liquidity and sentiment go down.
Bearish
This tori bad for di general feeling wey people get about BAYC-type NFTs, because e show say dem don almost lose everytin since di 2022 buy and e point to structural reasons: liquidity don fall, PFP demand weak, and di market don shift to “utility” instead of pure profile-image hype. Short-term, these kain stories fit make bids go down and keep secondary-market floors under pressure. Long-term, even if Yuga Labs continue to build (like Otherside), e fit no quick bring back value for early entrants if liquidity and buyer appetite no return. Since di article put NFT repricing as way harsher than BTC/ETH during risk-off times, traders suppose expect higher volatility and slower recovery for BAYC rather than quick mean reversion.