Justin Bieber, a Canadian singer, was mocked online on Thursday after purchasing a non-fungible coin NFT depicting a hand-drawn Bored Ape for 500 ETH ($1,310,125), over 300 percent more than its market value. Bored Ape Yacht Club (BAYC) sold the NFT, which depicted a cartoon ape wearing a black T-shirt with teary eyes. Bieber posted the NFT on his Instagram account alongside the lyrics to his smash song “Lonely,” which is set to be released in 2021.
NFTs, or non-fungible tokens, are Ethereum-based assets that represent anything unique, and digital art and collectibles are one way to use them. NFTs, according to Ethereum, are used to tokenize items such as art, collectibles, and even real estate. They can only have one official owner at any given moment, and they’re protected by the Ethereum blockchain, which means no one can change the ownership record or create a new NFT.
According to the internet, Bieber purchased a ‘ape with no uncommon qualities.’
Bieber spent around 500 Ethereum cryptocurrency, which is the equal of $1.29 million in actual currency, according to Bitcoin’s official website as he published the post. In January, the assessed value of the NFT was $208,237, prompting Bieber to be mocked on Twitter for paying so much more for the teary-eyed monkey than it was worth. “Just remember that Justin Bieber just bought a floor ape for 500 ETH the next time you think you’re down hard,” one commentator said.
“Justin Bieber truly spent 5 times the Bored Ape floor price for an ape with no special qualities,” says the source. Another said, “He just got fined.” “Someone grabs his money,” remarked the third. “1.3 million, you’ve got to be kidding,” one person exclaimed. “He’s not searching for the flip, he just enjoys the monkeys!” said another.
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