Can you guess what Justin Bieber and Eminem have in common? Hint: It has nothing to do with music.
Bieber just became a proud owner of the Bored Ape NFT. According to reports, the Canadian singer bought the exclusive NFT for 500 Ethereum, equivalent to a whopping $1.29 million! But there’s a catch. He had to pay an exorbitant 300 percent more for his acquisition. During the time Bieber was making the purchase, Bored Ape Yacht Club’s (BAYC) floor price was around 104 Ether or $270,908. However, it later dropped to $208,237, leading to the singer having to drop a hefty chunk of change for no reason. 

Currently, Beiber holds a collection of 619 NFTs from 49 collections, including a Doge NFT as well. 

What’s the hype behind the Bored Ape NFT?

Here’s a quick 101. There are essentially two types of NFTs. One, which are one-off visuals. Imagine if there was only one Van Gogh; so obviously, these are sold for an exorbitant amount. For example, the Beeple NFT was sold for $69 million. 

Then, there’s a collection of NFTs called “projects,” like the Bored Ape Yacht Club. These groups make a template and produce hundreds or thousands of variations of it. In the case of BAYC, it is 10,000. Each of them has different “properties,” like different facial expressions, fur type, clothing and accessories. 

Now, some of these properties are rare. For example, an ape with golden fur (only 46 of which exists) sold for 333 ether or 1.36 million. Another example includes an ape with golden fur and laser eyes, which was sold for $3 million, two months ago. 

And since, there are only 10,000 of them, they are only getting rarer and pricier. Beiber with his Bored Ape #3001, is now an exclusive member of the BAYC. He’s joined by Serena Williams, Gunna, Travis Barker, Stephen Curry, Paris Hilton, Jimmy Fallon and others.

Here’s the one Jimmy Fallon owns. 

In case you want to try your hand at one of them, the minimum entry to enter this “club” is 93 ether or about  $224,000.