From millions of dollars to under a grand: The dramatic fall of the NFT

From millions of dollars to under a grand: The dramatic fall of the NFT

In January 2022, Justin Bieber bought a digital image of a bored monkey. He paid $1.3 million for it. The ape was No. 3001 of the Bored Ape Yacht Club NFT series, which at the time was taking investors by storm at similarly extravagant prices. A few months passed, and Bieber doubled down, adding to his collection another e-monkey from the same series. This time, it was No. 3850, for which he paid $440,000. Evidently, prices had already dropped s…