Justin Bieber purchased his BAYC NFT for 500 ETH at the beginning of 2022. What is Justin Bieber's NFT? How Much It Worth Now? Why was he sued for buying that? Let's read them in this article.
What is Justin Bieber's NFT?
Pop star Justin Bieber purchased Bored Ape #3001 “Lonely Ape” NFT in January 2022 for $1.3 million.
It was pointed out that Justin Bieber overpaid for his BAYC NFT, which has similar traits. On secondary markets, other apes in the collection with more uncommon features frequently command significantly higher prices.
How Much Is It Worth Now?
Since Justin Bieber bought Bored Ape #3001 NFT in January 2022, its USD worth has decreased by 94%.
Why Was He Sued For Buying That?
The lawsuit detailed an elaborate scheme by BAYC and claimed that plots were developed by members of Hollywood's elite to increase the value of BAYC NFTs through celebrity endorsements. Additionally, it claims that the elite group participated covertly in a money-laundering plan through the crypto business.
The suit also pinpoints Guy Oseary, Madonna's longtime representative, and Yuga Lab for his extensive celebrity network. The heavy push from celebrities, athletes, and entertainers is said to have caused the value of the BAYC NFT to balloon to “artificially inflated and distorted prices.” The celebrities are said to have engaged in misleading promotions, driving the scheme forward.
Hopefully, reading this article, "Justin Bieber NFT: Why Was He Sued For Buying That?" can help you to understand it better.
