Reasons Why The Crypto Dream Is Turning Into A Nightmare

Bored Ape Yacht Club

Justin Bieber inadvertently showed the world the dangers of following a tech trend. He bought into the Bored Ape Yacht Club but suffered the consequences. This is a collection of 10,000 NFTs that shows simians in poses with cool clothes. The popstar used 500 Ethereum to get his NFT in January 2022.

At the time this was the equivalent of $1.3 million. However, now the stupid ape picture has a value of $70,000. This is a massive drop of about 95% and a huge blow to buyers. Bieber has millions in the bank so it won’t hurt him much. But it will sting people who can’t afford that (via Insider).