So, Justin Bieber, our generation’s emblem of deep thought and financial wisdom, made a sizeable investment last year. Remember? He decided to purchase a Bored Ape NFT for 500 ETH, which was equivalent to $1.3 million at the time. Quite a hefty price for a bored cartoon primate, wouldn’t you say?
But here’s where it gets interesting. The value of this NFT, this digital Mona Lisa, has since dropped by 99%. As of July 2023, it’s worth a meager $59,000. That’s right, the Biebs’ digital pet has lost almost all of its value. But should we be blaming the NFT for this, or should we perhaps be casting a suspicious eye at the object of the NFT itself?
“Art” on the Blockchain: The Case of the Bored Ape
So, are NFTs to blame here? Of course not. Let’s be clear. NFTs, or non-fungible tokens, are not just the future of art ownership; they’re the future of ownership, period. They can represent unique items in the digital world and provide undeniable proof of ownership. They’re a breakthrough in Technology that is going to change the way we handle assets.
What’s to blame then? That’s simple: The Bored Ape. A digital image of a cartoon primate with all the artistic depth of a gas station restroom graffiti. Are we truly surprised that such an object has lost its value? Are we shocked that the rest of the world doesn’t see the artistic merit in this pixelated primate?
Celebrities and their love for… Digital Monkeys?
Now, Bieber isn’t the only celebrity who has lost money on an NFT. Several other high-profile individuals, including Stephen Curry and Paris Hilton, have also seen the value of their digital art pieces plummet. And to this, I say: Perhaps it’s time celebrities started investing in real art and left the digital monkeys to the experts.
Remember, NFTs are the vehicle. They are not inherently good or bad. They are a tool, a revolutionary one at that, which allows for new and exciting forms of ownership and transferability. But like any tool, it’s only as good as the hands that wield it.
So, let’s not blame NFTs for the bored apes of the world. Let’s put the responsibility where it belongs: On the useless pixelated faces that were bought at ridiculously inflated prices in the first place.
NFTs Are Here to Stay, Bored Monkeys, Not So Much
Here’s the takeaway: NFTs are not going anywhere. They will continue to revolutionize the way we handle and perceive ownership. But let’s be discerning. Let’s invest in real art, and real innovations, and let’s leave the bored monkeys in the past where they belong. Is it possible that the value of Bieber’s NFT could rebound in the future? Well, with his luck, who knows? But we can only hope that our understanding and appreciation of NFTs can mature just as fast as their market is growing.
Because, let’s face it: A digital primate might be an amusing novelty, but it’s hardly a sound investment.
So, let’s continue to evolve and embrace NFTs, but maybe let’s choose our digital art a little more wisely. Because in the end, the real laughing stock isn’t the NFT; it’s the bored monkey on the blockchain.