Pop star Justin Bieber’s high-profile investment in a Bored Ape Yacht Club non-fungible token (NFT) has suffered a massive devaluation. The singer paid 500 ETH, worth approximately $1.3 million, for the NFT in January 2022. That common “floor” ape is now valued at around $12,000, representing a loss of over 99% based on current floor prices. The decline mirrors a broader downturn in the NFT market, with once-high-flying collections like CryptoPunks and Pudgy Penguins also seeing substantial value decreases since their peaks.
Pop music icon Justin Bieber spent around $1.3 million worth of Ethereum to acquire a Bored Ape Yacht Club NFT in January 2022. That asset, Bored Ape #3001, is now worth approximately $12,000.
The purchase was criticized at the time for targeting a common “floor” ape without rare attributes. “Who the fuck is advising Justin Bieber’s NFT purchases and how can I get in touch to sell them floors NFTs for 500 ETH,” one industry figure posted following the buy.
Even common Bored Apes reached a floor price as high as $429,000 in April 2022. Other major collections like CryptoPunks and Pudgy Penguins also traded for hundreds of thousands of dollars during the market frenzy.
Those projects now have starting prices of about $60,000 and $8,850, respectively, according to data. A prediction market gives just 16% odds that these NFTs will see a significant price recovery by July.
Nevertheless, parent company Yuga Labs continues development on projects tied to the collection. These include a real-life clubhouse in Miami and a metaverse game called Otherside.
