Justin Bieber Paid $1.3 Million for a Bored Ape NFT. It's Now Worth $12K
In January 2022, Justin Bieber purchased Bored Ape Yacht Club NFT #3001 for 500 ETH, valued then at about $1.3 million. The NFT, which lacks rare features and is considered a "floor" ape, is now worth roughly $12,000—a 99% value loss. Bieber faced criticism for overpaying at the time, given that only rare NFTs typically command high premiums. Following his purchase, Bored Ape floor prices peaked at $429,000 in April 2022, but later fell sharply as NFT market hype subsided. Comparable NFT projects, like CryptoPunks and Pudgy Penguins, have also seen steep declines. Current market sentiment predicts little chance of these projects regaining previous price highs in the near term. Despite the downturn, Bored Ape Yacht Club's parent company, Yuga Labs, continues developing new initiatives, including a Miami clubhouse and an online metaverse game incorporating its NFTs.
