Justin Bieber Spent $1.3 Million on a Bored Ape NFT. Its Current Value Is $12,000

Justin Bieber’s Costly Bored Ape NFT Purchase

In January 2022, pop superstar Justin Bieber made headlines by joining the Bored Ape Yacht Club community. He acquired Bored Ape #3001, an Ethereum-based NFT, for a staggering 500 ETH—equivalent to about $1.3 million at the time.

Value Plummets Over Time

Despite the initial buzz, Bieber’s NFT, which features some of the most common traits in the collection, is now estimated to be worth only $12,000 just four years later. The decline reflects the waning enthusiasm for NFTs and the Bored Ape Yacht Club in particular.

Factors Impacting NFT Worth

The price of digital art can fluctuate based on many elements, such as individual preferences, the item’s history, and notable previous owners. While Bieber’s association with the NFT might boost its appeal to some buyers, similar pieces in the collection have experienced sharp drops in value.

Massive Losses for High-Profile Buyers

If Bieber were to sell his NFT at today’s floor price—the lowest price available on the market—he would face a loss of about 99%. This outcome is even more striking considering the criticism he received at the time for paying such a premium for a “floor” Ape, one lacking rare or unique features. Typically, only the most distinctive NFTs fetch prices far above the floor.

“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,” remarked Farokh Sarmad, now president of Dastan, the parent company of Decrypt, after the purchase.

Market Trends and Notable Sales

Following Bieber’s acquisition, the Bored Ape Yacht Club’s floor price did surge, peaking at $429,000 in April 2022. However, his purchase was far from the most extravagant during the NFT boom; for example, digital artist Beeple sold an NFT for $69.3 million the previous year.

Broader NFT Market Decline

Since then, the NFT market has entered a prolonged downturn, dragging down the floor prices of other prominent collections like CryptoPunks and Pudgy Penguins as well.

• CryptoPunks once traded for over $400,000, but now start at around $60,000 worth of ETH.
• Pudgy Penguins nearly reached $100,000 at their peak, but their entry price has dropped to about $8,850 in ETH.

Outlook Remains Uncertain

Participants on Myriad, a prediction market run by Dastan, remain skeptical about a quick recovery. According to a market tracking the potential rebound of Apes, Punks, and Penguins, there’s only a 16% chance that these collections will reach floor prices of 10 ETH (or 50 ETH for Punks) by July.

Yuga Labs’ Ongoing Efforts

Despite the downturn, Yuga Labs—the company behind the Bored Ape Yacht Club—continues to develop new initiatives for its community. In October, Yuga revealed plans to open a physical Bored Ape clubhouse in Miami, Florida, offering NFT holders a place to gather.

The company is also focusing on Otherside, a large-scale multiplayer metaverse game that will feature avatars from the Bored Ape Yacht Club and other NFT projects.