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Justin Bieber's $1.3 million NFT loses 99% of its value
The Bored Ape Yacht Club NFT that Justin Bieber bought for $1.3 million in 2022 has lost around 99% of its value compared with the purchase price. Blockstream CEO Adam Back said the token is effectively worth zero and could even be considered to have negative value because of the cost of transferring it.
The singer bought Bored Ape #3001 in January 2022 for 500 ETH, worth approximately $1.3 million at the time. The purchase attracted attention even then because the NFT lacked rare traits that could explain such a high price.
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The floor price of NFTs from the Bored Ape Yacht Club (BAYC) collection is now around 6.25 ETH, or $16,600. At its peak in May 2022, the floor price reached 153.7 ETH.
Adam Back values Bieber's NFT at $0
The discussion began after a member of the crypto community valued the singer's token at around $16,300. Back responded that the NFT was actually "worth $0."
Another user suggested that the asset's value could be considered negative because its owner would have to pay an Ethereum network fee to transfer or sell the token. Back agreed with that interpretation.
However, the collection's floor price does not necessarily reflect the amount Bieber could receive specifically for Bored Ape #3001. The NFT's association with a celebrity owner could theoretically command a premium in a sale, although there is no guarantee that a buyer would be willing to pay a higher price.
Back separately stressed that his assessment applies to Bored Ape and similar digital collectibles, not Bitcoin. In September, the Blockstream CEO invested €7.6 million in Capital B, a publicly traded company building a corporate Bitcoin reserve.
NFT market remains under pressure
The decline in Bored Ape valuations comes amid a prolonged downturn across the sector following the 2021–2022 boom. In June, the total market capitalization of the sector approached historic lows, while Nike shut down its own NFT studio late last year.
At the same time, security risks remain for infrastructure used to trade digital collectibles. In September, concerns about a potential vulnerability linked to Magic Eden prompted the emergency transfer of 3,832 NFTs from hundreds of wallets into the custody of security specialists.
The operation was carried out to protect user assets amid a potential threat. However, Magic Eden did not publicly confirm the existence of an exploit in its smart contracts.
Earlier, we reported that the U.S. Securities and Exchange Commission (SEC) clarified its approach to NFT regulation. The regulator said that most such tokens are not securities.
This material may contain third-party opinions, none of the data and information on this webpage constitutes investment advice according to our Disclaimer. While we adhere to strict Editorial Integrity, this post may contain references to products from our partners.
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