Pop superstar Justin Bieber’s high-profile entry into the Non-Fungible Token (NFT) market in early 2022 has become a stark symbol of the market’s explosive boom and subsequent collapse. In January 2022, Bieber acquired Bored Ape Yacht Club (BAYC) NFT #3001 for a staggering 500 Ethereum (ETH), which was equivalent to approximately $1.3 million at the time of purchase.
The purchase price raised eyebrows among crypto enthusiasts even then, as the acquired NFT did not possess rare traits and was valued significantly above the ‘floor price’ for comparable Bored Apes. Analysts suggested Bieber paid a steep premium, likely due to the desire to join the exclusive celebrity-studded club associated with the BAYC project.
Following the ‘crypto winter’ that began later in 2022, the USD valuation of most digital assets plummeted. While the BAYC collection remains a blue-chip project in the NFT space, the drastic decline in Ethereum’s price combined with diminished overall market enthusiasm has led to a catastrophic loss in USD value for Bieber’s investment. Current market valuations peg the specific NFT at an estimated value of around $12,000, reflecting a paper loss of more than 99% from the original purchase price. This transaction stands as one of the most visible examples of the speculative excesses that characterized the NFT bubble.
Source: Justin Bieber Paid $1.3 Million for a Bored Ape NFT. It’s Now Worth $12K
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