NFT value plummets by 99%! Justin Bieber originally spent $1.3 million to buy Bored Apes, now only worth $12,000

Justin Bieber paid a high price of 500 ETH for a Bored Ape, but now the floor price has dropped to around $13,000. The celebrity effect has faded, and the blue-chip NFT bubble has fully returned to reality.

Justin Bieber enters at the peak, buys a floor Bored Ape for 500 ETH

Pop star Justin Bieber famously purchased Bored Ape Yacht Club #3001 for 500 ETH, approximately $1.3 million at the time, during the height of the NFT craze in January 2022. This transaction once served as a prime example of celebrity entry into Web3.

Image source: OpenSea Justin Bieber once bought Bored Ape #3001 for $1.3 million in 2022

At that time, market sentiment was extremely optimistic. Blue-chip NFTs were seen as digital luxury goods and status symbols. Many artists, athletes, and corporate executives changed their profile pictures to apes, and the community called holders “club members.” However, this transaction sparked controversy because the NFT lacked rarity features and was considered a “floor price” item, yet it was purchased at a significant premium over the floor price. Industry insiders questioned whether the decision was driven more by emotion than by rational collection logic.

From a peak of $4 million to $13,000, the myth of blue-chip NFTs shatters

As the NFT market cooled down in the second half of 2022, overall liquidity and buying activity rapidly evaporated, causing the floor price of Bored Apes to decline steadily. Today, the Bored Ape Yacht Club (BAYC) NFT floor price is only 5.36 ETH (about $13,000), representing a nearly 99% drop from Bieber’s purchase price.

Image source: OpenSea Currently, the Bored Ape Yacht Club (BAYC) NFT floor price is only 5.36 ETH (about $13,000)

In fact, Bored Apes once surged to a floor price of about $429,000 during the peak, but such prices were driven more by a frenzy of capital and speculative expectations rather than stable collector demand. Even CryptoPunks and Pudgy Penguins, once considered digital art benchmarks, have also declined, indicating a structural correction across the entire blue-chip NFT valuation system, rather than the failure of a single project.

Celebrity halo no longer guarantees prices; NFTs return to fundamentals

Market analysis suggests that while celebrity ownership records can add narrative value, in an environment of tightening liquidity, prices ultimately revert to supply, demand, and actual utility. Even Bieber’s high-profile holdings are unlikely to sustain long-term premiums in highly homogeneous NFTs. Yuga Labs continues to push its metaverse project Otherside and offline membership spaces, aiming to create new narratives for the Bored Ape ecosystem, but the market no longer buys into visions alone.

This transaction now more resembles a reflection of an era, reminding investors how NFT bubble valuations were built and how they quickly reverted to reality after the hype subsided.

This content is compiled by Crypto Agent from various sources, reviewed and edited by “Crypto City.” It is still in the training phase and may contain logical biases or inaccuracies. The content is for reference only and should not be considered investment advice.