Justin Bieber once bought Bored Ape NFTs for $1.3 million, now worth only $12,000

According to the news, pop superstar Justin Bieber purchased the 3001 NFT in the Bored Ape Yacht Club series with 500 ETH (about $1.3 million at the time) in January 2022, becoming one of the most high-profile members of the famous NFT community. Today, four years later, as the popularity of the NFT market fades, the valuation of this ordinary NFT in the series has dropped to about $12,000, which is more than 99% lower than the purchase price.

According to reports, the price of this series of floors once soared to 429,000 US dollars a few months after Bieber bought it (April 2022), but the long “NFT winter” that followed caused the overall market to fall into a slump. The floor prices of CryptoPunks and Pudgy Penguins, which are also leading projects, have also dropped from highs of more than 400,000 US dollars and nearly 100,000 US dollars, respectively, to about 60,000 US dollars and 8,850 US dollars now.

According to data from the market forecasting platform Myriad, users are not confident that the above three NFT series will recover in the short term, and the probability that they will return to historic highs by July this year is only 16%. Despite the cold market, publisher Yuga Labs continues to promote related ecosystem construction, including building an offline membership club in Miami and continuing to develop the metaverse game Otherside.