ECONOMY & WORK
MONEY 101
NEWS
PERSONAL FINANCE
NET WORTH
About Us Contact Us Privacy Policy Terms of Use DMCA Opt-out of personalized ads
© Copyright 2023 Market Realist. Market Realist is a registered trademark. All Rights Reserved. People may receive compensation for some links to products and services on this website. Offers may be subject to change without notice.
MARKETREALIST.COM / NEWS

Justin Bieber's $1.3 Million Bored Ape NFT Is Now Worth Just $60,000

This sharp drop in price is reflective of the current state of the non-fungible token (NFT) market which has experienced a significant downturn in recent months.
UPDATED JAN 22, 2024
Cover Image Source: GettyImages/Dimitrios Kambouris
Cover Image Source: GettyImages/Dimitrios Kambouris

Justin Bieber’s Bored Ape NFT which was valued at a staggering $1.3 million in 2022 has seen a dramatic decline in value, now worth approximately $60,000. This sharp price drop is reflective of the current state of the non-fungible token (NFT) market which has experienced a significant downturn in recent months.

In 2021, NFTs burst into the mainstream, capturing the attention of celebrities and the general public alike. These digital collectibles gained immense popularity, with millions of dollars being spent on buying and trading them, per CNBC Make It. Trading in NFTs hit $17.6 billion in 2021, indicating a whopping 21,000% surge from 2020′s total of $82 million, per CNBC. One of the most sought-after collections was the Bored Ape Yacht Club (BAYC), known for its unique and visually striking ape-themed artwork.


 
 
 
 
 
View this post on Instagram
 
 
 
 
 
 
 
 
 
 
 

A post shared by Justin Bieber (@justinbieber)


 

Justin Bieber's Bored Ape NFT, Bored Ape #3001, was purchased for 500 ETH (approximately $1.3 million at the time) in January 2022. However, its value has since plummeted, and as of July 2023, it is worth only around $59,000, according to Bitcoinist. This represents a shocking 95% decline in value over the past year and a half.

Image Source: GettyImages/Jason Merritt
Image Source: Jason Merritt/Getty Images

Notably, other high-profile individuals have also experienced significant losses with their Bored Ape NFTs. For instance, basketball star Stephen Curry bought Bored Ape #7990 for 55 ETH (nearly $180,000 at the time) in August 2021 but the highest bid for the NFT as of July 6, 2023, stands at 30.5 ETH, or about $58,000—a decline of nearly 68%.

Similarly, music icon Madonna purchased Bored Ape #4988 for 180 ETH (around $466,000 at the time) in March 2022. However, the highest bid for the NFT sits at 28 ETH (a little over $53,000) as of July 6, 2023.

In addition to the decline in value, celebrities such as Justin Bieber, Stephen Curry, and Madonna have faced legal challenges related to their involvement with Bored Ape NFTs. A class-action lawsuit filed by investors accused Yuga Labs, the creator of the Bored Ape Yacht Club collection of manufacturing celebrity endorsements and promotions. These legal concerns have further impacted the market sentiment surrounding these NFTs.

Image Source: GettyImages/Kevin C. Cox
Image Source: Kevin C. Cox/GettyImages

The overall market for NFTs has also seen a downturn. The floor price of Bored Ape NFTs has reached lows not seen since October 2021, with the cheapest Bored Ape costing approximately 30 ETH. In April 2022, the floor price surged to 153.7 ETH, equivalent to around $430,000 at that time. While the NFT market recorded a trading volume of $24.7 billion in 2022, slightly lower than the previous year's $25.1 billion, the market's downward trend has continued into 2023. In May and June, NFT trading volume failed to surpass the $1 billion mark, marking the first time since December 2022. However, it is crucial to note that lower trading volume does not necessarily indicate a decrease in overall market enthusiasm, as stated in DappRadar's report.


 
 
 
 
 
View this post on Instagram
 
 
 
 
 
 
 
 
 
 
 

A post shared by Bored Ape Yacht Club (@boredapeyachtclub)


 

Despite the decline in value and trading volume, the Bored Ape Yacht Club remains one of the top NFT collections on OpenSea. Some sellers are still optimistic, hoping that collectors will be willing to pay millions for these digital artworks. The lowest asking price for a Bored Ape is approximately 30.6 ETH ($57,712) as of July 6. On the other end of the spectrum, the most expensive Bored Ape NFT carries an asking price of over 6,969 ETH ($13 million), according to OpenSea.

MORE ON MARKET REALIST
While some said the QBall was unscalable, Mark Cuban, Lori Greiner, and Rohan Oza saw its potential
13 hours ago
Before the Bonus Round, another impossible puzzle had already upset the fans.
14 hours ago
Harrison managed to get a pretty good deal for the artistic item after the appraisal.
16 hours ago
Despite impressing the Sharks, the founder of Lord Von Schmitt failed to get a deal
17 hours ago
While the car was super cool for the shop, Harrison and the seller couldn't agree on the price.
1 day ago
The TikTok creator claimed the hack worked with just two simple steps.
1 day ago
When the friends were whispering their letter picks, the host was eavesdropping.
1 day ago
The contestant, Janine gave her mother one of the best birthday gifts ever.
1 day ago
The guest who brought the collecton in a pocketbook was left beyond astonished.
2 days ago
The seller simply refused to budge and was happy to hold on to the doll for a longer time.
2 days ago
This was rare on the show where Harvey is the one doing most of the talking and shutting people down.
2 days ago
Fans complained that the unusual clue cost the player a chance to challenge for the win.
3 days ago
The founders of xCraft struck a rare and expensive all investor deal on Shark Tank.
3 days ago
The dynamic host finally broke silence on exit rumours, cementing his intent to continue his job.
3 days ago
The painting and a note from the renowned artist, Hovsep Pushman left the expert in awe.
4 days ago
Banking on a bad guess made by his opponent, Ryan Burkett guessed the correct answer and took home a massive win.
4 days ago
The World War II era sketch was given to the guest's father by Jerry Siegel and Joe Shuster, the creators of Superman.
4 days ago
The contestant, Madison, hit the jackpot with less than a second remaining in the 'Race Game.'
5 days ago
Both the contestant and fans believed he stood no real chance of solving the Bonus Round puzzle.
6 days ago
The spooky item was a great find for the pawn shop, but the asking price was too high for Corey Harrison to cut a deal.
7 days ago