Justin Bieber’s Bored Ape NFT He Bought for Over $1 Million is Now Less Than $70,000

Justin Bieber bought his Bored Ape non-fungible token (NFT) for more than $1 million early this year.

But this time, no thanks to the FTX crash, his highly-coveted collectible is now roughly worth less than $70,000.

Justin Bieber's Bored Ape NFT

The Canadian pop star got his hand on his first ever Bored Ape collectible when it was one of the highly-coveted NFTs, as per the latest story by Kotaku. And as such, Bieber spent over a million dollars for it.

To be more precise, it turns out that the NFT cost the musician a whopping $1.29 million when he bought the Bored Ape collectible back in January.

According to a recent report by Business Insider, the pop star paid 500 Ethereum for his first-ever Bored Ape NFT. And when he bought it, 500 ETH was worth roughly $1.3 million.

But this time, when most NFT collectibles have already dropped in price no thanks to the lower pricing of most crypto tokens, Bieber's NFT is now way cheaper.

Well, NFT Price Floor disclosed that the NFT of the pop star is now only worth less than $70,000. From 500 ETH, his collectible is now only valued at 58 Ethereum.

To put in perspective how badly its value has plummeted, NFT Price Floor notes that the drop in its price is seriously dramatic. It is now down by around 95%.

Bored Ape NFT #3001

Kotaku reveals that Bieber owns the $3001 Bored Ape NFT, which early this year goes for over a million dollars or 500 ETH.

It is worth noting, though, that his NFT easily dropped in price as early as February. Kotaku reports that the digital collectible sank in price to $444,000 nearly a month after Bieber got his hands on it.

Despite that, Business Insider says that the Bored Ape Yacht Club turns out to be one of the most subscriber art NFT collections out there.

At its peak, the average price for a Bored Ape NFT was astronomical at over $400,000. But this time, the news outlet reports that NFT prices have generally dipped by about 82% as of writing.

This article is owned by Tech Times

Written by Teejay Boris