Justin Bieber’s Bored Ape NFT Loses 99% of Value, Dropping from $1.3M to $12,000
Justin Bieber's $1.3M Bored Ape NFT has lost 99% of its value, now worth just $12K, reflecting the broader collapse of the NFT market.
- Justin Bieber paid 500 ETH ($1.3M) for a Bored Ape NFT in 2022; it is now valued at roughly $12,000, a 99% decline.
- NFT trading volumes dropped 63% in Q1 2025 versus Q1 2024, signaling a sustained and deepening market contraction.
- The NFT sector is shifting away from speculation toward utility-driven assets like in-game items, access passes, and tokenized goods.
In January 2022, pop superstar Justin Bieber acquired Bored Ape Yacht Club NFT #3001 for 500 ETH, approximately $1.3 million at the time of purchase, as reported by CryptoBriefing. The digital asset has since plummeted to approximately $12,000, representing a 99% decline in value that underscores the dramatic collapse of the NFT market from its 2021–2022 peak.
The decline reflects broader turbulence in the non-fungible token space, where speculative fervor gave way to sustained downturns affecting even the most prominent collections and high-profile collectors. Bieber’s experience exemplifies how celebrity participation in crypto markets does not insulate investors from significant losses when conditions shift dramatically.
The Collapse of the Bored Ape Yacht Club
The Bored Ape Yacht Club, created by Yuga Labs as a 10,000-piece generative art series that sold out within hours of its April 2021 launch, represented the pinnacle of the NFT boom. According to CryptoBriefing, the collection reached floor prices of 128–145 ETH by May 2022 — approximately $350,000–$420,000 at prevailing rates — before entering a prolonged decline.
Analysts noted that Bieber paid well above prevailing rates for his acquisition, with comparable assets trading between $200,000 and $300,000 at the time, suggesting a significant premium attributed to celebrity status and cultural cachet. The artist’s portfolio extended beyond a single purchase, having acquired a second Bored Ape, numbered #3850, for roughly $470,000 shortly after his first acquisition.
The NFT market contraction accelerated through 2023 and 2024, with CNBC reporting that Yuga Labs announced significant workforce reductions as the collection’s floor price continued declining. The broader NFT ecosystem witnessed trading volumes collapse by 63% in the first quarter of 2025 compared to the same period in 2024, according to industry data.
NFT Market: From Speculation to Utility
The market shift has fundamentally altered how digital collectibles are valued and traded. Where once exclusivity and cultural status drove valuations, the market now gravitates toward utility-focused applications including in-game assets, access passes, identity tools, and tokenized real-world items.
For investors who purchased Bored Ape NFTs at their 2022 peak, losses have reached 93% or higher in many cases, according to CryptoBriefing. The collection’s current floor price hovers around 5–6 ETH, representing a fraction of its former valuations and reflecting a market that has fundamentally re-priced digital collectibles.
The trajectory of Bieber’s investment serves as a cautionary tale for celebrity-backed crypto initiatives, demonstrating that fame and cultural relevance do not provide immunity against market corrections. As the NFT industry continues its maturation process, the emphasis has shifted from speculative trading toward sustainable use cases that may determine which collections and platforms survive the ongoing reset of the digital collectibles market.
