Justin Bieber’s $1.3 Million Bored Ape NFT now worth $71K

In January, Grammy Award-winning singer Justin Bieber paid $1.31 million to become a member of the Bored Ape Yacht Club (BAYC). The NFT he bought is now worth only $71,500 amid the decline in the crypto market.

The 28-year-old superstar purchased 500 ETH for his Bored Ape #3001. The value is now only 59.16 ETH, a loss of 88 percent. At the time of writing, the collection’s floor price has dropped to 58.2 ETH or approximately $69,800, according to NFT Price Floor data.

On Monday, the floor price dropped below $60,000 for the second time this month, but it progressively rose on Tuesday. The Bored Ape floor peaked at around 152 ETH or approximately $429,000 in late April, ahead of the crypto market crash, due to the excitement surrounding the debut of NFT land plots for Yuga’s Otherside metaverse game. Bored Ape owners were expected to receive free Otherside land.

However, the crypto crash has caused Bored Ape prices to plummet over the last six months. The entry price for a Bored Ape now is approximately 84 percent less than in April.

Other celebrity members of BAYC

Bieber was mocked for paying too much for his BAYC NFT, which depicts an unkempt ape with dark brown fur wearing a black t-shirt against a blue background. Bieber’s purchase was 300 percent more than the BAYC’s floor price at the time, which was 106.9, or about $279,162.31.

Rarity Tools suggested that the Ape he purchased was ranked 9,810th based on its traits and features, which implies it would likely sell for the floor price had it not been associated with a well-known celebrity.

“Who [the fuck] is advising Justin Bieber’s NFT purchases,” Rug Radio co-founder and host Farokh Sarmad posted on Twitter, “and how can I get in touch to sell them [floor] NFTs for 500 ETH?”

The BAYC is one of many NFTs Bieber owns. He also purchased NFTs from the CLONE X – X TAKASHI MURAKAMI, Mutant Ape Yacht Club, Doodles, World of Women and LIVES of LALISA collections.

Other celebrity members of the BAYC include tennis legend Serena Williams, American rapper Gunna, Blink-182 drummer Travis Barker and Golden State Warriors star Stephen Curry.

Bieber is not the only famous person who purchased BAYC for a high price. Brazil and PSG superstar Neymar Jr. bought the Bored Ape #5269 on January 20 for 189.69 ETH, or approximately $569,531. The footballer also paid $1.05 million for #5269 and #6633 from the BAYC collection on the same day.

Similarly, the “Queen of Pop” Madonna spent a lot on her #4988 on March 14, spending 180 ETH or approximately $466,461. Madonna also has her own collection of digital artworks titled Mother of Creation.

Madonna’s three NFTs, created in collaboration with Beeple, depict a naked computer-generated version of the 64-year-old singer conversing with nature. One of the pieces was sold for 170.5 ETH or $350,000 in May.