nft

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Pop star Justin Bieber was once among the most high-profile celebrities to enter the NFT market during its peak. In January 2022, Bieber purchased Bored Ape Yacht Club (BAYC) #3001 for 500 ETH, valued at approximately $1.3 million at the time, amid the height of the NFT bull market on Ethereum.
Fast forward to today, and the same NFT is estimated to be worth around $12,000, highlighting the dramatic decline of the NFT sector—and BAYC in particular—following the collapse of speculative demand.
From a rarity standpoint, Bored Ape #3001 is considered a “floor Ape”, meaning it does not possess especially rare or standout traits compared to others in the collection. Visually, it belongs to the most common category within BAYC, which further limits its value in a market that now prioritizes scarcity over hype.
Celebrity Ownership Couldn’t Offset Market Reality
In theory, an artwork’s value can be influenced by factors such as aesthetics, provenance, or former ownership. NFTs previously owned by celebrities may command a premium due to their association with fame. However, in practice, comparable Bored Apes with similar visual traits have suffered equally severe price declines, regardless of who once owned them.
If Bieber were to sell his NFT at the current floor price, the transaction would imply a loss of roughly 99% from the original purchase value.
Even at the time of acquisition, Bieber’s decision was widely criticized within the NFT community. Many pointed out that paying 500 ETH for a non-rare “floor Ape” was highly unusual, as prices that far above the floor were typically reserved for NFTs with extreme rarity.
Following the purchase, Farokh Sarmad, now Chairman of Dastan (the parent company of Decrypt), sarcastically commented on social media:
“Whoever advised Justin Bieber to buy this NFT—how can I contact them so I can sell them floor NFTs for 500 ETH too?”
The NFT Bubble and Its Aftermath
Despite early criticism, BAYC’s floor price continued to rise for several months after Bieber’s purchase, peaking around $429,000 in April 2022. At the time, the NFT market was still riding speculative momentum, following landmark sales such as Beeple’s $69.3 million digital artwork sold in 2021.
Since then, however, the NFT market has entered a prolonged downturn. Major collections including CryptoPunks and Pudgy Penguins have also seen steep declines. CryptoPunks, once trading above $400,000, now have a floor price closer to $60,000, while Pudgy Penguins have dropped from near $100,000 to roughly $8,850 in ETH terms.
Sentiment indicators remain pessimistic. On Myriad, a prediction market operated by Dastan, users estimate only a 16% probability that BAYC, CryptoPunks, or Pudgy Penguins will recover to floor prices of 10 ETH (or 50 ETH for CryptoPunks) by July.
Yuga Labs Pushes Forward Despite Market Weakness
Despite the collapse in valuations, Yuga Labs, the company behind Bored Ape Yacht Club, continues to develop its ecosystem. In October, Yuga announced plans to build a physical Bored Ape clubhouse in Miami, exclusively for NFT holders.
Meanwhile, the company’s flagship project remains Otherside, a large-scale multiplayer metaverse game that integrates avatars from BAYC and other NFT collections. While development continues, it remains unclear whether these initiatives will be sufficient to revive sustained demand for high-end NFTs.
Conclusion
Justin Bieber’s Bored Ape purchase has become one of the most cited examples of the excesses of the NFT boom. While celebrity involvement once fueled speculative mania, the current market environment has reasserted fundamentals such as liquidity, rarity, and long-term utility.
The NFT market may yet evolve—but for now, the dramatic repricing serves as a cautionary reminder of how quickly sentiment can change in emerging digital asset markets.
Disclaimer:
This article is for informational purposes only and represents a personal blog-style analysis. It does not constitute investment advice. Readers should conduct their own research before making any financial decisions. The author assumes no responsibility for investment outcomes.
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