Pop star Justin Bieber once spent $1.3 million on a Bored Ape Yacht Club NFT, but the digital collectible has since lost nearly all of its value as the broader NFT market collapsed. The Ethereum-based NFT, Bored Ape #3001, is now estimated to be worth roughly $12,000, representing a loss of more than 99% of the original purchase price.
Bieber bought the NFT in January 2022 for 500 ETH, during the peak of the NFT boom when celebrity collectors and investors were pouring millions into digital collectibles tied to popular blockchain projects.
Buying at the Peak of the NFT Boom
At the time of the purchase, Bored Ape Yacht Club (BAYC) NFTs were among the most sought-after digital assets in the crypto market. Created by Yuga Labs, the collection of 10,000 cartoon ape avatars granted holders access to exclusive online communities, merchandise, and special events.
During the height of the NFT craze in 2021–2022, prices for Bored Apes surged into the hundreds of thousands of dollars, with some rare versions selling for millions. Celebrities including musicians, athletes, and actors rushed to buy into the collection, helping fuel the hype around NFT ownership.
Bieber’s purchase stood out even at the time because analysts noted that the NFT he bought had relatively common traits, meaning it lacked the rarity that typically drives higher prices in NFT collections.
The NFT Market Collapse
Since the NFT boom faded, prices across many major collections have fallen sharply. The crash—often referred to as the “NFT winter”—was driven by a combination of factors including the broader crypto bear market, reduced speculation, and declining trading volumes.
As interest cooled, the floor price for Bored Ape NFTs dropped dramatically, wiping out large portions of value for many collectors who purchased during the peak hype cycle.
For Bieber, the drop means his original $1.3 million investment has lost more than $1.28 million in value based on current estimates.
A Symbol of the NFT Bubble
The dramatic decline in Bieber’s NFT value has become a widely cited example of the extreme volatility in digital collectibles, particularly those purchased during speculative market peaks.
While some NFT projects continue to build communities and new use cases, the collapse of many high-priced collectibles shows how quickly hype-driven markets can reverse.
