Justin Bieber's $1.3M BAYC NFT now worth $12K, a 99% loss

A Bored Ape Yacht Club (BAYC) NFT purchased by pop star Justin Bieber for approximately $1.3 million (500 ETH) in January 2022 has plummeted in value to around $12,000 (about 6 ETH), Decrypt reported. The NFT, Bored Ape #3001, is a common piece with no rare attributes. While the BAYC floor price reached a high of about $429,000 in April 2022, it has since declined sharply amid a broader downturn in the NFT market. A sale at the current price would represent a loss of approximately 99% for Bieber. At the time of the purchase, NFT industry insiders had already noted that he was buying a non-rare NFT at a high price.