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Since Justin Bieber bought Bored Ape NFT in January 2022, its value has decreased by 94%

Justin Bieber paid 500 ETH for his Bored Ape #3001 at the start of the year. Currently, the value is only worth 59.16 ETH, a loss of 88%.

Similarly, data from NFT Price Floor shows that the collection’s floor price has decreased to 58.2 ETH.

In terms of money, Justin Bieber paid $1.3 million for this “Lonely Ape,” but once the price of Ethereum fell during 2022, its value fell to about $71,500.

BAYC #3001 | Image Source: OpenSea

Justin Bieber shared a photo of the gorilla on his Instagram after purchasing the non-fungible token (NFT).

NFTs are immutable digital certificates created on a blockchain that demonstrate ownership of digital or physical media.

It was pointed out that Justin Bieber overpaid for his BAYC NFT, which has similar characteristics. Other apes in the collection with more uncommon characteristics frequently command noticeably greater prices on secondary markets.

The collections CLONE X – X TAKASHI MURAKAMI, Mutant Ape Yacht Club, Doodles, World of Women, and LIVES of LALISA all contain non-fungible tokens that Justin Bieber also owns.

On April 23, 2021, Yuga Labs presold the Bored Ape Yacht Club NFT collection, which quickly gained notoriety.

Other noteworthy celebrities who possess BAYC NFTs include Jimmy Fallon, Gwyneth Paltrow, and Paris Hilton in addition to Justin Bieber. An ape gives its owner access to a private Discord server.

Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Crypto is not a legal tender and is subject to market risks. Readers are advised to seek expert advice and read offer document(s) along with related important literature on the subject carefully before making any kind of investment whatsoever. Crypto market predictions are speculative and any investment made shall be at the sole cost and risk of the readers.