The price of a Bored Ape Yacht Club (BAYC) NFT purchased by global pop star Justin Bieber for billions of won has effectively collapsed to near-worthless levels, starkly revealing the bursting of the bubble in the cryptocurrency market.
According to cryptocurrency-focused outlet Decrypt on February 8 (local time), the BAYC #3001 NFT that Justin Bieber bought in January 2022 for $1.31 million has now plunged to around $12,000. Bieber made the aggressive investment by paying 500 Ethereum (ETH) at the time, but suffered massive unrealized losses as he was hit head-on by a liquidity crunch and sharp drop in demand across the digital asset market.
The asset Bieber purchased depicts a character wearing a black T-shirt against a blue background with a sad expression. From the time of acquisition, criticism persisted that he paid an excessively high price compared with the market despite the asset lacking any notable rarity. In fact, its rarity score ranks in the lower tier of the entire collection, leading it to be viewed as a classic case of buying at the peak driven by celebrity appeal rather than investment value.
BAYC once surpassed a floor price of 150 ETH and served as a benchmark for the NFT market, but it is now facing a sharp drop in trading volume as investors turn away. Bieber and many other Hollywood stars entered at market highs and have since taken a direct hit from the price decline. Industry observers see this as a phase in which speculative fervor has faded, giving way to steep price corrections for digital assets whose intrinsic value has yet to be proven.
The era in which celebrity participation guaranteed asset value has effectively come to an end. Overall NFT trading volume has fallen to negligible levels compared with its peak, and new inflows of capital are also hard to find. Investors are now showing a cold, disciplined attitude, shunning assets that lack tangible profit structures or practical utility beyond being simple digital collectibles.
Although Bieber has yet to sell the asset, the dried-up trading environment makes not only a recovery of principal but even liquidation uncertain. As an asset once valued at over $1 million has fallen to around $10,000 and lost its function as a store of value, it remains a telling indicator of the risks inherent in investing in digital collectibles that lack genuine rarity.
*Disclaimer: This article is for investment reference only, and no responsibility is taken for any losses incurred based on its contents. The information should be interpreted solely for informational purposes.*
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