Justin Bieber's $1.3 million NFT has fallen 22 times in value

Justin Bieber's $1.3 million NFT has fallen 22 times in value

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Author: Liam Miller
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Justin Bieber's $1.3 million NFT has fallen 22 times in value
Justin Bieber's $1.3 million NFT bought by Justin Bieber has fallen 22 times in 1.5 years
80% of tokens from the once-popular collection never sold in 2023

Justin Bieber's $1.31 million NFT from the Bored Ape Yacht Club (BAYC) collection has fallen in price to $57,000 (22 times). Singer purchased the token in January 2022, three months before the BAYC collection reached its peak.

NFT number 3001 of the 10,000 token series Bieber bought for 500 ETH. That token is now worth about 29 ETH on the Opensea platform. It's not the most expensive NFT of the bored monkeys - there are at least four items for sale priced at least 1k Ethereum ($1.9 million as of July 4) and dozens of tokens more expensive than 100 ETN.

Despite individual expensive offers, the minimum price of NFT BAYC (the lowest price of one NFT in the collection, floor price) fell by almost 78% from its peak value. It was recorded at 153.7 ETH on May 1, 2022, and is now only 32.9 ETH ($61,54k).

BAYC aren't the only tokens whose prices have fallen. NFTs from the Doodles, Azuki, and CryptoPunks series have also fallen markedly in price. Market participants have lost interest in buying.

More than 80% of NFTs in leading collections such as Bored Ape Yacht Club and CryptoPunks "were never sold in 2023," according to NFT market observer NFTstats.eth. In the BAYC collection, 83.1 percent of tokens have remained unmoved for the past six months.

 

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