Justin Bieber’s Bored Ape Drops ~99%: $1.3M Purchase Now Worth ~$12K
Justin Bieber’s Bored Ape Yacht Club NFT (BAYC #3001) has fallen roughly 99% from the 500 ETH (~$1.3M) he paid in January 2022 to an estimated ~6 ETH (≈$12K) as of January 2025. The decline reflects a broader NFT market correction: BAYC floor prices peaked near $429K in April 2022 and have since collapsed amid reduced speculative capital, higher global interest rates, crypto exchange failures, and weaker demand for celebrity-driven collectibles. Analysts say celebrity buys often coincide with market peaks; common-trait PFPs like #3001 lack rarity-based support and are particularly vulnerable to illiquidity. The event highlights core valuation drivers for PFP NFTs—rarity traits, community utility, brand perception and liquidity—and signals a market shift toward projects with tangible utility (gaming, membership, digital identity). For traders: this is a clear warning about NFT illiquidity and extreme volatility. Expect high downside risk for hype-priced collectibles, limited exit options for large-ticket PFPs, and stronger relative resilience for rarer or utility-focused NFTs. Primary keywords: Bored Ape, BAYC, NFT market, Justin Bieber, NFT liquidity.
Bearish
The news is bearish for the specific NFT asset class and related tokens because it illustrates extreme value erosion and illiquidity in large-profile PFP collectibles. Short-term impact: elevated selling pressure and low bid-side depth as holders reassess valuations and some attempt to exit positions—this can depress floor prices further and discourage speculative buying. Market sentiment toward celebrity-driven NFTs and large-ticket BAYC assets will remain weak until meaningful on-chain utility, stronger demand, or rarity-supporting events emerge. Long-term impact: capital and collector attention are likely to shift toward NFTs with demonstrable utility (gaming, membership, identity) and projects that maintain active communities and liquidity solutions. For traders, the event raises the probability of sharp drawdowns in hype-driven NFT markets, increases the cost of unwinding large positions, and suggests focusing on liquidity metrics, rarity analysis, and utility signals when evaluating NFT investments.