Justin Bieber’s Bored Ape NFT, bought for $1.2 million, now worth under $70,000

In January, pop star Justin Bieber purchased his first Bored Ape Yacht Club NFT for 500 Ethereum, a blockchain currency, equivalent to $1.3 million.

On an Instagram post featuring his new NFT, a Bored Ape with tears in its eyes, Bieber added the lyrics to his hit “Lonely.”

“What if you had it all, but nobody to call, maybe then you’d know me. Cuz I’ve had everything but noones [sic] listening and that’s just f—in lonely,” Bieber wrote. 

The value of the NFT “price floor,” of individual NFTs from the Bored Ape collection has plummeted to 58 Ethereum, or $70,000, as of Thursday morning, which represents a 95% drop in value, according to data from NFT Price Floor.

Bored Ape is made up of over 10,000 NFTs depicting cartoon monkeys wearing different outfits, and was one of the most successful NFT art collections, valued at more than $1 billion.

Prior to the crypto crash, Bored Ape’s NFT prices peaked at $429,999 in late April in response to demand for the use of NFT land plots for its personal metaverse platform Otherside. However since NFT sales declined, its prices have fallen by 82% as of this month, according to Decrypt.

Other top ethereum NFT collections have also dropped in value recently. DeGods prices have fallen by 68%; CryptoPunks’ dropped by 37%; and DeGods’ by 66%, Forbes reports.

Critics of NFT’s have suggested that those, like Bieber, who have bought NFTs, have only done so to tout it as a status symbol.