Justin Bieber’s $1.3 million NFT now worth $75k

• Musician Justin Bieber paid $1.3 million for a common Ape in January
• This is a significant premium over what an equivalent NFT would fetch today on the open market.
• Prices for Bored Ape Yacht Club NFT have significantly decreased recently.

Justin Bieber’s $1.3 million NFT purchased at the beginning of this year is now worth less down $75 thousand.

Since Justin Bieber’s $1.31 million purchase has seen a complete decline in value, all of the celebrities who bought into the NFT hoopla may now be regretting their decisions.

Justin Bieber’s $1.3 million NFT in crypto is 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. NFTs, or non-fungible tokens, are a component of the new and unregulated sector that can make them a risky asset to own, much like the larger cryptocurrency business, which is currently experiencing a big slump.

READ ALSO: Justin Bieber’s Net Worth And Biography

Nevertheless, a lot of famous people joined the NFT bandwagon, including Paris Hilton, Lindsay Lohan, Snoop Dogg, and Lionel Messi, all of whom appeared to be investing.

According to Watcher Guru, at the start of this year, the NFT excitement was at its height. Leading businesses from various industries around the world dipped a toe into this area. Even well-known celebrities ended up purchasing unique yet fashionable souvenirs.

For instance, Justin Bieber, a Canadian singer, bought an NFT from the Bored Ape Yacht Club (BAYC) collection in January. He spent roughly $1.31 million at the time to buy the same.

When we fast-forward to the present, the identical NFT’s floor price is only $74,382. Additionally, at the time of publication, the best deal in the OpenSea marketplace was even cheaper—$66,781.