Pop star Justin Bieber's Bored Ape Yacht Club (BAYC) NFT, purchased for a staggering $1.3 million in early 2022, has plummeted in value to approximately $12,000—a decline of more than 99%. This dramatic asset evaporation once again shines a spotlight on the bubble and risks inherent in the NFT market.
From Celebrity Glamour to Value Ruins
In early 2022, the NFT market was in a frenzy, with BAYC leading as a blue-chip project favored by celebrities. Bieber acquired ape #3001 for 500 ETH (about $1.3 million). However, as the crypto market entered a prolonged bear cycle, the NFT sector was hit hardest. As of July 2026, the BAYC floor price has collapsed from a peak of ~150 ETH to under 1 ETH, and Bieber's specific NFT is now quoted at just $12,000.
Why Did Celebrity Hype Fail?
Bieber is not alone in suffering massive NFT losses. Other celebrities like Madonna, Paris Hilton, and Stephen Curry also made heavy investments in NFTs during the boom, only to see their holdings shed most of their value. Analysts note that while celebrity endorsements can temporarily boost trading volumes and prices, they rarely provide sustainable utility or liquidity. Once market sentiment shifts, the bubble easily bursts. BAYC attempted to maintain value through a metaverse game and token airdrops, but those efforts failed to reverse the downward trend.
The Harsh Reality of the NFT Market
Bieber's case mirrors the cyclical volatility of NFTs. According to NFT data platforms, the median floor price of major PFP projects launched between 2021 and 2022 has dropped more than 95% from all-time highs. Daily trading volumes in Q2 2026 were about 80% lower than the 2022 peak, reflecting severe liquidity evaporation.
Lessons for Investors
For average investors, Bieber's experience offers three warnings: First, high-profile assets are not necessarily safe—celebrities may have bought at the cycle top. Second, NFT value heavily relies on community consensus and ecosystem development, both of which can quickly erode. Third, liquidity risk is a major pitfall; high-priced NFTs are often difficult to sell during downturns. With Bieber's cost basis now nearly zero, the investment is unlikely to recover unless the market undergoes a fundamental revival.