NFT: Justin Bieber's Bored Ape has lost 94% of its value

Canadian pop star Justin Bieber acquired a Bored Ape last January for approximately $1.31 million. A substantial investment, which has made this NFT collection the major crypto attraction for celebrities, influencers and art lovers alike.

Justin Bieber’s Bored Ape has collapsed by 94%!

Bored Ape, the NFT collection acquired a few months ago by Justin Bieber, isn’t worth much anymore. According to the latest news, this collection of non-fungible digital assets has lost most of its value.

Back in January, when the pop star acquired this portfolio of digital assets, it was worth some $1.31 million. Today, it’s worth just $58,900. This represents a loss of more than 94% of the value of Justin Bieber’s initial investment.

😞⬇️ Justin Bieber's Bored Ape NFT Takes A Dive, Leaving Him With A Loss Of Over $1.2M #Loss

Sentiment: Smooth Sailing 😞⬇️https://t.co/lpoJDIoVEa pic.twitter.com/N0XcGGphu8

— TokenBeam (@TokenBeam) July 4, 2023

As yet, the reasons for this drop have not been disclosed. But the consequences of this wreckage are likely to be significant for stakeholders. These are mainly luminaries, but also influencers and other art lovers.

Moreover, the interest shown by the latter in Bored Ape is not insignificant. In fact, it has a lot to do with the success it enjoyed after the pop star bought it. A situation which has made this NFT collection one of the most sought-after on the NFT market.

The potential impact of Bored Ape’s collapse on the entirety of the Canadian star’s NFT assets is open to question. For the time being, there is no way of assessing them.

However, we do know that Justin Bieber’s NFT assets go beyond Bored Ape. They include NFTs such as Mutant Ape Yacht Club, Doodles, World of Women and LIVES of LALISA, among others. A diversification that could perhaps limit the losses caused to the Canadian pop star.