Bieber's Bored Ape NFT Value Plummets, Worth Less Than Gas Cost

Justin Bieber's $1.3 million Bored Ape NFT has lost nearly all its value, according to Blockstream CEO Adam Back. The token is now worth less than its gas cost, which is the fee Ethereum charges for transactions.

The Bored Ape Yacht Club (BAYC) floor price sits near 6.25 ETH, or about $16,600, leaving Bieber roughly 99% below his entry price. In May 2022, the collection's floor peaked at 153.7 ETH.

Back says this is not a prediction for Bitcoin, but rather a verdict on collectibles like Bored Ape NFTs. He believes Bitcoin faces no such fate and has put €7.6 million into Capital B's Bitcoin treasury.