DeFi· ★★· bearish·

Adam Back: Justin Bieber's $1.3M Bored Ape NFT now has 'negative' value

  • —Bieber bought Bored Ape #3001 for 500 ETH (~$1.3M) in January 2022
  • —BAYC floor now ~6.25 ETH (~$16,600), down ~99% from his purchase price
  • —Collection floor peaked at 153.7 ETH in May 2022
  • —Back says the NFT is worth '$0' or less due to gas costs, but Bitcoin is not at risk
Why it matters: The case illustrates how far the NFT market has fallen from its 2022 peak, contrasting with Bitcoin's resilience that Back highlights.
#ETH
Source: BeInCrypto IT
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