Justin Bieber's Bored Ape NFT Sees Significant Depreciation Amid Market Downturn

Justin Bieber's investment in a Bored Ape Yacht Club NFT, purchased for around $1.3 million in early 2022, has significantly depreciated to an estimated value of $12,000. According to NS3.AI, the NFT market has been experiencing a prolonged downturn, affecting floor prices across major collections such as Bored Apes, CryptoPunks, and Pudgy Penguins. Despite the ongoing slump, Yuga Labs continues to innovate, working on new projects including a physical clubhouse and a metaverse game that features their NFT avatars.