Adam Back Says Justin Bieber's 1.3 Million Dollar Bored Ape NFT Worth Zero

Blockstream CEO Adam Back states that Justin Bieber's Bored Ape NFT, purchased for 500 ETH in January 2022, is now worth nothing or even less. The NFT, #3001, was bought for approximately 1.3 million dollars but lacks rare traits, leading to skepticism about its value. Currently, the Bored Ape Yacht Club (BAYC) floor price is around 6.25 ETH, or about 16600 dollars, indicating a loss of roughly 99% for Bieber. Back corrected an influencer who valued the NFT at about 16300 dollars, asserting its value is actually zero. He acknowledged that the cost of transferring the NFT could result in a negative value due to Ethereum's gas fees. While addressing concerns about Bitcoin, Back clarified that his comments pertain specifically to NFTs and collectibles, not Bitcoin itself. The NFT market has faced significant declines, with valuations dropping as Ethereum prices fell, and notable brands like Nike shutting down their NFT studios. Despite its current low value, Bieber's NFT might still attract buyers due to its celebrity ownership.

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