| Justin Bieber's Bored Ape NFT Plummets in Value Justin Bieber's Bored Ape Non-fungible Token (NFT) was the talk of the town in 2022 when it was valued at a whopping $1.3 million. However, the value of the one-of-a-kind artwork has taken a significant nosedive in recent months and is now estimated to be worth only around $60,000. The Bored Ape NFT is a digital artwork created by Kevin Abosch, a renowned Irish contemporary artist. The artwork features the image of a bored ape, which was initially released as an NFT in April 2022 and quickly caught the attention of tech-savvy investors who keenly snapped it up. According to CNBC, the artwork was valued at around $1.3 million in June 2022 when the NFT market was booming, and the Bored Ape was purchased by entertainer Justin Bieber. Since then, the NFT market has experienced a major decline, and the value of the artwork has dropped accordingly. According to experts, the NFT market saw a huge influx of new investors in 2021, but the market was unable to sustain its initial high numbers as the novelty started to wear off. Now, Justin Bieber's Bored Ape NFT is reportedly worth only around $60,000, making Bieber and other investors huge losses. Despite the loss in value, art enthusiasts still appreciate the Bored Ape NFT for its rarity and artistic value. After all, it is still the only artwork of its kind created by Kevin Abosch, and it has the distinction of being bought by Justin Bieber, who stands at an impressive 5 feet 9 inches (1.75 m) in height. With the NFT market still uncertain, only time will tell if the artwork will regain its former value, but for now, investors have to just wait and see. |