From digital gold to digital dust
At the beginning of 2022, the world of Non-Fungible Tokens (NFTs) was at its absolute peak. Celebrities flocked to the space, led by a pop icon Justin Bieberwho made headlines for a Bored Ape Yacht Club (BAYC) $NFT for a staggering amount. At the time it was seen as a bold entry into the future of digital art and web3.
Fast forward to April 2026, and the landscape has changed dramatically. The speculative bubble that once valued “cartoon monkeys” at millions of dollars has largely evaporated, leaving high-profile investors like Bieber with huge “paper” losses.
The $1.3 million entry: Bored Ape #3001
In January 2022, Justin Bieber took over Bored monkey #3001 for 500 $ETH. At the exchange rates at the time, the transaction was valued at approx $1.3 million.
The purchase was immediately controversial $NFT collectors. Analysts pointed out that Bieber paid nearly five times the “floor price” for a monkey that possessed relatively common characteristics. While $Bitcoin and $Ethereum experienced high volatility, the $NFT The market was still fueled by extreme hype and celebrity endorsements.
Why did he pay such a premium?
- Aura of exclusivity: Owning a BAYC served as a digital ‘black card’ for elite social circles.
- Market sentiment: In 2022, the belief was that blue-chip NFTs would act as a store of value, similar to fine art.
- FOMO: Fear of missing out on the next evolution of social media avatars.
The reality of 2026: a 99% depreciation
Today, the secondary market for the Bored Ape Yacht Club collection tells a very different story. As of April 2026, the floor price for the collection has dropped to approx 5.25 $ETH to 6 $ETH. With the current Ethereum price stabilizing around $2,000, Bieber’s Bored Ape is now valued at around $2,000. $12,000.
This represents a bewilderment 99% drop of his initial investment. Even compared to the broader crypto market news, the pullback in the $NFT sector has been significantly more severe than that of major cryptocurrencies such as BTC or $ETH.
Celebrity $NFT Portfolios in 2026
Bieber isn’t the only celebrity facing a “reappraisal” of his digital assets. The following table illustrates the peak versus current estimates for major celebrity BAYC holders:
Please note: Differences in loss rates are often due to the rarity of the specific properties or the timing of the purchase.
Lessons from the $NFT Call
The collapse of Bored Ape prices serves as a warning regarding liquidity and speculative assets. Unlike trading on major exchanges, where you can sell a token immediately, NFTs are illiquid. You need a specific buyer who is willing to pay your asking price for your specific token.
Furthermore, as reported by major financial institutions such as Bloomberg, the shift towards ‘utility-based NFTs’ (assets with an actual function in gaming or identity) has left purely ‘profile photo’ (PFP) projects struggling to regain their former glory.
Is there a future for BAYC?
While the value of the dollar has fallen, Yuga Labs continues to develop the “other side” metaverse. However, for investors who entered during the frenzy of 2022, the path to breakeven seems nearly impossible. Most experts now categorize early $NFT purchases as a high-risk speculative play rather than fundamental investments.