The NFT that Justin Bieber had bought for $1.3m is now worth $59,000

Justin Bieber had bought this Bored Ape NFT last year, in January of 2022, at the peak of the NFT craze, especially the Bored Ape NFT series.

He was among the many celebrities who bought these NFTs for prices that people most thought were ridiculous, and it's safe to say that their investments didn't pay off at all.

I think the main reason for these purchases was to profit off of them, seeing them more as investments than anything else, and hoping that someone else would pay a higher price for it.

No one however did, at he's down around $1.2m from his initial investment.

I don't know who advised these celebrities to make these investments, but these were purely gambling, and it played out like one as well. NFT hype died out and all the prices are now nowhere close to what they were.

Here's the link to the NFT in question:

https://opensea.io/assets/ethereum/0xbc4ca0eda7647a8ab7c2061c2e118a18a936f13d/3001