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Justin Bieber paid $1.3M for a Bored Ape NFT. It’s now worth $70,000

Justin Bieber purchased his 1st BAYC NFT for 500 ETH, which was equivalent to $1.3M in January. But the market value of individual NFTs from the collection has tanked to 58 ETH or $70K. The 95% drop in valuation comes after FTX's meltdown and caused crypto prices to crash. Though Bieber hasn't said why he purchased an NFT, critics speculate that celebrities buy these as a status symbol.