Justin Bieber’s NFT drops to under $60,000 from a value of $1.3 Million

Pop superstar Justin Bieber has apparently been exposed to the financial perils that cryptocurrency skeptics are always warning others about. Bieber hasn’t shied away from researching the digital asset market. An NFT that Bieber bought last year for the absurd sum of $1.3 Million (approximately Rs. 10 crore) has since fallen to a price that is less than half of what it once cost. The continued market instability that is negatively affecting the entire sector is to responsible for this sharp decline in the value of digital collectibles.

The renowned Bored Ape Yacht Club (BAYC) collection is where Justin Bieber’s NFT is kept. NFTs from BAYC, a digital art site, feature bored-looking apes in a variety of avatars.

Around April, when the general crypto market started to slow down due to post-COVID-19 inflation in the US, the price of BAYC NFTs started to sway.