Blockstream CEO Adam Back argues that Justin Bieber’s $1.3 million Bored Ape NFT is currently worth nothing, or even less, though he maintains that Bitcoin is immune to a similar fate.
As a cryptographer whose Hashcash protocol is referenced in the Bitcoin white paper, Back made these remarks while responding to a crypto influencer who estimated the token’s value at around $16,300.
How Much Is Justin Bieber’s Bored Ape NFT Worth Now?
In January 2022, Bieber purchased Bored Ape NFT #3001 for 500 ETH, which amounted to approximately $1.3 million at the time. Observers questioned the valuation right away because the token lacked any rare characteristics.
At present, the floor price for the Bored Ape Yacht Club (BAYC) rests around 6.25 ETH, or roughly $16,600. This places the musician’s investment down by about 99%. By comparison, the collection reached a peak floor of 153.7 ETH in May 2022.
Bieber was not the only celebrity caught up in the craze, as figures like NBA star Stephen Curry also acquired apes during that period of high hype.
The broader market has also faced difficulties. Ethereum (ETH) declines in June pushed NFT valuations near historic market capitalization lows, and Nike shut down its NFT studio late last year.
Adam Back Separates Bitcoin From Collectibles
Initially, Back simply replied that the ape was “worth $0.” When another commenter suggested the value should actually be considered negative because transferring an NFT requires paying Ethereum gas transaction fees, Back concurred that the point was technically accurate since owners must pay to offload the asset.
When another participant subsequently questioned whether Bitcoin was heading toward zero as well, Back clarified that his assessment applied exclusively to Bored Ape NFTs and similar collectibles, not Bitcoin.
Known for pulling no punches, Back contended in August that early forum posts by Satoshi are irrelevant to scaling discussions.
He also puts financial backing behind his stances. In September, he invested €7.6 million in Capital B, a Paris-listed firm that accumulates Bitcoin in its corporate treasury.
Nevertheless, Bieber’s Bored Ape NFT might still command a higher price due to its celebrity provenance, though whether a purchaser would actually shell out that premium remains uncertain.