Crypto-Bro Bieber? Not anymore. After jumping on the cryptocurrency bandwagon in January, Justin Bieber's Bored Ape NTF has plummeted in value, taking a nose-dive from a $1.3 million purchase price to just $70,000 after FTX exchange filed for Chapter 11 bankruptcy, RadarOnline.com has learned.
At the start of 2022, Bieber, 28, spent 500 Ethereum — or about $1.3 million — on the Bored Ape NTF, buying into a financial fad that was widely known but little understood.
The 95% drop in value for the non-fungible token rounds out to a loss of $1.23 million for the pop star.
The cause of the plunging value? The crash of major cryptocurrency exchange firm FTX.
FTX was co-founded by Sam Bankman-Fried in 2019 as a Bahamas-based cryptocurrency exchange platform, promoting the liquidity and transactions of coins and tokens by users like Bieber.
Users could connect their wallets to the platform to engage in various financial actions, including buying and selling NTFS. At the height of FTX in 2021, the platform had over one million users engaging in transactions.
Fast-forward to November 2022 and Bankman-Fried has filed for Chapter 11 bankruptcy, sending the crypto market into a frenzy that resulted in users panic-selling to recoup the most out of their inevitable losses.
While many users lost a significant amount of money, the musician took an especially hard hit to his pocketbook as he had already overpaid for the Bored Ape.
When Bieber dropped over a million for the NTF early this year, it was estimated he overpaid around 300% of the actual value of Bored Ape. That means Bieber could have purchased the NTF for $208,237.
Bieber's purchase was widely known after the Baby singer posted his NTF to his Instagram, along with a caption with his own song lyrics and hashtag.
"What if you had it all, but nobody to call, maybe then you’d know me. Cuz I’ve had everything but noones listening and that’s just f***in lonely. #lonelyboredape," Bieber's caption read.
On top of overpaying for the future sour investment, Bieber's "LonelyBoredApe" was highly criticized by NTF collectors, as the cartoon-like image failed to feature any of the captivating characteristics that NTFS was popular for.
While most of the Bored Ape suite of NTFS featured wild features and creative clothing — that users saw as its own personality to show off — Bieber's ape was boring at best.
Wearing a plain gray t-shirt, nonchalant expression, and simple dark blue background, the NTF failed to accomplish the creative expression that made the purchase desirable.
All-in-all, Bieber took a swing and a miss at the crypto/NTF game — and now has a major loss of funds to show for it.