Blockstream CEO Adam Back asserts that Justin Bieber’s $1.3 million Bored Ape NFT is essentially worthless, or even carries a negative value. At the same time, he maintains that Bitcoin is completely immune to a similar fate.
As a cryptographer whose Hashcash technology is referenced in the Bitcoin white paper, Back was responding to a crypto influencer who estimated the token’s worth at approximately $16,300.
How Much Is Justin Bieber’s Bored Ape NFT Worth Now?
Back in January 2022, Bieber purchased Bored Ape NFT #3001 for 500 ETH, which amounted to roughly $1.3 million back then. Even at the time of purchase, observers questioned the price because the token lacked any rare traits.
Presently, the Bored Ape Yacht Club (BAYC) floor price hovers around 6.25 ETH, or roughly $16,600. This places the pop star’s investment approximately 99% lower than his purchase price. For context, the collection’s floor hit its peak at 153.7 ETH in May 2022.
Bieber was far from the only celebrity to buy in, as stars like NBA player Stephen Curry also acquired apes during that period of high market hype.
The broader market has faced steep declines as well. NFT valuations drifted toward record-low market capitalizations in June amid a drop in Ethereum (ETH) prices, while Nike shut down its NFT studio near the end of 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 logic held up since an owner must spend money to discard the asset.
When another social media user questioned whether Bitcoin was heading toward zero as well, Back clarified that his assessment applied exclusively to the Bored Ape NFT and comparable collectibles, rather than Bitcoin.
Known for holding firm stances, Back argued in August that early forum posts by Satoshi do not settle debates regarding scaling.
He also backs his positions financially. In September, he invested €7.6 million into Capital B, a Paris-listed company that builds a Bitcoin treasury.
Even so, Bieber’s Bored Ape NFT could theoretically command a premium due to its celebrity ownership, though whether a buyer would actually meet that price remains uncertain.
Frequently Asked Questions
How much did Justin Bieber pay for his Bored Ape NFT?
Justin Bieber bought Bored Ape #3001 for 500 ETH in January 2022, which amounted to approximately $1.3 million at the time.
What is the current value of Justin Bieber’s Bored Ape?
Given that the Bored Ape Yacht Club floor price sits around 6.25 ETH (roughly $16,600), Bieber’s investment is down by about 99%. Adam Back further noted that the token’s value could be considered negative because owners must pay Ethereum gas fees to get rid of it.
Did Adam Back say Bitcoin is crashing too?
No. Adam Back explicitly stated that his negative valuation applies only to Bored Apes and other NFT collectibles, emphasizing that Bitcoin faces no such fate.
Which other celebrities bought Bored Ape NFTs?
NBA player Stephen Curry is among the other prominent stars who purchased apes during the same market hype cycle.
