Justin Bieber's BAYC NFT Plummets 99% to $12K in Extreme Market Fear

VADODARA, February 7, 2026 — A Bored Ape Yacht Club (BAYC) NFT purchased by pop star Justin Bieber for approximately $1.3 million (500 ETH) in January 2022 has collapsed to around $12,000 (about 6 ETH), representing a 99% loss. According to Decrypt's report, the NFT (Bored Ape #3001) lacks rare attributes, making it a common piece in the collection. This daily crypto analysis examines the structural market forces behind this dramatic devaluation.

Investigation: The Bieber BAYC Transaction Timeline

Justin Bieber acquired Bored Ape #3001 in January 2022 at the peak of the NFT market frenzy. The purchase price of 500 ETH equated to roughly $1.3 million based on Ethereum's price at that time. Industry insiders immediately noted the acquisition as overvalued for a non-rare NFT. The BAYC floor price subsequently reached an all-time high of approximately $429,000 in April 2022 before entering a sustained downtrend. Current valuation estimates place the asset at around $12,000, with the broader NFT market experiencing similar contractions.

Market Context & Historical Precedent

This collapse mirrors the 2017 ICO bubble burst, where speculative assets lost 90-99% of their value. The NFT market's correlation with Ethereum's price action created a perfect storm. Consequently, as ETH declined from its $4,800 peak, NFT valuations followed proportionally. Underlying this trend is a fundamental shift from speculative hype to utility-based valuation models. Historical cycles suggest that assets purchased at market peaks typically require multiple cycles to recover, if they recover at all.

Related developments in the current market environment include the Crypto Fear & Greed Index plunging to extreme fear levels and institutional entities moving ETH off exchanges amid volatility.

Technical Architecture & Price Action

The NFT's valuation collapse reflects broader Ethereum network dynamics. Post-merge issuance changes and EIP-4844 implementation have altered gas fee structures, impacting NFT transaction economics. Technically, Ethereum faces critical support at the $1,850 level, which corresponds to the 0.618 Fibonacci retracement from its 2021 all-time high. A break below this level could trigger further NFT liquidations. The BAYC collection's floor price has formed a clear descending channel on higher timeframes, indicating sustained selling pressure.

By The Numbers

Why It Matters

This case demonstrates the liquidity grab phenomenon in illiquid digital assets. When market structure shifts from bull to bear, assets without fundamental utility face rapid devaluation. The Federal Reserve's monetary policy tightening cycle, documented on FederalReserve.gov, has drained speculative capital from risk assets. Institutional players now prioritize Bitcoin and Ethereum over speculative NFTs, creating a two-tier market structure. Retail investors who bought at peaks face near-total capital destruction.

Expert Commentary

"The Bieber BAYC transaction represents a textbook case of peak-cycle speculation. Assets purchased during maximum hype typically suffer the steepest corrections. Market structure suggests NFT valuations will remain depressed until Ethereum establishes a new macro higher low." — CoinMarketBuzz Intelligence Desk

Market Outlook & Price Scenarios

Two technical scenarios emerge from current market structure. The bearish scenario involves Ethereum breaking below $1,850 support, triggering further NFT liquidations and pushing BAYC floor prices lower. The bullish scenario requires Ethereum to reclaim the $2,400 resistance level, potentially stabilizing NFT valuations.

• Bullish Invalidation Level: $2,400 for Ethereum. A sustained break above this resistance would invalidate the current downtrend and potentially catalyze NFT market recovery.
• Bearish Invalidation Level: $1,850 for Ethereum. A breakdown below this Fibonacci support would confirm continued NFT market contraction.

The 12-month institutional outlook remains cautious. Market analysts anticipate further NFT market consolidation as capital rotates toward more established crypto assets. This aligns with the 5-year horizon where digital assets mature beyond speculative collectibles toward verifiable utility.