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The NFT market faces a chill as hype turns to caution amid abrupt valuation declines.
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Justin Bieber’s Bored Ape #3001, acquired for a staggering 500 ETH in early 2022, has seen its value evaporate to approximately $12,000, reflecting a near-total wipeout of his initial $1.3 million investment.
The pop star, who has amassed one of the most visible celebrity NFT portfolios, acquired the digital collectible when enthusiasm for the sector reached its zenith. Analysts at the time noted Bieber paid well above prevailing rates, with comparable assets in the collection trading between $200,000 and $300,000.
