Justin Bieber’s Bored Ape NFT Bought for $1.3M Has “Negative” Value, Says Adam Back

Justin Bieber’s Bored Ape NFT, purchased in January 2022 for approximately $1.3 million, was classified as having “negative” value by cryptographer Adam Back, CEO of Blockstream. The statement intensifies discussions about the sustainability of the NFT market, setting them apart from established projects like Bitcoin.

The case: a million-dollar NFT in free fall

At one of the most heated moments in the NFT market, Justin Bieber shelled out about 500 ETH to acquire a Bored Ape Yacht Club (BAYC) — a collection of non-fungible tokens that gained notoriety among celebrities and investors. The amount paid was equivalent, at the time, to about $1.3 million. Currently, however, the average price of these NFTs has dropped drastically, with sale prices circulating below $50,000, according to recent market data.

Adam Back’s comment surfaced in a discussion on X (formerly Twitter), where he responded to a user’s analysis about the collapse in value of celebrity NFTs. Back was categorical in stating that Bieber’s digital asset would have “negative value” today. For him, the fundamental difference between Bitcoin and popular NFTs like BAYC lies in the utility and credibility of each project.

Adam Back: criticism of NFTs and defense of Bitcoin

Adam Back is one of the most respected figures in the cryptocurrency world, known for his technical work in developing Hashcash — the technology used in the Bitcoin protocol. His opinions often influence debates about digital assets. Commenting on Bieber’s NFT, Back emphasized that collections like BAYC do not have the same robustness as assets like Bitcoin, reinforcing the perception that many NFTs function as purely speculative instruments.

Despite the criticism, Back spared Bitcoin from the same verdict, highlighting that the world’s leading cryptocurrency has solid fundamentals, growing adoption, and proven utility in the global financial sector. This contrast suggests that while NFTs may be susceptible to fads and bubbles, Bitcoin tends to maintain its relevance as a store of value.

NFT market faces crisis of confidence

The NFT market is experiencing a downturn after the boom of 2021 and 2022. According to a survey by DappRadar, NFT trading volume has dropped by more than 80% since the peak, and the average price of major tokens has plummeted. The case of Justin Bieber’s Bored Ape illustrates how the expectation of quick appreciation has given way to significant losses, even for celebrities and major investors.

Experts point out that the price drop is related to market saturation, the lack of practical utility for tokens, and the volatility of the crypto ecosystem. Adam Back’s statement reinforces the need to analyze fundamentals before investing in digital assets, especially in a scenario where euphoria can mask substantial risks.

What to watch next in the NFT market

The episode involving Justin Bieber and BAYC serves as a warning for investors: NFT liquidity and perceived value can change quickly. The sector is seeking alternatives to add utility to tokens, such as integrations with games, exclusive events, and digital copyrights, but still faces challenges in regaining market trust.

Want to trade crypto with AI support? Check out Zayion AI, the trading assistant from Bianchi Capital.

With information from BeInCrypto Brazil, September 2026.

Resultados e relatos reais de quem usa o Zayion

Sinal Zayion: SHORT SKY/USDT +5%

Operação fechada com +54,72% de PnL

Relato de usuário: “teve bons lucros realizados já”

Prints reais enviados por usuários. Resultados individuais e não representam garantia de rentabilidade. Conteúdo educacional, não é recomendação de investimento.

Quem escreve no CoinsFrontier

Alexandre Bianchi

Fundador da Bianchi Capital e do Zayion AI. ~10 anos no mercado de ativos digitais, autor de referência e presença na mídia.

Autor de “O Manual do Criptoinvestidor”Presença na RedeTVPublicado no Terra+150 mil seguidores

Conhecer o Zayion →