Justin Bieber NFT down 95 percent

Justin Bieber purchased a Bored Ape NFT for a whopping $1.31M back in January 2021. His purchase is not looking good as today, the very same Bored Ape NFT costs $59,000. This means he has lost $1.25M or 95 percent of what he actually paid.

justin bieber bored ape

Some say, he did not actually buy it but Moonpay, a cryptocurrency vendor bought it on his behalf and he simply advertized it on his Instagram to highlight that he used Moonpay to purchase it.

In other words, the Bored Ape was given to him for free as a marketing move by the founders. So, he is actually still in 100 percent profit. Digital art is just a way for the wealthy to wash money/store wealth and avoid taxes on higher gross income. Art is subjective, therefore not considered at investment. 100% tax right off. Not subject to SEC and IRS.

We know we are going off floor price but if you are curious if someone every pays a premium knowing it was owned by Justin. However, in case he did not actually buy the Bored Ape NFT, he is definitely at a big loss but I’d debate the current value. Provenance of past holders definitely adds value.