Blockstream CEO Adam Back stated that the Bored Ape Yacht Club NFT owned by Justin Bieber has a value of zero or less. The singer purchased the token, #3001, in January 2022 for 500 ETH, which was equivalent to $1.3 million at that time. Back noted that the asset could have a negative value because owners must pay Ethereum gas fees to transfer or dispose of the token.
Current market data shows the floor price for the Bored Ape Yacht Club collection is approximately 6.25 ETH, or about $16 600. This represents a decline of roughly 99% from the singer's initial purchase price. The collection reached a peak floor price of 153.7 ETH in May 2022, but the broader NFT sector has faced significant valuation drops throughout the year.
Adam Back clarified that his assessment applies specifically to NFTs and similar collectibles, explicitly distinguishing them from Bitcoin. Back, who is a cryptographer and developer of the Hashcash system, recently demonstrated his commitment to Bitcoin by investing €7.6 million into the treasury of the Paris-listed company Capital B.
