According to CoinMeta, Blockstream CEO Adam Back stated that Justin Bieber’s $1.3 million investment in Bored Ape NFT is now worth nothing, or even less. However, he insists that Bitcoin will not face such a fate. Back, a cryptographer whose work was cited in the Bitcoin whitepaper, mentioned in a reply to an encryption influencer that the value of that token was around $16,300. Bieber purchased this token in January 2022 for 500 ETH; at that time, its value was about $1.3 million. However, since the token has no unique or rare characteristics, critics questioned its price from the beginning. Today, the floor price of Bored Ape Yacht Club ($BAYC) is close to $6.25, which is approximately $16,600, meaning Bieber’s loss is nearly 99%. In contrast, the floor price of this token reached $153.7 in May 2022. Back also noted that transferring NFT incurs a gas fee, so owners may face additional costs when dealing with this token.