- Adam Back calls Bieber’s NFT “worth nothing” despite its $1.3M purchase during the 2022 hype cycle.
- An automated tracker listed the baseline price of a Bored Ape NFT at around $16,000.
- Adam Back maintains that PFP NFTs are fundamentally worthless as an asset class.
Blockstream CEO Adam Back has said Justin Bieber’s Bored Ape NFT, which he bought during the 2022 NFT hype for $1.3 million, is worth nothing as of today. Back made this remark in response to a post on X that valued the NFT portfolio at its current market price, estimating it to be worth $16,300.
Back also agreed with another responder that the portfolio could be valued negatively because it would incur gas fees for Bieber to transfer. According to Back, that is technically true. “You have to pay to get rid of it,” he said.
Justin Bieber’s Headline NFT Purchase
Bieber made headlines in January 2022 when he spent $1.3 million, equivalent to 500 ETH, to buy the Bored Ape Yacht Club BAYC #3001. Despite making the purchase during the NFT hype, several crypto experts criticized the renowned celebrity for buying the digital asset well above its baseline value.
Many critics said the BAYC #3001 lacked rare traits or unique visual features, meaning Bieber paid a massive premium for a “floo-tier” digital asset. Despite this, the overall Bored Ape market rallied soon after, with the collection’s floor price climbing to an all-time high of $430,000.
“NFT Silliness” Vs Bitcoin
Back is renowned for maintaining that profile picture (PFP) NFTs are inherently worthless. He differentiated the asset class from Bitcoin, dismissing Bored Apes and similar collections as “NFT silliness.” According to Back, Bitcoin is a legitimate, decentralized monetary asset. Meanwhile, he described NFTs as speculative digital collectibles that lack underlying utility or monetary properties.
The discussion around Bored Ape NFTs highlights a deeper structural issue within the digital asset category. While automated trackers may estimate a floor price of around $16,000, that valuation remains largely theoretical unless a real buyer is willing to pay it in the current market.
Back’s position on Bieber’s Bored Ape (#3001) suggests the digital token has become completely illiquid and functionally worthless. He believes the NFT token’s hype cycle has entirely evaporated, especially with the digital asset possessing no rare visual traits.
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