The Bored Ape Yacht Club (BAYC) #3001 NFT, reportedly owned by pop star Justin Bieber, has plummeted from $1.3 million to $59,000.
In January last year, the singer bought the non-fungible token for 500 ETH on the OpenSea marketplace, however, now the digital asset costs 29.5 WETH.
At the same time, there was a theory that the purchase could be sponsored by the designer of Bieber's fashion brand Drew, Gianpiero D'Alessandro.
According to freelance journalist Autism Capital, the artist received the NFT as part of a partnership with MoonPay. The latter believes the firm could use the star's influence to increase the price of a token wallet of its own and its subsequent sale.
The JustinBieberNFTS account, believed to be owned by the Canadian artist, currently holds 2023 non-fungible tokens, including the number 3777 inBetweeners, which appears in his Twitter profile picture.