The NFT market continues suffering the wrath of the ongoing general crypto market meltdown that has left many digital assets shedding more than 70% of their value in the past couple of months.

The crypto market downtrend began sometime in June before deteriorating last week following the collapse of the FTX crypto exchange that left digital assets again suffering more than 30%.

The recent market crash and the initial bear market have left many digital assets dropping significantly in value. The Bored Ape Yacht Club #3001, an NFT bought by pop star Justin Bieber, is a recent perfect example, falling more than 88%.

Justin Bieber’s Bored Ape NFT Drops 88%

The Canadian pop star Justin Bieber bought his Bored Ape Yacht Club NFT collection for $1.3 million in January 2022. Unfortunately, the non-fungible token has plummeted more than 80% to just $71,500 following the crypto bear market.

Bieber acquired his “Lonely Bored Ape” #3001 earlier this year for 500 ETH, valued at more than $1.3 million. Amid the ongoing bear market, the value of the NFT has gone down to 59.16 ETH, representing an 88% loss.

The Canadian celebrity singer holds a collection of non-fungible tokens, including the Clone X – X Takashi Murakami, Mutant Ape Yacht Club, Doodles, World of Women, and LIVES of LALISA NFT collections.

Bear Market Continues To Impact More NFTs

Last month, famous YouTube influencer Logan Paul shared his painful investment experience following the gross loss in value of his ON1 Force NFT collection. Paul revealed his ON1 Force NFT, which he had bought for $623,000 in 2021, valued at just $10.

In the meantime, the Bored Ape Yacht Club NFT collections continue dominating the top position amid the ongoing bear market. In the past 24 hours, the NFT collection has recorded a sales volume of more than $2.2 million.

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