Adam Back Puts Justin Bieber's Bored Ape NFT Value at Zero or Below

Blockstream's CEO Adam Back has stated that the Bored Ape NFT Justin Bieber acquired for $1.3 million is now worthless, or perhaps even carries negative value. He was quick to clarify that Bitcoin is not facing a similar situation.

Back, a cryptographer whose Hashcash system is referenced in the Bitcoin white paper, was responding to a crypto influencer who had estimated the token's current worth at roughly $16,300.

Current Valuation of Justin Bieber's Bored Ape NFT

In January 2022, Bieber purchased Bored Ape NFT #3001 for 500 ETH, an amount equivalent to about $1.3 million at that time. Even then, the token lacked rare attributes, leading critics to question the price.

Now, the Bored Ape Yacht Club (BAYC) floor price is around 6.25 ETH, or approximately $16,600. This leaves the singer nearly 99% below his original investment. For context, the collection's floor price reached a high of 153.7 ETH in May 2022.

Bieber was not the only celebrity affected. NBA star Stephen Curry and others also purchased apes during that period of hype.

The broader NFT market has also suffered. In June, NFT valuations hit record low market caps as Ethereum (ETH) declined. Additionally, Nike shut down its NFT studio late last year.

Adam Back Distinguishes Bitcoin from Collectibles

Back's initial reply corrected the ape's value, stating it was "worth $0." Another user suggested the figure should be negative, pointing out that moving an NFT requires paying gas fees, which are transaction costs on Ethereum. Back acknowledged this point was technically accurate, as an owner would need to pay to dispose of the token.

i guess that's technically true. you'd have to pay to get rid of it

— Adam Back (@adam3us) September 27, 2026

When asked if Bitcoin would also drop to zero, Back responded that his assessment applied only to the Bored Ape NFT and similar collectibles, not to Bitcoin.

no bored apes and other NFT silliness

— Adam Back (@adam3us) September 27, 2026

Back is known for his firm positions. In August, he contended that Satoshi's early forum posts do not resolve scaling debates.

He also invests according to his beliefs. In September, he put €7.6 million into Capital B's Bitcoin treasury, a Paris-listed company that accumulates the asset.

Nevertheless, Bieber's Bored Ape NFT might still command a premium due to its famous owner. Whether any buyer would actually pay that premium, however, remains uncertain.