I just saw something pretty crazy about the NFT market. Justin Bieber bought a Bored Ape a few years ago for 500 ETH, which was worth around $1.3 million at the time. It seemed like a luxury investment in 2022, when the NFT hype was at its peak.

But look what happened afterward. That same Justin Bieber NFT that cost so much is now worth just $12,000. A drop of over 99%. It's as if he threw almost all his money in the trash. And it's not just his case; other major projects like CryptoPunks dropped from $400,000 to $60,000, and Pudgy Penguins from nearly $100,000 to just over $8,000.

The most interesting thing is that according to market predictions, there's only a 16% chance these NFTs will return to their previous highs before July. The crypto winter was brutal for this sector. Although Yuga Labs, the company behind Bored Ape, is still trying to save the ecosystem with new projects like an in-person club in Miami and a metaverse called Otherside, confidence in a quick recovery for these NFTs remains very low. It was definitely an expensive lesson for those who heavily invested in that boom.