Do you remember when Justin Bieber bought that Bored Ape NFT for $1.3 million at the beginning of 2022? Basically the peak of the boom. Well, now that NFT is worth about $12,000. Yes, you read that right. It’s the perfect symbol of how this whole story unfolded.

The NFT market has experienced a prolonged crash in recent years. Collections that were on fire—Bored Apes, CryptoPunks, Pudgy Penguins—have seen their prices plummet. It’s not that Justin Bieber made a bad investment alone; it’s that the entire NFT sector has completely deflated. What was hype in 2022 has become almost irrelevant.

But interesting: Yuga Labs, the creators of Bored Ape, aren’t just sitting back and watching. They’re working on new projects—a physical clubhouse, a metaverse game with NFT avatars. In short, they’re trying to give a second life to all this stuff. We’ll see if they can revive the market or if the NFT era is truly over.