Pop star Justin Bieber’s Bored Ape NFT is down 88% amid the FTX contagion (CRYPTO: FTT) spread that sent shockwaves to the overall crypto market.

What Happened: In January 2022, Bieber purchased a Bored Ape NFT for 500 Ethereum (CRYPTO: ETH) — the equivalent of $1,311,170 based on the $2,622.34 price of ETH then. 

Following the FTX collapse, that same ape is now valued at just 59.16 ETH, or $71,500.

See Also: Digital Securities

After buying the non-fungible token (NFT), Bieber even shared a picture of the ape on Meta Platforms Inc.'s (NASDAQ:META) Instagram. He owns NFTs from the CLONE X - X TAKASHI MURAKAMI, Mutant Ape Yacht Club, Doodles, World of Women and LIVES of LALISA collections.

Price Action: ETH is trading at $1,202.52, down 3.22% in the last 24 hours, according to Benzinga Pro data.

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