At the start of this year, the NFT excitement was at its height. Leading businesses from various industries around the world dipped a toe into this area. Even well-known celebrities ended up purchasing unique yet fashionable souvenirs.

For instance, Justin Bieber, a Canadian singer, bought an NFT from the Bored Ape Yacht Club (BAYC) collection in January. He spent roughly $1.31 million at the time to buy the same.

When we fast-forward to the present, the identical NFT’s floor price is only $74,382. Additionally, at the time of publication, the best deal in the OpenSea marketplace was even cheaper—$66,781.

People from their space happily welcomed the singer to Yacht Club when he purchased the NFT. However, concerns were voiced as to why he paid such a premium price for that specific digital token.

Many members of the community noted that the aforementioned NFT shared numerous characteristics. The fact that Justin Bieber’s NFT received a rarity rank of 9,810 based on its characteristics and features supports the aforementioned narrative.