🚨Justin Bieber's NFT, which he bought for $1.3 million, is now only worth $12,000. This isn't just a loss of money; it's a narrative collapse.

In 2022, Justin Bieber bought a Bored Ape Yacht Club NFT for $1.3 million.

Now, the estimated value of this asset is only around $12,000.

A drop of nearly 99%.

But what I care more about isn't the trade itself, but the cycle it represents.

Back then, NFTs weren't just "pictures"; they were an entire system of identity and narrative.

Owning one meant entering a certain circle, gaining attention, social capital, even a kind of "status symbol" for the digital age.

The price increase didn't come entirely from scarcity or cash flow.

It came more from three things: attention, consensus, and a constant influx of new capital.

When public figures like Justin Bieber entered the market, this narrative was amplified further.

The market interpreted such actions as "confirmation," attracting more people to follow suit.

Thus, the price increase became a self-reinforcing loop.

Until that loop broke.

When liquidity tightened, buyers dwindled, and attention faded, the same mechanism started working in reverse:

Attention drops → Price falls → Confidence weakens → Selling increases.

That's when the problem is exposed.

The NFT itself hasn't changed.

The image is the same, the contract is the same.

What changed is the price the market is willing to pay for it.

And for this type of asset, the "price" is essentially a function of the narrative.

Strong narrative, high price.

Once the narrative shatters, the price has no support.

Justin Bieber's trade just magnified this process for everyone to see.

What's truly worth pondering is a more fundamental question:

When an asset's value highly depends on consensus and attention, is it being "priced," or is it being "believed"?

If you look at this market again today,

Are you more inclined to see NFTs as an overvalued cycle, or a narrative that will still return?