The pop star paid $1.29 million for the Bored Ape Yacht Club NFT in January 2022.

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Justin Bieber’s NFT portfolio has experienced a significant blow, with the pop star losing more than $1 million on the Bored Ape Yacht Club NFT he bought last year.

CNBC reports Bored Ape #3001, which Bieber purchased in January 2022 for 500 ETH ($1.29 million), is now valued at $59,000, or 30.5 ETH. In other words, Bieber’s NFT has lost nearly 95 percent of its initial value.

Twitter: @Dexerto

The news arrives several months after Bieber was among several celebrities named in a class action lawsuit against Yuga Labs Inc.—the cryptocurrency startup behind Bored Ape Yacht Club.

The lawsuit claimed stars like Bieber, Post Malone, Snoop Dogg, The Weeknd, Kevin Hart, and more promoted Bored Ape and other Yuga offerings via MoonPay, a financial tech company that reportedly has ties to Oseary’s Sound Ventures capital firm.

The complaint lists a total of 37 defendants, including Oseary, Yuga Labs and MoonPay executives, Reddit co-founder Alexis Ohanian, NFT artist Beeple, as well as more celebrities like Paris Hilton, Diplo, Future, Jimmy Fallon, Gwyneth Paltrow, DJ Khaled, and Madonna. The plaintiffs allege billions of dollars were generated through the misleading celebrity endorsements and “at no point did any of the defendants register these securities with the SEC.