Justin Bieber purchased a Bored Ape Yacht Club NFT for about $1.3 million in early 2022, which has now depreciated to approximately $12,000. The NFT market has experienced a prolonged downturn, impacting floor prices across major collections like Bored Apes, CryptoPunks, and Pudgy Penguins. Despite the slump, Yuga Labs is actively developing new projects, including a physical clubhouse and a metaverse game featuring their NFT avatars.