Justin Bieber's Bored Ape #3001, purchased in early 2022 for 500 ETH (approximately $1.3 million), is now worth close to $12,000, epitomizing the NFT market crash. The industry has shifted from speculative, hype-driven art forms towards utility-focused applications such as in-game assets and digital identities, with price floors remaining far below their 2022 peaks.