Investors of the Bored Ape Yacht Club NFT collection are facing a significant drop in floor prices, resulting in substantial losses for individual apes and related assets. Justin Bieber's Ape, which was once valued at $1.3 million, now has a highest bid of just over $58,000, a 95% decline. This decline is consistent with the overall NFT market, which is currently at its lowest point in two years.

The decline highlights the importance of community and avoiding projects with inorganic marketing. It is crucial to invest in crypto-assets with a genuine cultural value and avoid going into debt against volatile assets. Additionally, NFTs should not be used as financial primitives, and buying into an overheated market is risky. Community-oriented NFTs are particularly vulnerable to self-defeating bubbles.