Many critics said the BAYC #3001 lacked rare traits or unique visual features, meaning Bieber paid a massive premium for a “floo-tier” digital asset. Despite this, the overall Bored Ape market rallied soon after, with the collection’s floor price climbing to an all-time high of $430,000.
“$NFT Silliness” Vs Bitcoin
Back is renowned for maintaining that profile picture (PFP) NFTs are inherently worthless. He differentiated the asset class from Bitcoin, dismissing Bored Apes and similar collections as “$NFT silliness.” According to Back, Bitcoin is a legitimate, decentralized monetary asset. Meanwhile, he described NFTs as speculative digital collectibles that lack underlying utility or monetary properties.
The discussion around Bored Ape NFTs highlights a deeper structural issue within the digital asset category. While automated trackers may estimate a floor price of around $16,000, that valuation remains largely theoretical unless a real buyer is willing to pay it in the current market.
Back’s position on Bieber’s Bored Ape (#3001) suggests the digital token has become completely illiquid and functionally worthless. He believes the $NFT token’s hype cycle has entirely evaporated, especially with the digital asset possessing no rare visual traits.
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