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Remember the ape NFT Justin Bieber purchased in January of 2022 for $1.29 million? It’s now worth just over $54,000.

The Bored Ape Yacht Club (BAYC) was trending in early 2022 and celebrities were clamoring to jump on the NFT trend, including Paris Hilton and Jimmy Fallon. Bieber dished out 500 Ethereum ($1.3 million) for his and has since seen diminishing returns.

Even at the time, Page Six reported that Bieber paid 300% more than the valued market price of the non-fungible token, meaning it was worth about $433,000 at the top of 2022. The value has continued to plummet in the following year and a half and is currently listed at just 27.1821 Ethereum on OpenSea, about 4% of what Bieber shelled out.

Experts describe NFTs as akin to digital trading cards that live on the blockchain and cannot be altered or destroyed. People invest and trade NFTs in hopes that they will go up in value.

Though the long-term value of NFTs has yet to be seen, some are still pulling in millions of dollars. One generative work of art titled The Goose sold for $6.2 million just last month, The Messenger reported. Experts continue to speculate how viable the market for NFTs is in the face of a shaky economy and high-interest rates.

Bieber’s NFT was not particularly rare with a rank of 9,810 and didn’t have many special traits. Hypebeast reports the NFT market crash in late 2022 also caused all tokens’ values to reach all-time lows.