cryptopotato.com
The Canadian singer and teen idol – Justin Bieber – made the headlines in January by purchasing an NFT from the BAYC collection for 500 ETH (around $1.3 million at the time).
The intensifying bear market and the decreasing interest in digital collectibles, though, have shrunk the USD value of his investment by over 94%.
Bieber’s Massive Paper Loss
Justin Bieber was among the famous individuals who dived into NFTs when the hype around them was at its peak. The superstar bought Bored Ape #3001 in January for a whooping 500 ETH. The price of ether was in much better shape at the beginning of the year and traded at around $2,600, meaning Bieber’s investment cost him approximately $1.3 million.
The digital collectible is one of the rarest of its kind and features an unshaved monkey with sad eyes wearing a black t-shirt.
Unfortunately for Bieber, the market crash in the following months negatively affected his investment. According to data from NFT Price Floor, his collectible is currently worth 59 ETH or a mere $71,000.
Bieber continued interacting with NFTs in February and purchased another item from the BAYC collection for $470,000 worth of ETH. The price of Bored Ape #3850 is now less than $90,000.
Apart from the negative consequences of the bear market, the collapse of NFT prices could also be justified by the decreasing mania for such assets. Trading volumes on OpenSea surpassed $500 million on a daily basis last summer, while recently, they have hovered below $10 million per 24 hours.
Other Affected Celebrities
The YouTube personality Logan Paul, the renowned rapper Eminem, and the Brazilian soccer icon Neymar are also among the famous people who sit on substantial unrealized losses due on their NFT investments.
Paul hopped on the bandwagon in 2021, purchasing an item part of the Azuki collection for $623,000. He recently revealed that his investment is currently worth only $10.
The only rapper who has ever won an Oscar – Eminem – bought Bored Ape 9055 for 123,45 ETH in January (or $462,00 at the time). His digital monkey now costs around $70,000.
The star of Brazil’s national soccer team – Neymar – has two Bored Apes and even changed his profile picture on Twitter with one of them upon purchasing it. The 30-year-old athlete spent over $1 million to acquire them, while now those are worth less than $340,000.