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With the recent massive drop in the value of Justin Bieber’s NFTs, the 10 biggest celebrity NFT losses in the Web3 industry have been identified by Bitcoin casinos, with Gary Vee and Logan Paul topping the list of devaluations.
Below are all the details.
NFT celebrities: Gary Vee and Logan Paul top the list of losses 5vin the Web3 industry
As anticipated, the NFT market slumped dramatically in 2022, causing large losses for many celebrities and athletes. Specifically, Justin Bieber ranks in the top three for the largest celebrity NFT losses, with a loss of over $1.2 million.
Then, Gary Vee suffered the highest celebrity loss on a single NFT, recording a write-down of $3.8 million. Meanwhile, Logan Paul’s NFT suffered the world’s largest devaluation, with a loss of 99.9995% of its original value.
As we know, the cryptocurrency and NFT market was booming heading into 2022, with numerous prominent celebrities jumping into this new form of investment.
Justin Bieber, Gary Vaynerchuk, Logan Paul, and many others invested millions in NFTs, but a year later it turned out that many of these investment decisions were rather unfortunate.
The “Bored Ape Yacht Club” collection has been particularly hard hit, with a collective 88% devaluation over the past two years.
The cryptocurrency Ethereum has also suffered a drastic 82% decline, making investors’ losses even worse.
Justin Bieber purchased an NFT from the “Bored Ape Yacht Club” collection, number 3001, at a price of $1,301,550 at the time of purchase. Since then, the value of the NFT has dropped 95.65% to a low price of $56,560.
Some celebrities have had great success in the NFT market, but many others have suffered large losses. Eminem, Neymar, Snoop Dogg, Madonna, Paris Hilton, Serena Williams, and Marshmello are just some of the celebrities who lost hundreds of thousands of dollars in the NFT market.
Gary Vee, Logan Paul, Neymar and more: all the losses when it comes to NFTs
Even though he initially claimed that NFTs were not a passing fad, Gary Vaynerchuk has suffered a significant loss in value since his purchase of CryptoPunk #2140, making him the largest loss among celebrities in a single NFT
Despite warning that many NFT projects would be bad investments, Vaynerchuk maintained confidence in the overall market picture. He was aware that the collapse of the NFT market was predictable, with many buyers trying to make quick profits through the secondary market.
However, for him, the true utility of NFTs as collectibles and contracts would remain a constant presence in society. Thus, Logan Paul also currently holds the title of the world’s largest discounted NFT.
After buying a Bumble Bee NFT for $667,000, its value collapsed to just $10, registering a 99.9985% loss, amounting to $660,990 in net losses. PSG soccer player Neymar also suffered the largest NFT loss among soccer players.
By purchasing Bored Ape Yacht Club #5259 for $569,531 in January 2022, the NFT lost 89.81% of its value, bringing it to be worth only $58,039 at present according to the minimum prices of the NFT collection.
Prices and sales of NFTs by celebrities can be tracked online through platforms such as OpenSea, providing the public with an overview of celebrity-backed NFTs and revealing any losses or gains.
Despite the difficulties of the NFT market and its extreme volatility, Gary Vee, Logan Paul and Neymar maintain a long-term view, believing that the NFT world still has a promising future, although the final tally has yet to be determined.