cryptoglobe.com
The pop superstar Justin Bieber, has notably dabbled in the world of digital collectible, investing more than $2 million in non-fungible tokens (NFTs) back in 2022. The value of his NFT holdings is now worth barely over $100,000 after plummeting by a staggering 94.7%.
According to data from on-chain cryptocurrency analysis firm Arkham Intelligence, Bieber invested heavily in NFTs after his cryptocurrency wallet received over $2.34 million worth of the second-largest cryptocurrency by market capitalization Ethereum ($ETH) that were used to buy 2 NFTs from the Bored Apes Yacht Club (BAYC) collection and 2 NFTs from the Mutant Apes Yacht Club (MAYC) collection for $1.86 million.
Bieber’s NFT portfolio wasn’t limited to apes. His initial investment also included a collection of other digital collectibles, including a World of Women NFT, two Doodles NFTs, an Otherdeed NFT, and a Metacard NFT. These additional assets have also seen their value plummet, with reported losses ranging from 89.7% to 97.4%.
His wallet still holds one BAYC NFT and one MAYC NFT, which is now only worth round $47,000. The firm’s data details Justin Biever’s wallet still holds nearly $500,000 in both ETH and APE.
Justin Bieber NFT Purchases: Down 94.7%
— Arkham (@ArkhamIntel) April 24, 2024
Did you know that Justin Bieber bought more than $2M of NFTs during 2022 – now worth barely over $100K.
His wallet on Arkham now holds just under $500K in ETH and APE.
Details below: pic.twitter.com/U6qH84C3OO
The overall NFT market has undergone a significant correction in recent months, with values dropping dramatically, which had a direct impact on Bieber’s collection, despite his purchases being of NFTs that were, at the time, considered to be blue-chip assets in the digital asset space.
It’s worth noting that a non-fungible token refers to a digital asset created through tokenization, which turns a piece of sensitive data (think of your credit card information, for example) into cryptographic data —a string of numbers and letters linked to that original data.
Also read: Who Invented NFTs? A Brief History Of Non-Fungible Tokens
As CryptoGlobe reported, investors seeking exposure to ETH via exchange-traded funds (ETFs) may face a longer wait than anticipated, but despite this delay, investment bank Standard Chartered remains bullish on the cryptocurrency market.
The bank recently revised its previous timeline for U.S. approval of spot Ether ETFs, originally expected in May. Prediction markets like Polymarket currently assign only a 14% chance of such approval by the end of next month, despite the approval of spot Bitcoin ETFs by the U.S. Securities and Exchange Commission in January of this year.
Notably major cryptocurrency investors have been accumulating the cryptocurrency, adding nearly $500 million worth of it to their stashes over the last few weeks.