The American singer bought in January 2022 an NFT from the Bored Ape Yacht Club representing a crying monkey. Its value has already dropped by $1.25 million.
Singer Justin Bieber hasn’t had a hollow nose when it comes to NFTs. In January 2022, the latter had bought for 1.3 million dollars with NFT #3001 from the famous Bored Ape Yacht Club (BAYC) collection. But for the past year, the value of its NFT has been melting like snow in the sun. Today, he’s worth just $55,000 and the pop star faces a net loss of $1.25 million.
Bored Ape Yacht Club collection NFT #3001 purchased by Justin Bieber © Screenshot
As a reminder, an NFT (“non-fungible token”) is a digital title, issued by a blockchain and associated with a digital asset (photo, text, video, etc.). Each NFT is unique and cannot be reproduced. NFTs are used in art, the luxury sector or for trading cards in sports.
77% shot
In 2021, the NFT ecosystem was in full swing, while the cryptocurrency market had reached all-time highs, with bitcoin hitting an all-time high of $69,000 in November 2021. It is against this backdrop that la collection des 10.000 NFT Bored Ape Yacht Club (BAYC) soared to new highs, with investors snapping up NFTs at crazy prices. Investors who may not have thought about the aftermath.
Indeed, faced with the turbulence of the cryptocurrency market in 2022, it is a cold shower for many buyers of NFTs. In the third quarter last year, NFT trading volume was down 77% from the second quarter, dropping from $7.3 billion to $1.67 billion. Justin Bieber isn’t the only star to lose money betting on NFTs. Last year, football star Neymar and rapper Eminem lost $700,000 and $300,000 respectively.
2023-07-06 08:23:53
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