The hype and mania surrounding Non-Fungible Tokens (NFTs) rose to an all-time high in 2021 and 2022, but since then, the digital tokens have died down in popularity.
In sync with NFT popularity going down, so has their value. Celebrities who purchased so-called ‘Blue Chip’ NFTs, like the Bored Ape Yacht Club (BAYC) or Crypto Punks, are also down bad on their ‘investments.’
Canada’s own Justin Bieber spent $1.29 million USD (roughly $1.74 million CAD) on BAYC #3001 in January 2022. Since then, he’s now roughly 95 percent down on his investment, with the digital artwork valued at roughly $59,000 USD now (roughly $78,000 CAD).
Justin Bieber purchased this Bored Ape NFT in January 2022 for $1.31 million.
Today, it’s worth $59,090. pic.twitter.com/nKKDzH3UvP
— Watcher.Guru (@WatcherGuru) July 3, 2023
It’s worth noting that at the time of purchase, Bieber overpaid for the NFT. The BAYC he owns has a rarity rank of 9,810 and does not feature particularly rare traits.
In November 2022, the NFT had already plunged down to $61,000 USD (about $82,300 CAD) in value. At the moment, the best offer the NFT has is for 29.9901 ETH ($77,443 CAD)
Beiber’s losses are unrealized. He hasn’t sold his NFT yet, and he might not until he can get a better percentage of his ‘investment’ back.
And considering the Canadian singer has a roughly $300 million USD (roughly $396 million CAD) net worth, the drawdown wouldn’t likely hurt him much.
Via: WatcherGuru
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