Nfts
Justin Bieber posts 95% loss in his NFT investments, but he still holds some tokens
Gamza Khanzadaev
As cryptocurrency prices rebound, Justin Bieber’s substantial NFT losses prompt reflection on the current cryptocurrency market.
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Justin Bieber’s venture into non-fungible tokens (NFTs) has suffered a significant setback, with recent reports indicating a significant decline in the value of his investments. According to data provided by Arkham Secret ServiceBieber’s NFT purchases, which amounted to over $2 million in 2022, have seen their value decrease by around 95%, now estimated at just over $100,000.
The decline of Bieber’s NFT portfolio is evident in the fate of his acquisitions. Initially, his wallet received a substantial $2.34 million in Ethereum (ETH), which he used to acquire two Bored Apes and two Mutant Apes, for a total of $1.86 million. Additionally, he invested in various other tokens, including a World of Women token, two Doodles, an Otherdeed, and a Metacard, all of which saw significant drops in value ranging from 89.7% to 97.4%.
Source: Arkham Secret Service
Despite the considerable losses suffered, Bieber’s wallet retains some value, currently containing just under $500,000. Ethereum (ETH) and APE tokens. Notably, he continues to hold a Bored Ape and a Mutant Ape, although their combined value has decreased to around $47,300.
Is the bottom in?
Celebrity involvement in cryptocurrency peaked during the latter stages of the previous bull cycle in late 2021. At that time, headlines were dominated by reports of celebrities such as Eminem, Justin Bieber and rapper Future participating in the crypto space, either buying popular NFT collections like Bored Monkeys or adopting symbols like laser eyes on their social media avatars.
However, the subsequent downturn in the crypto market led to significant adjustments in their investments.
While The price of Bitcoin has rebounded impressively since bottoming out in late 2022, climbing more than 400% and setting new all-time highs, the market has yet to fully regain its 2021 fervor. Bieber’s experience constitutes a A poignant example of this reality, with its NFT investments recording a substantial loss despite the recent resurgence in cryptocurrency prices.
About the Author
Gamza Khanzadaev
Financial analyst, trader and crypto enthusiast.
Gamza graduated with a degree in finance and credit with a specialization in securities and financial derivatives. He then also completed a master’s program in banking and asset management.
He wants to participate in covering economic and financial technology topics, as well as making more people aware of cryptocurrencies and blockchain.