As someone who closely follows the world of cryptocurrency and celebrity involvement in it, I have been keeping an eye on Justin Bieber’s foray into non-fungible tokens (NFTs). It is disheartening to see that his investments in this space have experienced a significant setback. The decline in value, estimated at approximately 95%, represents a substantial loss for the pop star, with his portfolio now valued at just over $100,000 – a far cry from the over $2 million he had invested in 2022.
I’ve noticed that Justin Bieber’s foray into the non-fungible token (NFT) market has taken a hit lately. Based on information from Arkham Intelligence, it appears that the value of his NFT investments, totaling over $2 million last year, have dropped dramatically. The current estimation places their worth at around $100,000 – a significant decrease of about 95%.
Bieber’s NFT holdings have seen a noticeable decrease in value, as shown by the poor performance of his acquisitions. At first, he received approximately $2.34 million in Ethereum (ETH), which he used to buy two Bored Apes and two Mutant Apes for around $1.86 million. Furthermore, he purchased a World of Women token, two Doodles, an Otherdeed, and a Metacard, collectively costing him additional funds. Unfortunately, the value of all these tokens has dropped dramatically, with losses ranging between 89.7% and 97.4%.
I’ve noticed that despite the substantial losses, Justin Bieber’s digital wallet still contains some worth. At present, it holds roughly $500,000 in Ethereum (ETH) and APE tokens. Notably, he still owns one Bored Ape and one Mutant Ape, even though their combined value has dropped to around $47,300.
Is the bottom in?
During the final stretch of the prior cryptocurrency bull market in late 2021, there was a surge in celebrity engagement. Newspapers and online publications were filled with stories about famous figures such as Eminem, Justin Bieber, and rapper Future joining the crypto world. Some bought sought-after NFT collections like Bored Apes, while others displayed symbols like laser eyes on their social media profiles to signal their involvement.
I’ve noticed that the recent dip in the cryptocurrency market has compelled investors to reconsider their financial commitments accordingly.
Bitcoin‘s price has bounced back strongly since reaching its bottom in late 2022, surging over 400% and hitting new record highs. However, the market hasn’t completely regained the enthusiasm it had in 2021. Justin Bieber’s NFT investments illustrate this point, as he suffered significant losses despite the recent rise in cryptocurrency prices.
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2024-04-25 18:43