In a shocking turn of events, global pop sensation Justin Bieber has suffered a staggering loss of $1.2 million on his investments in non-fungible tokens (NFTs). The NFT in question, speculated to be owned by Bieber himself, is from the renowned Bored Ape Yacht Club (BAYC) collection and bears the number #3001. Its value has plummeted from a lofty $1.3 million to a mere $59,000.
Back in January 2022, the singer purchased this one-of-a-kind token for 500 ETH on the OpenSea marketplace. However, the current market value of this digital asset stands at a mere 29.5 WETH. Interestingly, at the time of the purchase, theories emerged that the acquisition might have been sponsored by fashion designer Drew Gianpiero D’Alessandro, who is associated with Bieber’s own fashion brand.
According to independent journalist Autism Capital, the artist obtained the NFT as part of a collaboration with the company MoonPay. Autism Capital suggests that the company might have leveraged Bieber’s influence to artificially drive up the prices of their own tokens in their portfolio for subsequent sale.
At present, the JustinBieberNFTS account, supposedly belonging to the Canadian performer, holds a collection of 2023 unique tokens, including the inBetweeners #3777, prominently featured in his Twitter profile picture.
The trend of decreasing NFT values across various collections has been observed for a considerable period of time. In July 2022, the minimum price for BAYC stood at around 97 ETH ($1.16 million at that time), but now it has dropped to a mere 27 ETH ($52,650).
It’s worth noting that American rapper Eminem previously acquired an NFT from the Bored Ape Yacht Club collection, for which he paid 123.45 ETH (equivalent to over $450,000 at that time).
Let’s also recall the unfortunate incident in March 2023 when collector Brandon Riley accidentally burned a CryptoPunk #685, valued at approximately $129,000.
Justin Bieber’s NFT investment journey serves as a stark reminder of the volatile nature of the digital collectibles market, with fortunes rising and falling unpredictably.
