As Crypto Prices Rebound, Justin Bieber’s Hefty NFT Losses Draw Reflections on the Current State of Crypto Market
Justin Bieber’s crypto-fueled venture into non-fungible tokens (NFTs) has hit a major setback, with recent reports indicating a colossal loss in the value of his investments.
According to data provided by Arkham Intelligence, Bieber’s NFT purchases, amounting to over $2 million in 2022, have now plummeted in value by roughly 95%, estimated to be worth just over $100,000 at press time.
Initially, his wallet received a significant $2.34 million in Ethereum, which was used to purchase two Bored Apes and two Mutant Apes, totaling $1.86 million.
In addition, investments were made in several other tokens, including World of Women, two Doodles, Otherdeed, and Metacard, all of which have similarly faced substantial value erosion, ranging from 89.7% to 97.4%.
As a result of these substantial losses, Bieber’s wallet now holds less than $500,000 worth of Ethereum and APE tokens. Notably, he still retains one Bored Ape and one Mutant Ape, although their combined value has dwindled to approximately $47,300.
Celebrity involvement in the crypto space surged during the bull market of late 2021, with high-profile figures such as Eminem, Justin Bieber, and rapper Future jumping on the volatile bandwagon.
However, the market downturn has impacted virtually everyone, leading to significant losses across the board.
