Justin Bieber lost $1.2 million on NFT investments

Bored Apes-min
Bored Apes-min

A Bored Ape Yacht Club (BAYC) #3001 NFT allegedly owned by pop star Justin Bieber has plummeted from $1.3 million to $59,000.

Data: Twitter.

In January 2022, the singer purchased a non-fungible token for 500 ETH on the OpenSea marketplace — now the digital asset costs 29.5 WETH. At the same time, there was a theory that the purchase could be sponsored by the designer of Bieber’s fashion brand Drew, Gianpierre D’Alessandro.

According to independent journalist Autism Capital, the artist received NFTs as part of a partnership with MoonPay. He believes that the firm could use the influence of the star to increase the price of a portfolio of its own tokens and their subsequent sale.

Data: Twitter.

The JustinBieberNFTS account, believed to be owned by the Canadian artist, currently holds 2,023 non-fungible tokens, including inBetweeners #3777, pictured on his Twitter profile photo.

The downward trend in the cost of NFTs from various collections has been observed for a long time.

Lower price of popular NFT collections. Data: The Block.

In July 2022, the minimum price of BAYC was at 97 ETH (~$1.16 million at the exchange rate at that time), now the indicator is at around 27 ETH (~$52,650).

Previously, NFT from the BAYC collection was purchased by American rapper Eminem. He paid 123.45 ETH for the token (over $450,000 at the exchange rate at that time).

Recall that in March 2023, collector Brandon Riley mistakenly burned CryptoPunk #685 worth approximately $129,000.

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