- His BAYC token fell in value from $1.3 million to $59,000
- This reflects the high volatility in the market and the decline of the blue chips
- Bieber himself has yet to comment on his investment
- There is also unconfirmed information, that the singer received the token as a promotional move
In January 2022, Canadian singer Justin Bieber invested 500 ETH ($1.3 million at the time) in NFT from the Bored Ape Yacht Club collection. As time passed, the token dropped in value to $59,000 on the secondary market.
This means that the net unrealized loss from the investment was $1.24 million.. It happened against the background of the fall of the value of the collection to a two-year low.
It is remarkable that Justin Bieber is not the only one who has suffered losses as a result of high volatility in the market.. This also includes Neymar Jr., Eminem, and even Madonna.
By the way, for Bieber himself, such damage is not a big problem.. As of September 2021, his fortune was estimated at $285 million.
The singer gets his money from album sales, branded products, and other sources. Buying BAYC token for him is just a tribute to fashion.</nbsp;
Moreover, according to unconfirmed reports, Bieber received his NFT as a promotional move from MoonPay. This is indicated by the fact that the studio sent about 400 ETH to a wallet allegedly linked to the singer. This was pointed out in particular by Swan CEO Corey Klipsten.But the very fact of such losses perfectly reflects the state in which the NFT market is now. Which, however, does not prevent the release of new. For example, we previously covered the collection from the wife of Donald Trump.
In the past, for example, we have covered the collection from the wife of Donald Trump.