Pop sensation Justin Bieber’s foray into the world of digital collectibles has taken a significant hit, with his NFT portfolio losing over 94% of its value. In 2022, Bieber invested more than $2 million in non-fungible tokens (NFTs), but they are now worth just over $100,000, marking a staggering drop in value.
According to data from Arkham Intelligence, a cryptocurrency analysis firm, Bieber used a significant portion of his cryptocurrency wallet, which received over $2.34 million worth of Ethereum, to purchase NFTs from collections such as Bored Apes Yacht Club (BAYC) and Mutant Apes Yacht Club (MAYC). However, these investments have suffered considerable losses, contributing to the overall decrease in value of his NFT portfolio.
Aside from ape-related NFTs, Bieber’s initial investment included various other digital collectibles like World of Women NFTs, Doodles NFTs, an Otherdeed NFT, and a Metacard NFT. Unfortunately, the value of these assets has also plummeted, with reported losses ranging from 89.7% to 97.4%.
Bieber’s wallet currently holds one BAYC NFT and one MAYC NFT, which are now valued at around $47,000. However, there is still some hope as his wallet retains almost $500,000 in both Ethereum (ETH) and APE.
The decline in Bieber’s NFT portfolio reflects the broader correction in the NFT market, with values drastically dropping in recent months. Despite purchasing NFTs that were considered blue-chip assets at the time, Bieber couldn’t escape the negative impact of the market correction.
It’s important to note that NFTs are digital assets created through tokenization, which involves converting sensitive data into cryptographic data. This technology has gained significant attention and popularity but is also highly volatile.
In other cryptocurrency news, there has been a delay in the approval of exchange-traded funds (ETFs) for Ethereum exposure. Investment bank Standard Chartered, however, remains optimistic about the cryptocurrency market. Though the timeline for U.S. approval of spot Ether ETFs has been revised, with approval originally expected in May, investors have continued to accumulate Ether, adding nearly $500 million worth of it to their holdings in recent weeks.