Justin Bieber, the popular pop star, has reportedly encountered a substantial loss in his NFT portfolio. It is reported that Bieber has lost over $1 million on the Bored Ape Yacht Club NFT that he purchased in the previous year. This unfortunate turn of events highlights the volatility and risks associated with NFT investments, even for high-profile individuals like Bieber.
According to CNBC, Bored Ape #3001, the NFT that Justin Bieber bought in January 2022 for 500 ETH (equivalent to $1.29 million), has significantly declined in value. The NFT is now valued at $59,000, which is approximately 30.5 ETH. This means that Bieber’s NFT has experienced a substantial loss of nearly 95 percent of its initial value. Such depreciation serves as a reminder of the volatility and unpredictability of the NFT market.
Bieber, along with many other celebrities, was named in a class action lawsuit against Yuga Labs Inc., the cryptocurrency startup responsible for the creation of Bored Ape Yacht Club. The details and nature of the lawsuit are not provided, but it suggests a legal challenge involving the NFT project and the celebrities associated with it.