Pop superstar Justin Bieber has particularly delved into the world of digital collectibles, investing more than $2 million in non-fungible tokens (NFTs) in 2022. The value of his NFT holdings is now barely worth more than $100,000, after a staggering decline. 94.7%.
According to data from on-chain cryptocurrency analytics firm Arkham Intelligence, Bieber invested heavily in NFTs after his cryptocurrency wallet received more than $2.34 million worth of the second-largest cryptocurrency Ethereum ($ETH), which was used to 2 Buy NFTs from the Bored Apes Yacht Club (BAYC) Collection and 2 NFTs from the Mutant Apes Yacht Club (MAYC) Collection for $1.86 million.
Bieber’s NFT portfolio wasn’t limited to monkeys. His initial investment also included a collection of other digital collectibles, including a World of Women NFT, two Doodles NFTs, an Otherdeed NFT, and a Metacard NFT. These additional assets have also seen their values plummet, with reported losses ranging from 89.7% to 97.4%.
His wallet still contains one BAYC NFT and one MAYC NFT, which is now only worth about $47,000. Company Details Justin Biever’s wallet still contains almost $500,000 in both ETH and APE.
Justin Bieber NFT Purchases: Down 94.7%
Did you know that Justin Bieber bought over $2 million worth of NFTs in 2022 – now worth barely more than $100,000.
His wallet on Arkham now contains just under $500,000 worth of ETH and APE.
Details below: pic.twitter.com/U6qH84C3OO
— Arkham (@ArkhamIntel) April 24, 2024
The overall NFT market has undergone a significant correction in recent months, with values dropping dramatically, directly impacting Bieber’s collection, despite the fact that his purchases were NFTs that were considered blue-chip assets at the time in the digital world. asset space.
It’s worth noting that a non-fungible token refers to a digital asset created through tokenization, which turns a piece of sensitive data (think your credit card information, for example) into cryptographic data: a series of numbers and letters tied to that original linked. facts.
Also Read: Who Invented NFTs? A brief history of non-fungible tokens
As CryptoGlobe reported, investors seeking exposure to ETH through exchange-traded funds (ETFs) may have to wait longer than expected, but despite this delay, investment bank Standard Chartered remains optimistic about the cryptocurrency market.
The bank recently revised its previous timeline for U.S. approval of spot Ether ETFs, which was originally expected in May. Prediction markets such as Polymarket currently estimate only a 14% chance of such approval by the end of next month, despite the approval of spot Bitcoin ETFs by the US Securities and Exchange Commission in January this year.
Major cryptocurrency investors in particular have been piling into the cryptocurrency, adding nearly $500 million to their stock in recent weeks.