With the recent huge drop in the value of NFTs from Justin Bieberhave identified the 10 biggest celebrity NFT losses in the Web3 industry by Bitcoin casinos, with Gary Vee and Logan Paul at the top of the list of devaluations.
Below are all the details.
NFT Celebrities: Gary Vee and Logan Paul top the list of Web3 industry losses
As expected, the NFT market collapsed dramatically in 2022, leaving large to lose for many celebrities and athletes. In particular, Justin Bieber ranks in the top three for the biggest celebrity NFT losses, with a loss of more than $1.2 million.
Subsequently, Gary Vee suffered the largest celebrity loss on a single NFT, with a write-off of $3.8 million. Meanwhile, Logan Paul’s NFT suffered the largest devaluation in the world, losing 99.9995% of the original value.
As we know, the cryptocurrency and NFT market has boomed heading into 2022, with plenty of high profile celebrities jumping into this new form of investing.
Justin Bieber, Gary Vaynerchuk, Logan Paul and many others millions invested in NFTsbut a year later it turned out that many of these investment decisions were rather unfortunate.
The “Bored Ape Yacht Clubcollection has been particularly hard hit, with a collective devaluation of 88% over the past two years.
The cryptocurrency Ethereum also suffered a drastic drop of 82%, further exacerbating investor losses.
Justin Bieber purchased an NFT from the “Bored Ape Yacht Club” collection, number 3001, for a price of $1,301,550 at the time of purchase. Since then, the value of the NFT has fallen by 95.65% to a low price of $56,560.
Some celebrities have had great success in the NFT market, but many others have suffered huge losses. Eminem, Neymar, Snoop Dogg, Madonna, Paris Hilton, Serena Williams and Marshmello are just some of the celebrities who lost hundreds of thousands of dollars on the NFT market.
Gary Vee, Logan Paul, Neymar and more: all the losses when it comes to NFTs
While he initially claimed that NFTs were not a passing fad, Gary Vaynerchuk has experienced a significant loss in value since his purchase of CryptoPunk #2140making him the biggest celebrity loss in a single NFT
Despite warnings that many NFT projects would be bad investments, Vaynerchuk remained confident in the overall market picture. He was aware that the collapse of the NFT market was predictable, with many buyers trying to make a quick profit through the secondary market.
For him, however, the real utility of NFTs as collectibles and contracts would remain a constant presence in society. So, Logan Paul also currently holds the title of the world’s largest discounted NFT.
After buying one Bumble Bee NFT at $667,000, the value collapsed to just $10, with a loss of 99.9985%, equating to $660,990 in net losses. PSG football player Neymar also suffered the largest NFT loss among football players.
Buying Bored Ape Yacht Club #5259 for $569,531 in January 2022 caused the NFT to lose 89.81% of its value, making it currently worth just $58,039 by NFT Collection reserve prices.
Prices and sales of celebrity NFTs can be tracked online through platforms such as Open seagiving the public an overview of celebrity-backed NFTs and revealing any losses or gains.
Despite the difficulties of the NFT market and its extreme volatility, Gary Vee, Logan Paul and Neymar maintain a long-term view, believing that the NFT world is still a promising futurealthough the final count has yet to be determined.