Celebrities often venture into uncommon realms seeking innovation. For Justin Bieber, the Non-Fungible Tokens [NFTs] space became a captivating pursuit. While the journey started strong, the volatile nature of the market has transformed it into a cautionary tale. Justin Bieber’s NFT portfolio, once valued at over $2 million, now languishes at a meager fraction barely exceeding $100,000.
Arkham Intelligence, a prominent blockchain analytics provider revealed this downturn. The report shed light on how the Canadian pop sensation lavishly spent over $2 million on NFTs in 2022, only to witness their value diminish considerably over time. Bieber’s wallet on Arkham now holds a sum, with assets assessed at less than $500,000, a far cry from his initial substantial investment.
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Taking a Look at What Went Wrong
The NFT boom lured an array of individuals into the market. The ownership and authenticity of unique digital items have been a defining trend. From art to virtual real estate, these assets have captivated investors, collectors, and artists. Justin Bieber jumped into this pool in 2022. He went on to explore collections like Mutant Apes, World of Women, Otherdeeds, Bored Apes, Metacardsand Doodles.
Bieber acquired two Mutant Apes along with two Bored Apes. These were collectively worth around $1.86 million. Even though he was promised potential returns from the market, the pop star’s NFT investments weren’t immune to the bear market. This further resulted in a substantial drop in value.
Bieber’s NFT portfolio has dipped by nearly 95% since its initial valuation. According to Arkham’s findings, Bieber’s portfolio currently has a solitary Bored Ape and a lone Mutant Ape, now worth a fraction of their original purchase price.
Also Read: Justin Bieber’s $1.3 Million Bored Ape NFT is Worth $59,000 Today