According to U.Today, Justin Bieber's foray into non-fungible tokens (NFTs) has seen a considerable downturn, with the value of his investments experiencing a significant drop. Data from Arkham Intelligence reveals that Bieber's NFT investments, which totaled over $2 million in 2022, have depreciated by about 95%, now valued at just over $100,000.
Bieber's NFT portfolio decline is reflected in the fate of his acquisitions. Initially, his wallet received a substantial sum of $2.34 million in Ethereum (ETH), which he used to purchase two Bored Apes and two Mutant Apes, totaling $1.86 million. He also invested in various other tokens, including a World of Women token, two Doodles, an Otherdeed, and a Metacard. These tokens have seen significant value declines ranging from 89.7% to 97.4%.
Despite the substantial losses, Bieber's wallet still holds some value, currently containing just under $500,000 in Ethereum (ETH) and APE tokens. He continues to hold one Bored Ape and one Mutant Ape, although their combined value has decreased to approximately $47,300.
Celebrity involvement in cryptocurrency reached its peak during the latter stages of the previous bull cycle in late 2021. Celebrities such as Eminem, Justin Bieber, and rapper Future were reported to be participating in the crypto space, either by purchasing popular NFT collections like Bored Apes or by adopting symbols like laser eyes on their social media avatars. However, the subsequent downturn in the crypto market has led to significant adjustments in their investments.
While Bitcoin's price has rebounded impressively since hitting rock bottom in late 2022, soaring over 400% and setting new all-time highs, the market has yet to fully recover to its 2021 fervor. Bieber's experience serves as a stark example of this reality, with his NFT investments recording a substantial loss despite the recent resurgence in cryptocurrency prices.