As cryptocurrencies’ prices rebound, Justin Bieber’s substantial NFT losses prompt reflections on current crypto market.

Justin Bieber’s venture into non-fungible tokens (NFTs) has experienced a substantial setback, with recent reports indicating a significant decline in the value of his investments. According to data provided by Arkham Intelligence, Bieber’s NFT purchases, which amounted to over $2 million in 2022, have seen their value diminish by approximately 95%, now estimated at just over $100,000.

Justin Bieber’s venture into non-fungible tokens (NFTs) has experienced a substantial setback, with recent reports indicating a significant decline in the value of his investments. According to data provided by Arkham Intelligence, Bieber’s NFT purchases, which amounted to over $2 million in 2022, have seen their value diminish by approximately 95%, now estimated at just over $100,000.

The decline in Bieber’s NFT portfolio is evident in the fate of his acquisitions. Initially, his wallet received a substantial sum of $2.34 million in Ethereum (ETH), which he used to acquire two Bored Apes and two Mutant Apes, totaling $1.86 million. Additionally, he invested in various other tokens, including a World of Women token, two Doodles, an Otherdeed, and a Metacard, all of which have experienced significant declines in value ranging from 89.7% to 97.4%.

Source: Arkham Intelligence
Despite the considerable losses incurred, Bieber’s wallet retains some value, currently holding just under $500,000 in Ethereum (ETH) and APE tokens. Notably, he continues to hold one Bored Ape and one Mutant Ape, although their combined value has decreased to approximately $47,300.

Is the bottom in?

Celebrity involvement in cryptocurrency reached its peak during the latter stages of the previous bull cycle in late 2021. At that time, headlines were dominated by reports of celebrities such as Eminem, Justin Bieber and rapper Future 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 poignant example of this reality, with his NFT investments recording a substantial loss despite the recent resurgence in cryptocurrency prices.